With longstanding ties to Latin America and a rising global outlook, Spain’s private capital sector is increasingly turning its attention eastward. Guided by both historical affinities and strategic foresight, SpainCap—the country’s leading association for venture capital and private equity firms—is actively encouraging its members to explore opportunities in Southeast Asia, where cultural resonance and economic dynamism converge.
In this exclusive Q&A, José Zudaire, Managing Director of SpainCap, discusses the association’s initiatives to foster cross-border investment, including recent missions to Singapore and partnerships with regional counterparts. He outlines how Spanish investors—from institutions to family offices—are navigating Southeast Asia’s evolving landscape, and why sectors like fintech, healthtech, and climate-focused ventures are top of mind.
This conversation is part of our Bridges Magazine series spotlighting European fund leaders, offering insights into how private capital is redefining its global presence through deeper engagement with Asia.
Bridges: As SpainCAP continues to advocate for cross-border investment and strategic alliances, how do you view the role of European capital—particularly from Spain—in tapping into high-growth Asian markets such as Southeast Asia and the Philippines, where there are parallels in culture and history similar to Latin America? Are you seeing increased interest from your members in these regions, especially in sectors like fintech, healthtech, or climate-focused ventures?
José Zudaire: SpainCap increasingly sees Southeast Asia—and the Philippines in particular—as fertile ground for strategic investment, especially given historical and cultural parallels with Latin America that resonate with Spanish investors. These affinities often translate into easier cultural adaptability and stronger relationship-building, which are crucial in early-stage and growth investments. Spain has a robust fintech ecosystem, and members are looking to leverage their expertise in regions like Southeast Asia, where digital banking and payment platforms are rapidly expanding. The region’s rising middle class and demand for better healthcare present clear opportunities for scalable solutions. Sustainability-driven investments, especially in renewable energy, water management, and circular economy initiatives, are gaining traction, with Southeast Asia being a priority market due to climate vulnerability and increasing regulatory pressure.
SpainCap’s recent mission to Singapore helped build institutional relationships, such as with the Singapore Venture & Private Capital Association (SVCA), to facilitate ongoing knowledge exchange and co-investment opportunities.
SpainCap plays a crucial role as a facilitator, educator, and connector for its members venturing into international markets.
José Zudaire, Managing Director of SpainCap
Family offices are playing a growing role in global investment flows. From SpainCAP’s vantage point, how are Spanish or European family offices engaging with Southeast Asia’s emerging markets—and what specific opportunities or challenges are they encountering when looking at markets in Southeast Asia?
Family offices in Spain and Europe are becoming more globally oriented, and Southeast Asia is attracting their attention for three key reasons: Demographic growth and rising consumer markets, diversification from traditional European or U.S. assets, opportunities in impact and ESG-aligned investing. Many family offices are still building the on-the-ground networks needed to assess opportunities with confidence. Besides, regulatory complexity and different legal frameworks and corporate governance standards can be a barrier. Family offices prefer to co-invest with trusted partners, and building those trusted relationships takes time.
SpainCap supports its members—including family offices—by curating targeted missions like the one to Singapore, where direct dialogues with regional counterparts help demystify the local market and open doors to joint ventures and fund participation.
As the voice of Spain’s VC and PE community, how does SPAINCAP help members navigate international markets—like Southeast Asia—where regulatory environments, market dynamics, and deal structures can differ significantly from Europe? Where do your members typically seek information or partners when exploring investments abroad, and how can associations like yours deepen their global influence?
SpainCap plays a crucial role as a facilitator, educator, and connector for its members venturing into international markets. In the context of Southeast Asia, this includes: organizing trade missions and networking events: Like the one in Singapore, to foster direct connections with local investors, regulators, and accelerators; building institutional alliances (MoUs with local associations like SVCA serve as platforms for sustained collaboration); Information dissemination: SpainCap works closely with ICEX-Invest in Spain, embassies, and trade offices to provide intelligence on market dynamics, regulatory issues, and potential partners. To deepen global influence, associations like SpainCap must act as bridges—proactively connecting capital, knowledge, and strategy across continents. By creating structured avenues for co-investment, education, and bilateral cooperation, they help ensure that European investors are not just participants, but strategic actors in high-growth markets like Southeast Asia.
