Spanish private equity firms invested €415m ($470m) in the first half of 2003, 25% more than in the corresponding period last year, according to the Spanish Venture Capital Association.

The association is predicting a continuation in the investment uptick that will push the total value of Spanish private equity investment beyond the €1bn mark, recovering ground lost in 2002. Its report said: "The conclusion of conflict in Iraq will result in more investment opportunities in the second half of the year. This should allow investment to exceed the €630m registered in the second half of 2002."