José Antonio Escalona, Partner at Alemany, Escalona & Escalante echoed the foregoing comments and said following the economic downturn the level of PE/VC investment activity in Spain has been dramatically reduced: “Only investors that were lucky to have concluded their funds raising before the economic crisis started are in a position to invest”. He added: “However, even such investors are facing serious difficulties to make acquisitions due to the lack of bank financing and the general environment of pessimism and reduction of economic activity”. “Due to the same reasons, sale transactions are also affected. Therefore, investors are looking for a timely and profitable exit with the relevant negative consequences. These days, PE/VC investors are rather focused on managing and restructuring their existing investments than in making new ones”.