Actyus, Adequita and Nethits plan €20m edge data-center fund

Actyus, the alternative investment manager (a manager of pooled investment vehicles) of Andbank España, Adequita Capital and Nethits Telecom are establishing a €20 million ($22.3 million) venture-capital fund to develop edge data centers (distributed facilities that place computing capacity closer to end users) in Spain and Portugal.

The proposed vehicle, Adequita Centros de Datos Edge Iberia FCRE, a Spanish venture-capital fund structure, has projected capacity of €20 million. Spain is its primary market; Portugal is secondary. Launch awaits authorization from the National Securities Market Commission (CNMV), Spain’s securities regulator, according to El Español.

El Español reported that no details of planned investments have been shared. The fund has identified no individual project, site allocation or investment package, leaving its investment profile unspecified.

The companies have assigned distinct roles:

• Actyus will manage the fund.
• Andbank will distribute it to high-net-worth individuals and institutional investors.
• Adequita Capital will participate as a founding financial partner and developer.
• Nethits will contribute expertise in telecommunications, fiber optics and technology systems integration.

The structure separates investment management, client distribution and project expertise. Actyus operates within Andbank España’s alternative-investment business, while Andbank supplies the distribution channel. Adequita brings founding capital and development involvement; Nethits brings telecom, fiber-optic and integration capabilities.

Spain is finalizing a royal decree (a government regulation) that proposes new efficiency and renewable-energy supply requirements for larger data centers. The decree remains in the legislative process, so its final terms may still change before adoption.

Among the proposed measures, larger data centers would have to cover 80 percent of electricity consumption with new renewable generation, subject to hourly certification.

Spain’s National Commission for Markets and Competition (CNMC), the competition authority, has suggested relaxing the requirement to avoid potential inefficiencies. Industry representatives have warned that the proposal could affect the viability of some projects.

What does the fund change for Spain’s edge market?

Once authorized, the vehicle adds a dedicated Iberian investment pool for edge data-center development, with Spain designated as the primary market and Portugal as the secondary market. It creates a potential funding route for developers, but not an announced pipeline of sites or a confirmed capital allocation for any project.

For developers, the practical question is whether finance is available for a specific project. The current answer is limited: CNMV authorization is pending, planned investments remain undisclosed, and the decree’s renewable-power terms are unsettled. The €20 million figure describes projected fund capacity; no corresponding allocation to named sites has been disclosed.

If adopted as proposed, the decree would require large sites to document renewable supply on an hourly basis. The CNMC’s recommendation and industry objections could still alter the final burden.

Nethits was founded in 2006 and is based in Valencia. The company provides network, telephony, internet protocol television (IPTV) and Wi-Fi solutions, including multiple services aimed at the hotel industry. Its background matches the technical role assigned in the fund.

Nethits and asset manager Adequita Capital formed data-center company NXN in 2023 as a joint venture. NXN is developing a facility in Valencia. The joint venture links the two companies before the proposed fund begins investing.