Oriol Pinya: Co-founder of Abac Capital and President of SpainCap

**Title:** The Outlook for 2023: Record Year or Maintaining Activity?

**Description (optimized for SEO):**
In this video, we discuss the outlook for 2023 and whether we are entering a new cycle of activity or if the current level of activity will be sustained. We delve into the factors that will shape the upcoming year and the potential impact on various sectors. Join us as we explore the trends, opportunities, and challenges that lie ahead.

**Keywords/Tags:** 2023 outlook, economic cycle, market trends, technology sector, energy sector, education sector, sustainable growth, venture capital, private equity, investment opportunities.

**Transcript Excerpt:**

[Música] Uriol: “We have talked a lot about the activity that has taken place in 2022. We have experienced uncertainty as well as positive moments, perhaps a continuation of the challenges from 2021. But we want to hear your opinion on the outlook for the upcoming year. How do you see the flow of activity in 2023?”

“I believe that 2022 will be a record-breaking year, unlike 2021, for both venture capital and expansion. However, 2023 will be a good year, but not as exceptional. There will still be operations in both market segments. Nevertheless, it is evident that people are slowing down their decision-making process due to uncertainty. We used to make decisions quickly, but now we are taking more time, showing some caution. Therefore, we expect a year that will be good but not as outstanding as previous years.”

“I also believe that people will engage in a flight to quality, focusing on assets that are less dependent on the economic cycle. Assets that have the ability to benefit from the increase in energy prices and raw materials. These assets possess resilience, which is more valued amidst market fluctuations. In the past, people were more lax in their investment choices during economic growth, investing in various sectors. However, now there is a concentration in certain sectors. Currently, the sector that stands out is technology, energy, and education.”

“These sectors offer stability and sustainable growth, even in the face of crises or economic downturns. This has led to adjusted prices in these sectors, which can be seen in private equity where entry multiples are decreasing. The correction in public markets has also affected venture capital, with lower valuations and smaller funding rounds. Funding rounds may take longer, leading to the need for debt convertible instruments. Startups are also tightening their belts to endure longer periods without running out of cash for their next round of funding.”

“In Spain, we are actively working to promote the image of the private equity sector as a driving force of the economy. We are making progress in this goal, as we are part of the solution. Spain is transforming into a more stable and innovative economy, and private capital plays a crucial role in fueling this transformation. By investing alongside brilliant entrepreneurs and supporting their ideas, we contribute to the country’s innovation. We represent over 3,000 companies with 500,000 employees who earn above-average salaries and contribute to added value in the economy.”

“In summary, we are indeed witnessing a period of change and innovation in the country. Thank you for joining us, and we look forward to sharing more insights with you.”

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