Catalonia's ICF launches €70 million Lidera Impuls Pime fund for regional SMEs

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The Institut Català de Finances, the Generalitat de Catalunya's public lender, has launched Lidera Impuls Pime, a €70 million fund run by ICF Capital that already has CNMV approval. It replaces the ICF Capital Expansió funds with a new name, more money and a new line for succession and shareholder reshuffles.

It wants profitable, cash-generating Catalan companies with revenue of €10 million to €100 million. It has no sector limits but leans towards industry and high-value services. Tickets will be €3 million to €7 million for minority stakes, usually 10% to 25%, through capital increases or participative loans. It plans 14 to 16 deals and welcomes private co-investors.

The fund runs 15 years, extendable to 17, and has firm views on its exits: where possible it will sell to existing shareholders or local buyers, with mechanisms against moving head offices out of Catalonia. It is a fund with opinions about the buyer's postcode. Last year its predecessor, ICF Capital Expansió II, invested €12.6 million in Open Cosmos, Vytrus Biotech, Tecnic Process, Pastisart and Earthwise Solutions. The largest sums were €6 million for Open Cosmos and €3.9 million for Vytrus Biotech.