“Spanish venture capital and private equity remained cautions” 2023 was characterized by the geopolitical situation, and the Spanish Venture Capital and Private Equity industry remained cautious, as did international markets, waiting for interest rates and the macroeconomic environment to return to terms favorable to investment. Nevertheless, Venture Capital & Private Equity invested a total of €6,709M across 844 investments last year, returning to pre-pandemic levels. International funds remained confident in the Spanish business fabric, particularly in the large market, closing 10 transactions above €100M and recording theafourth highest figure on record in their segment, totaling €5,041.9M. As for fundraising, private GPs raised €2,702M, the second best figure on record, with family offices as the primary source of total funds raised. However, the contribution of public domestic (ENISA, CDTI, ICO-AXIS, COFIDES) and European funds (Next Tech funds) to venture capital and private equity must be stressed. The public-private collaboration has been an essential relationship for years to help our GPs close new vehicles. Over €6,000M in dry powder is currently available for investment by private domestic GPs, effectively guaranteeing investment activity for the coming years. The performance reports show that the investment activities carried out by Venture Capital & Private Equity firms not only create employment and innovation, but also generate double-digit returns for shareholders, surpassing other types of investment. Finally, it is important to highlight that our industry is an agent of change, and we are committed to promoting the sustainability of the Spanish ecosystem, and will continue in this direction, promoting an appropriate regulatory framework for the sector and communicating the positive economic and social impact of its activities on the industrial fabric. We want to express our appreciation to Diana Capital and KPMG for their support in preparing this report, which we hope will be of interest to you.