Sector technical reports

Las acciones rescatables constituyen una clase especial de acciones que pueden ser redimibles bajo unas condiciones establecidas en el acuerdo de emisión. Las acciones rescatables son jurídicamente acciones y sus titulares gozan de todos los derechos y protección que las leyes de sociedades de capital y del mercado de valores proporcionan a los accionistas. Sin embargo, desde un punto de vista económico-financiero, las acciones rescatables proporcionan a sus titulares de una certeza en la remuneración, lo que hace que muchos autores las lleguen a considerar como productos financieros híbridos Como principal ventaja para una empresa que utilizase este tipo de financiación se encontraría su acotación temporal, que le permitiría volver a decidir en un corto plazo de tiempo sobre la mejor estructura de financiación. Para los inversores, este producto les permite beneficiarse de las características de la renta variable, pero elimina algunos riesgos propios de la misma, como el de liquidez o el de la posibilidad de tener pérdidas patrimoniales en el momento de la enajenación del valor.

“El documento trata sobre las inversiones en gestores de capital privado (GP) por parte de otros GP, lo que se conoce como "GP stakes". Explica cómo estas inversiones, generalmente participaciones minoritarias, permiten a los GP inversores diversificarse y obtener beneficios financieros y estratégicos. Además, el documento analiza el modelo de empresas multi-afiliadas, donde un grupo matriz adquiere participaciones en diversas firmas especializadas, manteniendo estas su autonomía.”

“El artículo aborda las acciones de voto múltiple y de lealtad, mecanismos que permiten fortalecen el control de los fundadores en empresas al cotizar en bolsa, útiles especialmente para empresas en crecimiento o familiares. A pesar de que estos mecanismos pueden llevar eventualmente a la toma de decisiones ineficientes, rompiendo el principio de “una acción-un voto”, la Comisión Europea considera facilitar su uso en la UE para mejorar la financiación de las pymes e impulsar su cotización en Sistemas Multilaterales de Negociación.”

“This document focuses on analyzing the investment period of listed “family offices”. It addresses the lack of specific data on this topic and uses public information from these entities to better understand their investment strategies. The document examines the structure and services of “family offices”, and their focus on long-term investments due to their multigenerational orientation. In addition, it presents specific data on different listed “family offices”.”

“In the field of investment, “crossover” activity has emerged as a new and dynamic phenomenon, in which investors operate in both public and private markets. This article explores the presence and impact of “crossover” investors, highlighting their search for opportunities that combine the attractiveness of private capital and the potential for growth in public markets. As these investments become relevant, we analyze how this trend benefits both investors and companies, in addition to examining their evolution at different stages of business development, and their focus on technological and high-growth sectors. Crossover activity emerges as a constantly growing phenomenon with a significant impact on the world of finance.”

The article addresses various aspects related to the integration of ESG (environmental, social and governance) criteria in the context of European Regulation. The regulation on the disclosure of non-financial information by issuer companies is explored, as well as the information required on sustainable investments in the financial sector. The Taxonomy Regulations, which establish criteria for determining the sustainability of economic activities, are also analyzed, and the role of ESG factors in the field of venture capital is examined. The article provides a comprehensive view of how ESG criteria are impacting the financial and business landscape

The article “Sustainability: What are investment products 6, 8 and 9?” addresses the categorization implicit in the SFDR (Sustainable Finance Disclosure Regulation) for financial products in relation to sustainability. These categories, known as 6, 8 and 9, refer to different levels of commitment and promotion of sustainable aspects. With the different information requirements to be published depending on the product category, it seeks to increase transparency and investor confidence in sustainable investments, avoiding “greenwashing”. The implementation of these regulations has led to reclassifications and adaptations by financial institutions.

“This report analyzes the performance of fund funds (FoF) in private equity and questions whether their results justify the fees they entail. FoFs are attractive products for investors, as they offer portfolio diversification and access to funds that may be directly inaccessible. However, investors in FoF must bear fees from both the underlying funds and the FoF itself. This report examines whether the results obtained by private equity FoFs compensate for these fees and analyzes the importance of diversification and access to high-performing managers.”

“This report focuses on the allocation of assets from large estates, such as pension funds, university donations and private foundations. These assets are characterized by their long-term investment horizon and the need to obtain an annual recurring return. To achieve this, they use investment strategies that include equities and private equity. The report examines the allocation of assets in family foundations, university endowments and pension plans, providing examples and relevant data.”

This document analyzes the incorporation of private capital into an asset portfolio, and its potential to improve long-term returns. Asset allocation should consider expected return, risk and the correlation between different assets, as well as the investor's risk tolerance. Private capital allows exposure to companies that are not accessible through public markets and helps to improve portfolio diversification by having a lower correlation with public assets. However, their selective incorporation must entail knowledge and acceptance of their liquidity and management risks. The document uses historical data to show how the incorporation of private capital improves the return of portfolios, especially those that are more oriented towards equity assets, and in a long-term investment horizon.

In order to give an overview of venture capital activity in Europe, the following publication contains aggregated data on its activity in 2021 and 2022 (up to the third quarter). Fundraising activities, investments and divestments are described, with their respective characteristics. In the year 2022, data on venture capital activity are also detailed separately. Spain was a net recipient of venture capital investment in 2021. The sources used to prepare this publication are detailed in it.