Criteria, owned by La Caixa, will invest 8 billion in companies by 2030

BarcelonaA shift in priorities. Criteria, La Caixa's investment arm, plans to have an investment capacity of up to €8 billion in companies and funds and will make up to €4 billion in dividends available to its parent company, the La Caixa Foundation, for social programs, research, scholarships, and culture between now and 2030. These are the pillars of Criteria, which holds the largest portfolio of corporate holdings in Spain, valued at over €37 billion. The company, chaired by Isidre Fainé, like the foundation, "will focus its investments on projects centered on obtaining recurring, sustainable, and responsible returns. It will also promote value creation in its portfolio companies with a long-term vision." The holding company's priority, which will maintain a 30% stake in CaixaBank, is "to preserve and increase the Foundation's assets."

After dispensing of Àngel Simón as CEOThe new leadership of Criteria, with Francisco Reynés, president of Naturgy, as vice president and José Luis Méndez as CEO, decided to modify some aspects of the strategic plan presented last June. In fact, before the management change, the holding company abandoned some investments committed to by Simón, such as those in Celsa and Europastry. Now the objective is to align the roadmap more closely with that of the foundation, which owns Criteria and, in turn, is the main shareholder of CaixaBank. In its plans, presented last year, Criteria aimed to increase its asset value from €27 billion to €40 billion by 2030.

The new approach includes coordination with the foundation, which is responsible for carrying out the social work. The organization's strategic plan stipulated that in this new phase, the foundation and Criteria will act "in a coherent and coordinated manner," even reinforcing "shared governance" following the change in leadership. The group has reorganized its investments into four main portfolios: the foundation's stake in CaixaBank; significant investments (Naturgy, Telefónica, ACS, Veolia, and Aigües de Barcelona, ​​among others); alternative investments (InmoCaixa, Caja Capital Riesgo, and private equity funds, which aim to invest in numerous companies); and a liquidity portfolio. The structure under Simón consisted of a strategic portfolio, which is now the significant investments portfolio; a diversification portfolio (ACS, Veolia, and Puig), which will now be alternative investments; a real estate portfolio (InmoCaixa and Colonial); and a private equity portfolio. There are investments like Puig's that are now being moved to the cash portfolio, which means that the investment can either increase or decrease.

Criteria "will manage, through its presence on the governing bodies, its stake in CaixaBank, a financial institution that shares the same historical origins as the La Caixa Foundation and which gives meaning to its nature as a banking foundation." CriteriaCaixa assures that it will maintain a minimum stake of 30% in CaixaBank.

The portfolio of relevant investments will consist of "competitive companies, preferably listed, that primarily operate in key sectors of the economy, with future prospects and an industrial vision, and that pursue the generation of sustainable value through an appropriate combination of shareholder returns and growth."

Management and influence

In these companies, Criteria "aspires to be a major shareholder and exert influence through its participation in their governing bodies." In this regard, its objective will be to foster and support "a value creation strategy in these companies, with a long-term vision and commitment." It will also "promote cooperation between the social action initiatives of the companies themselves and those developed by the La Caixa Foundation." The alternative investment portfolio will include real estate assets aimed at "generating recurring income with the potential for appreciation; financial holdings in third-party funds that invest in unlisted companies and projects with growth potential and anticipated liquidity; and third-party investments in companies in the early stages of their operations, primarily focused on the technology and biotechnology sectors." Investing in third-party funds will allow Criteria to expand the number of companies it impacts, diversify risk, and indirectly maintain an active role in management. "The objective is to maintain a portfolio of alternative investments whose gross value does not exceed 10% of the total gross value of assets," the entity explains. Regarding the cash portfolio, Criteria will invest this portfolio, "directly or through third parties, in financial products with a conservative risk-return profile and adequate liquidity." The objective is to maintain an adequate cash portfolio whose gross value remains at least 10% of the total gross value of assets. As of June 30, 2025, Criteria's gross asset value had reached €37,252 million, in a first half marked by "the positive performance of the value of its investee companies and solid cash generation driven by dividends received (€1,074 million)." Through June, Criteria had distributed a social dividend of 360 million euros in the Foundation, to which must be added the additional 125 million euros approved by the Foundation's Board of Trustees on October 9th.

Regarding its financial profile, CriteriaCaixa will maintain a generally conservative one, with moderate debt levels –net medium-term debt at most 10% of the total gross asset value–, and adequate diversification of funding sources, including access to institutional markets. Another objective of the holding company is to maintain its investment-grade rating (investment grade).