BBVA AM and Partners Group launch Spain’s first multi-strategy open-ended private-markets fund
BBVA Asset Management is expanding its alternative investment offering with the launch of BBVA Open to Partners Group Mercados Privados IX, FIL. This is the first Spanish multi-strategy open-ended private-markets fund, giving BBVA Private Banking clients ongoing, exclusive access to a global and diversified portfolio of funds managed by Partners Group —a global private-markets specialist with more than 20 years of experience in managing evergreen structures.
The fund, structured as a Fondo de Inversión Libre (FIL)—a flexible, open-ended investment vehicle under Spanish regulation—will offer monthly subscriptions and semiannual redemptions. This provides a level of structured liquidity that is uncommon in private-markets products. It also ensures that BBVA can offer a continuously available solution for clients seeking to add or increase their exposure to private markets. Because it is an FIL structure, Spanish-resident individuals may qualify for the tax-deferral regime that allows transfers between investment funds without triggering immediate taxation under Spanish law.
BBVA Open to Partners Group Mercados Privados IX, FIL will give BBVA’s retail clients in Spain access to Partners Group’s institutional investment platform. The fund combines active management with broad sector and geographic diversification, offering exposure to private equity, infrastructure, and private debt across the United States, Europe, and Asia-Pacific. Through this evergreen structure, investors gain indirect access to a private-markets portfolio that is already invested, providing continuous exposure with no predefined maturity date. This enhances capital efficiency and supports more stable long-term returns.