The 2022 report on the supply of impact capital in Spain, produced by SpainNAB and the Esade Center for Social Impact, offers an analysis of the current state of impact investing in Spain. It highlights the significant growth in impact capital, key market players, and emerging trends.

The study estimates the volume of assets managed from Spain that are directed to impact companies or organisations. It also includes market segmentation, a description of the main characteristics (sources of capital, size, term of operations, financial instruments, and destination), as well as an analysis of the most common impact measurement and management practices.

This report will help you find answers to the following questions:
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What was the growth rate of impact investing in Spain in 2022?

Impact investing in Spain saw substantial growth in 2022, with assets under management reaching €1.208 billion, a 58% increase from 2021. Private impact funds have been the primary drivers of this growth, demonstrating the sector's consolidation.

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What role do ethical and social banks play in Spain’s impact investing landscape?

Ethical and social banks, along with financial services cooperatives, play a crucial role in impact bank financing, managing €1.743 billion in assets. This segment focuses on supporting the ordinary activities of impact organisations without needing direct involvement in their operations.

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What are the main challenges faced by the impact investing sector in Spain?

The main challenges identified include the regulatory framework, impact washing, and impact measurement. Addressing these challenges is crucial for nurturing impact companies and maintaining the integrity of the sector.

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What sectors offer the most promise for impact investments in Spain?

Certain sectors have been identified as particularly promising for impact investments in Spain, including renewable energy, social housing, education, and healthcare. These sectors offer significant opportunities for both financial returns and positive social and environmental impacts.

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Why is investor additionality important in impact investing?

The report highlights the necessity for increased transparency in investor additionality. This is crucial to ensure that investments create social or environmental impacts that would not otherwise happen. The convergence towards certain impact measurement tools, such as the SDGs and the theory of change, is also highlighted.

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Who are the key players and initiatives driving impact investing in Spain?

The report identifies several key players in the Spanish impact investing market, including private funds, ethical banks, and public institutions. Key initiatives highlighted include the launch of new impact funds, partnerships between public and private sectors, and innovative financial instruments aimed at increasing the flow of capital to impactful projects.

Read the report in Spanish (Léelo en español): "La oferta de capital de impacto en España en 2022".

Guillermo Casasnovas

Professor, Member - Esade Center for Social Impact

Author

Teresa Picardo Gomendio

Researcher - Esade Center for Social Impact

Author

Marta González Labián

Head of Impact and Sustainable Finance - SpainNAB

Author

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