Talenta launches MasterSpain Private Equity to invest in Spanish private equity funds
Talenta Gestión launches a new initiative in the private equity sector in Spain. Under the leadership of Jordi Jofre, Talenta Gestió has introduced MasterSpain Private Equity, a venture capital company (SCR) designed to invest in funds managed by Spanish firms that, in turn, allocate resources to local businesses within traditional economic sectors.
Recently authorized by the CNMV, MasterSpain (see prospectus) will operate as a fund of funds with an initial capital of 10 million euros. According to Jofre in Expansión, plans are already underway for the creation of a second investment vehicle with similar characteristics, thanks to the positive reception this project has received among potential investors.
“Although there are good independent private equity managers in Spain, their vehicles are not part of the portfolios of major fund-of-funds firms in the sector,” Jofre argues. With MasterSpain, Talenta aims to address the “anomaly” of low exposure to the local market in Spanish investors' portfolios and capitalize on “a very promising niche,” the firm’s president highlights.
As noted in the prospectus registered with the CNMV, "The main investment objective of the company is the temporary indirect acquisition of stakes in the share capital of companies operating in the healthcare, technology, industrial, consumer, infrastructure, and services sectors, focusing on buyout and growth segments. This investment in underlying companies will be carried out through the subscription of investment commitments and the subsequent acquisition of stakes in venture capital entities established under Law 22/2014 and in similar foreign entities that meet the criteria set forth in Law 22/2014."
In this regard, Expansión highlights that among Spanish venture capital managers registered with the CNMV, Talenta will focus on 14 well-established companies: Barcelona-based Miura, Suma Capital, Abac, and Aurica; ProA, Portobello, Nazca, Corpfin, Alantra, Magnum, Sherpa, Artá, and Queka Real Partners, based in Madrid; and Talde, headquartered in Bilbao.
MasterSpain will make investments ranging from 1 to 5 million euros per fund. These contributions will be directed toward a minimum of six and a maximum of ten new funds managed by Spanish firms, aimed at supporting already established local companies.
In terms of operations, MasterSpain will prioritize investments in vehicles aimed at driving business growth. To a lesser extent, it will allocate resources to funds specializing in leveraged buyouts and, residually, to those focused on special situations.
The venture capital company (SCR) will start with initial capital of 1.2 million euros, contributed by Jordi Jofre, Mireia Tomàs Carulla—a third-generation member of the family that owns Agrolimen—and Pedro Domenech, who will serve as an external advisor to the fund of funds. Domenech, founder of Puente América Capital and partner at Atlantic-Pacific Capital, will join the management team of MasterSpain along with Jofre and Margot Abellán, director of Talenta’s wealth advisory division and co-director of the firm’s alternative investments division.
The fund of funds will primarily target family offices in Catalonia, Madrid, and the Valencian Community, with a minimum required investment of 100,000 euros per participant.
