Spanish Banking Opportunities Fund (SBO), is a closed-end fund domicile in Spain and launched in December 2004. The fund invests in non listed Spanish banks and listed European banks. The fund has a lock up period of 5 years.
The fund’s investment policy is investing in non-listed Spanish banks at a material discount to their listed counterparts mainly through the acquisition of equity. The fund will remain fully invested in these institutions as long as no liquidity event occurs (M&A or IPO).