DOHA, Qatar and MADRID, Spain – May 20, 2026 – QIA and COFIDES , Spain’s state-owned financial institution, today announced an agreement to establish a joint €300 million investment fund to invest in strategic projects across Spain, with a particular focus on financing the green transition, digital transformation and technological innovation.
The launch of this joint vehicle marks a significant milestone in the relationship between both institutions and in their commitment to foster sustainable economic development and innovation across Spain.
The new fund, Ispania Growth Fund, aims to channel investment primarily into Spanish small and medium-sized enterprises (SMEs) in future-shaping industries, supporting their growth and helping to develop the next generation of national champions. The fund will be managed by a leading Spanish asset manager, Portobello Capital, and will primarily focus on high-impact, scalable investment opportunities that align with Spain’s broader economic transformation agenda.
COFIDES’s contribution to the joint vehicle is made through the Co investment Fund (FOCO), a public investment fund managed by COFIDES whose aim is to attract international capital, through co-investment deals, to strategic sectors that are drivers for the future competitiveness of the Spanish economy.
Mohammed Saif Al-Sowaidi, CEO of QIA, said : “Our partnership with COFIDES seeks to support companies at the forefront of Spain’s economic transformation and is a testament of QIA’s strong belief in the strength of Spain’s economy. Thanks to this deeper and more diversified partnership, we will work closely with COFIDES to support the innovative, technology-driven sectors that will shape Spain’s economy for years to come.”
Ángela Pérez, Chair & CEO of COFIDES, stated: “ This initiative deepens our already strong alliance with QIA and represents a major milestone in our co investment strategy with leading international partners. It is also further proof of the success of FOCO, managed by COFIDES, as a tool for attracting international investors to contribute to scale up high potential Spanish companies.”
Íñigo Sánchez-Asiaín, founding partner at Portobello Capital, commented: “We are proud to partner with QIA and COFIDES in launching Ispania Growth Fund. This initiative reflects a shared commitment to strengthening Spain’s economic transformation by supporting innovative and high-potential companies. At Portobello Capital, we look forward to deploying our local expertise and investment platform to help scale businesses that are driving the green and digital transition and shaping the next generation of Spanish industry.”
The launch of the Ispania Growth Fund reflects QIA’s position as a long-term investor committed to supporting innovative companies that are equipping Spain’s economy through the digital and green transitions. The investments made through this fund will be instrumental in creating jobs, accelerating regional development, and contributing to the resilience of Spain’s SME sector, aligning closely to Spain’s national priorities.
The term “Ispania” acts as a distinctive international reference to Spain, combining its historic European roots with a natural alignment to the Arabic pronunciation of the country (“Isbania”), thereby mirroring the Fund’s ambition to act as a cultural and investment bridge between Qatar and Spain through co investments in fields of mutual interest.
About COFIDES
COFIDES is a state-owned company established in 1988 that manages public investment funds on behalf of the Spanish government, as well as its own resources and those of third-party institutions. COFIDES's mission is to provide financial support to private sector projects that contribute to the internationalization of the Spanish economy, attract foreign investment into strategic sectors in Spain, promote the impact economy, and contribute to global sustainable development.
About Portobello Capital
Portobello Capital is a leading independent private equity firm focused on mid-market investments in Spain and Portugal. Founded in 2010, the firm manages approximately €4.5 billion in assets and currently has a portfolio of 25 companies across a wide range of sectors. Portobello partners with management teams to accelerate growth and international expansion, combining deep local market expertise with a strong operational approach to create long-term value.
The firm has built a strong track record of supporting companies in becoming market leaders, with representative investments including Legálitas in legal tech, Serveo in business services, Proeduca in online education and Plexus and Evolutio in IT.