Oquendo Capital

We are a team of over 20 members working in offices in Madrid and Paris. We have long experience investing in companies in different sectors and stages of the economic cycle.

Alfonso Erhardt
Founding partner

Daniel Herrero
Founding partner

Cyril De Galea
Partner, Head of France

Paolo Mancini
PARTNER, HEAD OF ITALY

Rocío Goenechea
Partner, COO and Head of Investor Relations

Leticia Bueno
Partner, Co-Head of Junior Debtㅤ

Ricardo Junco, CFA
Partner, Co-Head of Junior Debt

Miguel González-Moyano
Partner, Co-Head of Senior Debt

Gonzalo Liñan
Partner, Co-Head of Senior Debt

Miguel Giménez de Córdoba
Partner, Head of Impulsa

Manuel Martos
Operating Partner

Álvaro Gella
Principal

Iñigo Meirás
Principal

Antonio Donoso
Principal

Alessandro Brembati
Principal

Miguel Ojanguren
Associate

Laura Aranguren
Associate

Mario Gonzalo
Associate

Iñigo Pasquín
Associate

Victoria Gómez-Jordana
Associate

Marta O’Dogherty
Investors Relations and Responsible of ESG

Stefania Altamura
Investor Relations and Financial Controller

Lucía de Diego
Investor Relations and Associate Financial Controller

Gemma Aranda
Investor Relations

Lola Sánchez
Partner, Office Manager

Ana García
Personal Assistant

Loreto Aguilar

What We Do

We are a long term investor that provides senior and junior private credit solutions that cover the entire capital structure. We target profitable businesses who are market leaders and have committed shareholders and professional management teams.

We are situation-agnostic and most of our investments are in the context of LBO, growth and shareholder restructurings. We have a generalist sector focus and work with companies with EBITDA between €2 and €40 million that may be owned by private equity firms or families.

Our geographical scope is Spain, France, Italy and Portugal with selective coverage of other Southern European markets.

- Senior and junior private credit solutions

- For profitable businesses, market leaders, with professional management

- Generalist sector focus

- EBITDA between €2 and €40 million

- Owned by private equity firms or families

- Southern European focus

Who We Work With

We work with private equity funds, family businesses and minority shareholders with the objective of finding solutions to their financial needs.

- Private Equity Funds

We provide financing for private equity funds that aim to optimize returns in LBO/MBO transactions. Oquendo has long standing relationships with all financial institutions which ensures a swift and successful execution.

Additionally, Oquendo provides preferred equity and/or debt to private equity owned companies that require growth capital or to private equity funds that require additional investment capacity

- Family-Owned Businesses

Oquendo partners with family owned businesses that seek funds for growth, acquisitions or shareholder reorganization. Our long term flexible capital allows companies and their shareholders to fulfil their strategic objectives without incurring in additional debt, minimizing dilution and retaining management control.

- Minority Shareholders

We work with minority shareholders that are willing to increase their equity ownership or acquire a majority interest. Preferred equity and mezzanine debt is well suited for such situations, providing an alternative that is more flexible than bank debt and less dilutive than common equity.

Investment Strategies

We manage multiple differentiated investment strategies, allowing us to provide a wide array of financing solutions to businesses of different sizes.

Senior Debt

Senior long term financing, generally alongside banks, in the context of LBO operations, growth or refinancing. Our instruments are typically “bullet” type debt, with maturity around 5 or 7 years.

We work with companies with EBTIDA staring at 5 million €, and our investment tickets are often between 5 million € and 30 million €.

Flexible Capital / Junior Debt

Flexible capital solutions, generally alongside shareholders looking for non-dilluting capital solutions. These are tailored financial solutions fro each situation, which may include several of the instruments we use (mezzanine debt, PIK loans, Holdco PIK, preferred stock, convertible loans, minority shareholding).

Generally they are used in the context of LBO, growth or shareholding reshuffles. Instruments can have a maturity of up to 7 years, and investments tickets are typically between 5 mililon € and 40 million €.

Impulsa - Small Business Financing

Flexible capital solutions for small businesses who have a limited access to bank financing. These are tailored financing solutions, which may include several of the instruments we use (mezzanine debt, PIK loans, Holdco PIK, preferred stock, convertible loans, minority shareholding).

Generally they are used in the context of LBO, growth or shareholding reshuffles. Instruments can have a maturity of up to 7 years, and investments tickets are typically between 2 mililon € and 5 million €.

For more details on Impulsa, please click here.

Responsible Investment

Oquendo’s investment process fits within a strict socially responsible investment policy that takes into account sustainability and ethical impact of the businesses of invested companies.

