Andalucía targets €150M with three VC funds

What did Andalucía announce on October 2?

Andalucía announced three venture capital funds on October 2 with a target of mobilizing €150 million for projects at more than 60 SMEs, according to regional reporting and the Junta de Andalucía’s three-fund program. The reporting frames the €150 million as a mobilization target, not fully committed launch capital, because it depends on additional private investors joining the vehicles.

The three funds are being channeled through Andalucía Trade. ABC Sevilla said the structure is built around a public-private starting amount of €76.72 million, with €58.8 million from Andalucía Trade and €17.92 million from the three participating managers. El Confidencial later described the same €76.7 million as the initial pool before outside private investors are added.

Which managers will run the funds?

The program selected Mar Océana Venture Capital Investments, Alter Capital Desarrollo and Quadriga Asset Managers. Reporting characterized Mar Océana’s vehicle as focused on startups, while Alter Capital and Quadriga were described as expansion funds.

Mar Océana’s fund starts with €12.12 million, including €9.8 million in public money and €2.32 million in private investment. It is aimed at innovative tech or digital companies that are less than seven years old and generate under €1 million in revenue. ABC said it expects tickets of €300,000 to €400,000, with a maximum of €600,000 per company.

Alter Capital’s fund starts with €27.1 million, split between €18 million of public capital and €9.10 million of private money. The firm plans investments of €500,000 to €2.5 million in companies with €1 million to €30 million in revenue across agrifood, industrial, consumer, tourism, hospitality, culture, entertainment and aerospace.

Quadriga’s fund starts with €24.50 million, including €18 million of public capital and €6.50 million of private capital. It is set to prioritize companies with €2 million to €15 million in revenue and international expansion potential in industry 4.0, agricultural technology, cybersecurity, advanced manufacturing and green hydrogen.

How is the public money allocated over time?

ABC reported that the three funds form part of Andalucía Trade’s hybrid business-financing system, which will total €600 million when fully implemented. The investment period for the three Andalusian funds runs through December 31, 2026, with the divestment period extending through December 31, 2034.

El Confidencial said Andalucía set aside €13 million in incentives for managers that invest the most in the region during the first 18 months. ABC’s reporting adds that this extra public money is allocated competitively between the two expansion funds based on execution after 18 months, rather than as a blanket bonus for all managers.

Andalucía Trade also said the funds are expected to complete about 60 investment operations using equity and participating loans. El Mundo reported that the broader program aims to support innovative and strategic projects and could create about 2,000 jobs over time.

What else was announced in Europe’s fund market?

The Andalucía program was one of several fund announcements last week, but the others were separate products with different strategies and investors. Franklin Templeton said it launched the FTGF Putnam Global Research Fund, a global public-equity sub-fund in its Ireland-domiciled Franklin Templeton Global Funds range. Europa Press said the vehicle was registered for distribution in Austria, France, Germany, Italy, Luxembourg, Spain, Switzerland and the United Kingdom.

Franklin Templeton said the launch expands European investors’ access to Putnam Investments’ capabilities and builds on demand for the FTGF Putnam US Research Fund, which has raised more than $5 billion from international investors since April 2025. The new fund is expected to hold 150 to 200 stocks, with significant U.S. exposure and a sector- and region-neutral approach versus MSCI World. Its portfolio is divided into 11 sleeves managed by Putnam Equity Research portfolio managers and analysts, and it will be co-managed by Boston-based Kate Lakin, Matt LaPlant and Vivek Gandhi together with London-based David Morgan.

Creand also announced a separate launch: the Blue Opal Capital American Technology VC fund advised by Blue Opal Capital. Creand said the fund has a €25 million fundraising target and a seven-year initial term that can be extended by two one-year periods. It set a standard minimum investment of €100,000, though some advised investors may invest as little as €50,000 if regulatory conditions are met.

Creand said Blue Opal Capital was founded in 2019, has offices in New York, Miami and Abu Dhabi, and manages about $540 million in assets. The firm also said Blue Opal’s founding partners previously worked together at ADIA and that the team has committed around $2 billion to venture capital funds since 2005. Creand described the launch as a continuation of its push into alternative investments after its first private equity fund of funds in Spain in February 2024.