About This Fund
The Social Impact Fund (Fondo de Impacto Social, FIS) is a €400 million public impact investment vehicle managed by COFIDES and attached to Spain's Ministry of Inclusion, Social Security and Migration. Established under Spain's Recovery, Transformation and Resilience Plan (PRTR), FIS is designed to strengthen the social entrepreneurship and impact investment ecosystem in Spain by financing purpose-driven companies, social economy entities such as foundations and associations, and impact investment funds. The fund operates as a self-sustaining revolving instrument with indefinite duration, adhering to SpainNAB's Code of Good Practices for Impact Investment and maintaining full alignment with the EU's sustainable finance standards.
FIS invests through three complementary modalities: indirect investments via impact funds (€2–50 million per commitment), direct co-investments and co-financing alongside private investors (€100,000–€5 million per operation), and direct loans or participating loans (minimum €300,000). Investment mandates focus on 11 social and environmental challenges identified for Spain, including equality and social inclusion, reduction of inequalities, responsible consumption and production, health and well-being, and territorial integration. All investee organizations must demonstrate measurable social or environmental impact aligned with these priorities, and investments are structured to catalyze additional private capital into underserved impact segments of the Spanish economy. Technical assistance facilities complement financial investments to build organizational capacity in social enterprises and NGOs.
In its first year of deployment, FIS closed 13 operations representing approximately €155 million in commitments, equivalent to 40% of the total fund size. Notable investments include €30 million committed to IB Deuda Impacto España (Impact Bridge's dedicated Spanish impact debt fund), €15 million to Global Social Impact Fund II (GSIF Spain), and a €3 million direct loan to UNEI, a social enterprise focused on disability inclusion. By end-2025, FIS is projected to reach €255 million in cumulative investments, with €40 million specifically designated for housing-focused social impact projects. COFIDES' track record managing FIS demonstrates institutional capacity to blend public mandate with market-rate discipline, positioning the fund as Spain's primary gateway for impact investors seeking structured exposure to the domestic social economy.