COFIDES commits €40 million to Bregal Milestone III, a €915 million tech fund

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COFIDES, the Spanish state-owned company, has committed €40 million to Bregal Milestone III, paying from its Co-Investment Fund, FOCO. The European fund held its final close at €915 million after heavy oversubscription, and it invests directly in B2B software, artificial intelligence and cybersecurity companies.

Bregal Milestone is not new to Spain: its two earlier funds put €120 million into the country. The stated hope is that FOCO's commitment will push more of the new fund's investments there. Co-founder and managing partner Jan Bruennler called Spain "one of the most dynamic European markets" in those three fields.

FOCO holds €2 billion. It was set up under the addendum to Spain's Recovery, Transformation and Resilience Plan and is paid for with the EU's NextGenerationEU money. Its job is to draw foreign co-investors into financing Spanish companies in the green and digital transitions, directly or through funds. Bregal Milestone has raised about €2.3 billion since its founding and belongs to the Bregal platform, which manages more than €24 billion. Spain's ticket is therefore a small slice of a large fund, bought on the understanding that some of it comes home.