Qatar Investment Authority and Spain’s state-backed investor COFIDES will establish a €300 million ($349 million) joint fund to back Spanish companies involved in the green transition and digital transformation.

The new vehicle will be managed by Madrid-based private equity firm Portobello Capital, which oversees about €4.5 billion in assets and focuses on Spanish technology, education, and IT businesses.

The deal is the latest to reinforce the message from the Gulf’s biggest funds that they remain active investors even as the closure of the Strait of Hormuz pressures state revenues. QIA this month also committed $500 million alongside General Atlantic.