Portfolio at price cost of Venture Capital &Private Equity in Spain Domestic Public GP Domestic Private GP International GP Source: SPAINCAP/webcapitalriesgo 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 € Millions The Venture Capital and Private Equity sector has a total of 3,735 investee companies in Spain valued at €42,290M. The portfolio, at price cost, of the Venture Capital and Private Equity firms (hereinafter, PE&VCs) operating in Spain totaled €42,290M as of 31 December 2022. This includes the investee companies of 170 domestic entities and 379 international entities, 285 of which carried out at least one transaction in Spain in 2022. Yet again there was a significant increase in portfolio value (at price cost), up from €38,444M in 2021, in spite of the adjustment of the public entities’ historical portfolio. International PE&VCs accounted for 76.1% of the portfolio, private domestic PE&VCs for 21.5% and public ones for 2.5%. This amount does not include an outstanding cumulative portfolio of €423M in loans from Enisa and other regional organizations. The portfolio of investees in Spain for the aforementioned domestic and international Venture Capital & Private Equity operators as a whole totaled 3,735 companies at the end of 2022. After excluding the investments syndicated between several operators, the total portfolio was estimated to con-sist of 2,720 companies. 3,767 companies backed by Enisa and/or a similar regional organization should be added to this figure. The average investment at price cost of the domestic and international PE&VCs in each portfolio company was esti-mated at €11.3M at the end of 2022, rising to €15.5M if the investments of several operators are grouped in the same firm. However, there is a noticeable difference between the average per company investment at the end of 2022 recor-ded for international PE&VCs (approx. €46.8M) and for pri-vate domestic PE&VCs (€4.4M). Portfolio