“Spanish venture capital and private equity surpass all records” The year 2022 recorded the best data in the history of Venture Capital and Private Equity in Spain despite the changes in macroeconomic landscape and the uncertainty caused by the geopolitical conflict; an extraordinary year supported by good investment opportunities, low interest rates and the appetite of international investors. Investment activity will continue in the coming months, although with a certain slowdown in the closing of transactions: in the first quarter of 2023, Venture Capital & Private Equity invested €2,172M (-29% from the same period in 2022) in 219 investments. Venture Capital and Private Equity invested a total of €9,238M (best figure on record) in 960 transactions, a record high. Of these, 779 were made by Venture Capital funds, breaking the all-time record both in number of investments and in volume invested with €2,124.6M (in line with 2021). This was one of the leading segments last year next to international investors, accounting for 80% of total volume invested. Likewise, the large market segment recovered with 15 transactions, representing 64% of total investment, while the middle market set a new all-time record in terms of investment volume with €3,088.4M, 26.7% higher than in 2021. Divestments totaled €1,952 (at price cost) in 439 transactions, the majority of which were completed by private domestic operators. Regarding fundraising, private GPs raised €2,620M, the third best figure on record. Family offices were the primary source of total funds raised. An estimated €6,045M in dry powder is currently available for investment by private domestic GPs. At SpainCap, we remain committed to capital for a sustainable future and to promoting activities and policies that increase sustainability and diversity awareness, both in GPs and their investee companies, with the aim of positively impacting society. In 2022, we obtained the Bureau Veritas "CSR Management System Aligned with the Sustainable Development Goals" certification. It is one of the initiatives of the Social Plan launched by SpainCap for the coming months and which objective is to promote social responsibility among the members of the Association. We are greatly appreciative for Diana Capital's continued support in preparing this report, which we hope will be of interest to you.