Mercapital was formed in 1986 by its Partners as a merchant bank providing a broad range of financial and advisory services inSpain, shortly afterwards, the Firm was listed on the Madrid Stock Exchange. In 1987 it began making private equity investments with the Firm’s own capital, sponsoring and raising a series of medium-sized ($40 - $60 million) private equity funds and co-investment agreements to co-invest in Mercapital-led deals. In 1991, Mercapital focused exclusively on private equity investing and advisory services related businesses. In 1996, it reorganised from a listed investment company to a private management company owned by the Partners. In April 1998, SPEF I, the first traditional private equity partnership and the sixth vehicle/fund raised by the group, was closed with total equity capital commitments of €260 million from a global investor base. In December 2000, SPEF II was closed with total equity capital commitments of €600 million. Since November 2006, Mercapital is investing SBF III, a €550 million fund, targeting only control positions in mid-size buyout transactions in Iberia.