There are gatherings that are not merely celebrations, but collective reaffirmations of purpose. The 5th Anniversary of the Fondo de Fundaciones de Impacto (FdF) was one of them. A space where financing was transformed into stories, numbers into trajectories and patient capital into real transformation.
This fund, promoted by Open Value Foundation, was born to change the rules — with a clear conviction: to demonstrate that capital can be a catalyst for enterprises that generate social and environmental impact without sacrificing financial sustainability. Five years on, the balance speaks of milestones achieved, shared learnings and a model that has known how to adapt without losing its essence.
Five years of achievements and learnings
In reviewing the FdF’s trajectory, the focus was not only on figures and operations, but on something more relevant: collective learning. The importance of strategic accompaniment, patience as a competitive advantage and the need to build solid alliances within the impact investment ecosystem.
The FdF has demonstrated that collaboration among foundations not only pools resources, but multiplies vision, coherence and transformative capacity. And the study presented reinforces that intuition with evidence: aligning investment and mission is not a theoretical aspiration, but a real opportunity to strengthen the role of foundations in social and environmental transformation.
Today the Fund is already a community comprising 45 foundations and non-profit entities, with a presence in 12 autonomous communities and more than 60 foundations trained in impact investment. More than 500 foundations have been mapped, and more than 20 experts have participated in training processes, contributing to building knowledge and confidence around this strategy.
In financial terms, the Fund has made 9 investments in social enterprises, with €330,000 invested and €490,000 under management, following 5 calls for support to social entrepreneurship in which more than 350 initiatives were submitted.
Perhaps one of the most revealing figures is this: more than 40% of the foundations that have passed through the FdF are incorporating impact investment strategies into their organisations. Additionally, 9 foundations are already making direct investments, 8 are investing in impact funds and 5 have created their own programme for investment in social entrepreneurs.
In this context, Aldara Fernández de Córdova, from Fundación AltamarCAM, and Mercedes Valcárcel, from SpainNAB, shared the main conclusions of the Study on Foundations and Impact Investment (December 2025). The report highlights the opportunities that foundations have to align their investment policy with their own mission, advancing towards models where assets not only preserve value but actively contribute to generating impact.
This research contributes to generating knowledge and normalising a strategic conversation: how foundations can activate all their capital — not only that earmarked for grants — to scale the impact they generate, complementing the practical example of the Fondo de Fundaciones and other cases equally captured in the study.
Roundtable: the invested enterprises
One of the most powerful moments of the gathering was, without doubt, the conversation around the invested enterprises. Two panels that shared not only results, but trajectories, challenges and learnings — bringing the soul to the gathering just as they bring it to their projects.
Apadrina Un Olivo, with the contribution of its CEO José Alfredo Martín, shared how a project born to recover abandoned century-old olive trees has become an engine of rural development and socio-labour inclusion — an example of how to regenerate territory, community and opportunities simultaneously.
La Hormiga Verde, represented by its manager Ignacio García, raised the importance of the circular economy and job creation for people in vulnerable situations. Technology, recycling and labour dignity converge in a business model that demonstrates that impact and efficiency can go hand in hand.
Filantrópico, with the contribution of its founder Javier Sanz Martín, shared how they are facilitating new ways of channelling capital towards purpose-driven projects, professionalising and democratising access to impact investment.
U4Impact, presented by its founder Manuel Docavo, showed how connecting university talent with social organisations and enterprises can become a lever for systemic transformation. Young people who want to generate impact and organisations that need innovation: a connection with enormous potential.
These organisations reflect the diversity of the Fund: access to basic rights, labour inclusion, social innovation, talent mobilisation and strengthening of the third sector. They all share something essential: without patient capital and long-term trust, many of these projects would not have been able to consolidate.
More than an anniversary, a declaration of intent
The 5th Anniversary of the Fondo de Fundaciones de Impacto was not a finishing line, but a turning point. Five years on, the FdF has demonstrated that collaboration among foundations can generate innovative, sustainable and transformative structures.
The stories shared evidence that when capital aligns with purpose, impact ceases to be an aspiration and becomes measurable, tangible reality.
From SpainNAB, we celebrate these five years and, above all, the renewed commitment to continuing to drive an ecosystem where impact investment is a key tool for addressing the major social and environmental challenges of our time.
Because when foundations invest together, they do not only finance projects: they build the future.
