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66#Q1VC ©2016 KPMG International Cooperative Venture Pulse Q1’16

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66#Q1VC
©2016 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
“There is a lot of dry powder and liquidity
in the system – a lot of money has been
raised in the last 12 to 24 months that has
to be invested. While I don’t see valuations
coming down very steeply, investors are
expected to become more active and more
hands-on.”
Guillermo Ramos
Director, Corporate Finance,
KPMG in Spain

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