Introduction

Since 2008, Oquendo Capital SGEIC, S.A. (“Oquendo”) is a signatory of the United Nations PRI (Principles for Responsible Investment) and its funds are committed to the Six Principles of the UN Global Compact.

Aware of the importance of climate change, Oquendo is committed to align its activity with Paris Agreement. During 2020 Oquendo committed to TFCD (Task Force on Climate-related Financial Disclosures) and, therefore, to implement its recommendations in climate matters. Oquendo has developed its own Climate Strategy which shows the objectives regarding these matters for coming years.

In this context, Oquendo integrates sustainability risks into the investment decisions of the funds it manages. In particular, Oquendo Senior Debt Fund II ELTIF S.C.A. SICAV-RAIF, Oquendo Senior Debt Fund II S.C.A. SICAV-RAIF, Oquendo IV ELTIF S.C.A. SICAV-RAIF and Oquendo IV S.C.A. SICAV-RAIF (the “Funds”) promote environmental and social characteristics through their investments and therefore are defined as sustainable products according to article 8 of SFDR(Sustainable Financial Disclosure Regulation).

In 2022 Oquendo was certified as B Corp company thanks to its compliance with the highest standards in terms of social and environmental performance, transparency and corporate responsibility

Certified B Corporation

Certified B corporations are for-profit companies that use the power of business to build a more inclusive and sustainable economy. They meet high verified standards of social and environmental performance, transparency, and accountability. Find out more

Environmental and social characteristics

Oquendo applies the following investment decision process principles:

- Compliance with applicable regulation
- Respect for human rights
- Respect for labour conditions
- Respect for the environment, and
- Compliance with local and regional corporate governance

In general, the objective of the Funds is to invest in loans, securities andinstruments of any kind and other permitted assets of companies that comply with the following KPIs:

(i) Environmental: Energy efficiency, sustainability policy, low level of Co2 emission, no waste, analyse ESG aspects taken into account, recycling, sensibilization, and environmental certificates.

(ii) Social: Low staff turnover, training and qualification, low number of working hours, high number of women employed, equality plan, policies of work/life balances, measurement of work environment, volunteering and donations, and health & safety.

(iii) Governance: High turnover of the year, high number of women in the board, no anti-competitive behaviour, no corruption, compliance model, no residence in fiscal paradise. Oquendo maintains a responsible investment policy that is updated periodically since 2016, and which applies to all the Funds.

We are committed to the environment and to being transparent to our investors, and we therefore publish our reports on sustainability which reflect Oquendo's evolution and performance in ESG.

Responsible Investment Policy

In 2023, Oquendo took a further step in sustainability matters and created its first climate risk evaluation report: Corporate Climate Reporting 2023

Methodologies used to assess, measure and monitor the environmental and social characteristics, and information on how those characteristics are met

Oquendo bases its investment decisions on its own analysis. Indeed, no index has been designated as a reference benchmark for the purpose of attaining the environmental and social characteristics promoted by Oquendo.

However, Oquendo has implemented a specific investment protocol in order to integrate ESG criteria and its governing principles to its investment decision process and ownership practices.

The main methods used to evaluate, measure and control the environmental and social characteristics of the investments of the Funds, and their impact, are:

- Negative screening: Oquendo has a negative screening procedure to discard potential transactions that are considered as negative screening.

- Investment protocol: Oquendo has implemented a specific investment protocol in order to integrate ESG criteria and its governing principles to its investment decision process and ownership practices.

All phases, including fund raising, assessment of the potential target companies, execution of the project finance and monitoring of the portfolio companies, are covered by such protocol.

Oquendo aims to ensure that the conduct of its portfolio companies are law-abiding and proportionated, maintaining business integrity and being compliant with relevant international standards, conventions and agreements on business integrity, anti-corruption and anti-bribery.

Every year, Oquendo publishes an ESG memory which summarizes the evolution of the different ESG dimensions Oquendo follows in its responsible investing. Please contact our ESG team (esg@oquendocapital.com) for a copy of the latest report.

With the goal of adapting to new developments in ESG, in 2022 we have created our first Statement on Principal Adverse Impacts. Download the Statement on Principal Adverse Impacts of investment decisions on sustainability factorsExtent to which environmental or social characteristics are met

The Funds have so far invested approximately 216 million euros in companies that meet the aforementioned environmental and social characteristics.

Other information

Oquendo is a member of ASCRI (Asociación Española de Capital Riesgo) and follows the industry recommendations issued by ASCRI and EVCA (European Venture Capital Association).

Flexible financing for the Southern Europe lower-mid market

Oquendo Capital provides preferred equity and debt instruments targeted at family owned businesses and financial investors that require funds for acquisitions, growth and shareholder reorganizations.