The Facility shall be managed by Axis (ICO’s venture/private capital manager) as the implementing partners. The Facility shall include the following product lines: Direct line: this line shall consist of the provision of direct equity or quasi-equity investments through AXIS, ICO’s venture/private capital manager, to companies incorporated in Spain, regardless of their size and ownership of the capital, that commit to carry out new technological projects. The equity investments by the Fund shall not cause the share of publicly owned equity in a final beneficiary to surpass 49% of the total equity. Indirect line: this line shall consist of the transfer of funds to existing investment vehicles managed by private financial intermediaries, including venture capital funds, which carry out equity investment operations in the technological areas targeted by the Fund. The maximum participation of the Fund shall not exceed 49 % of the investment vehicle fund. European Tech Championship Initiative (ETCI): this line shall consist of a transfer of funds of up to EUR 1 billion by Spain to ETCI, a Fund of Funds managed by the European Investment Fund (EIF), that shall channel late-stage growth capital to promising European innovators. ReferenceC13.I07 in the ES Recovery and Resilience PlanProject locations Spain Project websitehttps://www.ico.es/
