TRANSACTIONS CLOSED IN THE SPANISH LARGE MARKET Medium GPs - manage or advise on between €50 - €150M Large GPs - manage or advise on more than €150M Small GPs - manage or advise on less than €50M Source: SPAINCAP/webcapitalriesgo 400 300 200 100 0 53 61 84 98 132 157 182 205 240 292 358 379 2011 2014 2017 2012 2015 2018 2020 2013 2016 2019 2021 2022 Number of international entities investing in Spain (by size of funds managed) Nº of entities 2020 The Carlyle Group (Cepsa), CPPIB y Bridgepoint (Dorna Sports), Permira Asesores (Universidad Europea de Madrid), PAI Management (Areas), Rhone Capital (Maxam), ICG (Konecta), EQT Partners (Ingenomix), Advent International (Vitaldent), CVC (Alfonso X El Sabio), KKR (Telepizza), KKR (Grupo Alvic), Bridgepoint (Miya Water), Providence (Masmovil), Investindustrial (Neolith), The Carlyle Group (Jeanologia), Investindustrial (Natra), Platinum Equity (Iberconsa), Vista Equity (Accely The Carlyle Group (Cepsa), CPPIB y Bridgepoint (Dorna Sports), Permira Asesores (Universidad Europea de Madrid), PAI Management (Areas), Rhone Capital (Maxam), ICG (Konecta), EQT Partners (Ingenomix), Advent International (Vitaldent), CVC (Alfonso X El Sabio), KKR (Telepizza), KKR (Grupo Alvic), Bridgepoint (Miya Water), Providence (Masmovil), Investindustrial (Neolith), The Carlyle Group (Jeanologia), Investindustrial (Natra), Platinum Equity (Iberconsa), Vista Equity (Accely 2021 Platinum Equity (Urbaser), Cinven (Restaurant Brands Iberia), Silver Lake (Grupo BC), Apax Partners y Oakley Capital (Idealista), ICG (Alvinesa), Archimed (Suanfarma), Kinnevik y Softbank Vision Fund (Jobandtalent), Fremman Capital (Palex Medical) y Orient Hontai (Imagina Media Visual) Platinum Equity (Urbaser), Cinven (Restaurant Brands Iberia), Silver Lake (Grupo BC), Apax Partners y Oakley Capital (Idealista), ICG (Alvinesa), Archimed (Suanfarma), Kinnevik y Softbank Vision Fund (Jobandtalent), Fremman Capital (Palex Medical) y Orient Hontai (Imagina Media Visual) 2019 CVC Capital Partners (Gas Natural), Blackstone (Cirsa), Cinven (Ufinet Latam), Orient Hontai Capital (Imagina Media Audiovisual), Towerbrook Capital Partners (Aernnova), Ardian (Grupo Monbake), The Carlyle Group (Unideco Codorniu Raventós), Cinven (Plantas de Navarra) e ICG (Suanfarma) CVC Capital Partners (Gas Natural), Blackstone (Cirsa), Cinven (Ufinet Latam), Orient Hontai Capital (Imagina Media Audiovisual), Towerbrook Capital Partners (Aernnova), Ardian (Grupo Monbake), The Carlyle Group (Unideco Codorniu Raventós), Cinven (Plantas de Navarra) e ICG (Suanfarma) Notes In terms of volume, in 2022, international GPs accounted for the majority of investments in Spain in leveraged transactions4 (€5,332,9M) and late stage venture investments5 (€1,342M). By number of transactions, recent years have shown a growing interest by international GPs in investing in Spanish start-ups and scale-ups, a trend that extended throughout 2022 with a total of 165 investments in this segment, with the “late stage venture” category standing out as receiving the largest number of investments (74) compared to the other categories. In 2022, investment activity was spread across nearly all sectors, albeit with a greater focus on IT/Communications (€1,970M), Consumer Goods (€1,732M) and Hospitality/Leisure (€1,200M), among others. The number of international PE&VCs active in the Spanish market has not stopped growing and in 2022 a total of 3796 firms had Spanish investees in their portfolios.