AXIS and the Recovery Plan

AXIS, the ICO Group's venture capital manager, acts as the implementing entity of the RTRP, mobilising resources from the ICO Verde  and ICO Empresas y Emprendedores 

What is the role of AXIS in the Recovery Plan?


The ICO Group is playing a crucial role in the implementation of the second phase of the Recovery, Transformation and Resilience Plan (RTRP), managing the deployment of Next Generation loans. The resources are distributed in several initiatives, focused on promoting socially and environmentally sustainable projects, the digital transformation of the business community, and the construction of housing for social or affordable rent.

The Addendum activating the second phase of the Recovery Plan assigns the ICO Group with the management of three initiatives: ICO Verde, ICO Empresas y Emprendedores, and ICO Vivienda.

The resources with which these initiatives are endowed are channelled towards the business community through four financial instruments: mediation facilities with private financial institutions, direct ICO financing, bond purchases and venture capital investments.

In this area, AXIS, the ICO Group's venture capital manager, acts as the implementing entity of the RTRP, mobilising resources from the ICO Verde  and ICO Empresas y Emprendedores  programmes, both through private venture capital managers and direct co-investment.

  • ICO Verde: With a total of 22 billion euros, this “green” funding facility represents a significant boost for the ecological transition in Spain. It is designed to support companies large and small in developing their sustainable projects. Key areas of investment include sustainable transport, energy efficiency, the deployment of renewable energy, industrial decarbonisation, efficient water management, promotion of the circular economy and adaptation to the challenges of climate change.
  • ICO Empresas y Emprendedores:  With 8.15 billion euros, this facility seeks to strengthen the Spanish business fabric, with special attention to small and medium-sized enterprises, as its name indicates. 

How will AXIS channel the funds?


AXIS will channel funds from these two initiatives through venture capital investments, implemented through investment in venture capital funds and direct co-investment in companies. The main requirements will be as follows:

  • They will be conducted through 100% private asset managers and private equity funds with a majority of private investors, supervised by CNMV, ESMA or other EU supervisory body.
  • Direct co-investments will be targeted at companies at different stages of development and in different fields of activity, with a special focus on green projects.
  • AXIS will obtain a maximum shareholding of 49%, both in funds and companies, taking into account all public investors.

In the second phase of the Recovery Plan, the management of Fondo Next Tech, a fund endowed with 4 billion euros, ICO is collaborating, via AXIS, with SETT (Sociedad Española para la Transformación Tecnológica), the Spanish government agency driving technology transformation. This cooperation is currently framed within Spain's contribution to the European Tech Champions Initiative.