2021 9 41 52 83 21 26 4 236 Number of investments by International GPs 2022 9 24 60 74 19 37 1 224 2023 13 16 41 51 19 25 1 166 Seed Start-up Other early stage Later stage venture Growth LBO Other Total International funds have doubled the size of their portfolios6 of investees in Spain over the last 5 years. In 2023, the portfolio of international GPs totaled €33,372.8M across 759 investments (compared to 2018, with €15,898M in 306 investments). Investment of international Venture Capital and Private Equity funds in Spain has been traditionally directed at mature companies, as evidenced by the composition of these funds’ portfolios: 65.8% of volume is invested in consolidated companies through leveraged transactions, 16% in start-ups and other Venture Capital investment stages, 10% in companies in replacement and growth stages and 7% of investments went to other transactions. In terms of number of investments, more than 519 of the 759 portfolio investments were made in Venture Capital, reflecting the attractiveness of the Spanish entrepreneurial ecosystem. Regarding sectors7, the following recorded the highest invest-ment volumes in the portfolios of international funds in 2023: IT (18.8%), Energy/Natural Resources (16%), Consumer Goods (12.4%), Healthcare (11%), Other Services (9.5%) and Industrial Products and Services (9.4%). By number, the 759 portfolio in-vestments were primarily focused on IT (364 investments), Heal-thcare (59), Financial Services (58), Consumer Goods (57) and Other Services (44). Notes