CNMV discusses the growth of private markets and equity market fragmentation with economists and financial experts
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The CNMV held its third Meeting of Financial Economists in Barcelona, chaired by Vice-Chair Paloma Marín, focusing on private capital markets and the fragmentation of equity trading. Assets of venture capital and private equity entities registered in Spain have risen from about EUR 6 billion a decade ago to EUR 56 billion at the end of 2025.
Key points
- No signs of weakening in private capital fundraising, although there is room for more institutional investors.
- The small average size of Spanish companies limits deal size.
- Home markets are losing share to other venues, some with less pre-trade transparency.
Who is affected
Private equity managers, institutional investors, trading venues and issuers.
Plain-language version
The CNMV, Spain's market watchdog, brought economists together to discuss private markets, where money goes into companies that are not on the stock exchange. Spanish private equity has grown from about 6 billion euros a decade ago to 56 billion in 2025. There is also concern that some share trading is moving to less transparent venues.
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