About This Fund
The fund, 'IB Deuda Impacto España', has a target investment of €150 million and focuses on financing high social impact projects in Spain. It specifically targets investments in areas such as inclusion, rural development, climate and environment, and gender equality. The fund is the largest of its kind in Spain and aims to finance 40 high-impact social projects with an annualized target net return to investors of around 6%. It is a flexible private debt fund focused on capital preservation and is registered as a European Social Entrepreneurship Fund. The fund will support quality impact projects that could not be financed through equity and aims to generate authentic, intentional, and measurable impact. The vehicle has a 3-year investment period and an additional 4-year harvesting time. The fund is already registered in Spain by the CNMV as a European Social Entrepreneurship Fund (EuSEF) and is classified as Article 9, the highest sustainability category of the European taxonomy (SFDR). The European Investment Fund (EIF) has agreed to commit €30 million as cornerstone in support of the fund. MicroBank, CaixaBank's social arm, has agreed to commit €10 million as initial backer. Other institutional investors such as pension funds and foundations also support the project.