Aurica is concentrating on technology and services companies because the firm is a growth and expansion fund, where operations are carried out without financial leverage. Aurica’s objective is to achieve attractive returns for investors, and rather than focusing on deleveraging, it targets companies operating in sectors with tailwinds and scalable business models, allowing them to grow significantly over a 3–5 year horizon. The clear segmentation into service companies is based on the observation that there are greater opportunities for meaningful growth without large capital expenditures, unlike industrial companies, which often require investments in factories or similar assets.
Expanding the focus to services and technology companies, Aurica is currently concentrating on the following verticals:
Given Aurica’s strong growth focus, three types of growth are currently considered, depending on the company’s situation:
This sector and company profile analysis applies to both the U.S. and Spain, the regions where Aurica is currently most focused.
United States accelerates, Europe reorganizes, Spain fits – Aurica Capital Analysis Team
After more than a decade of cheap money and global supply chains running like clockwork, we face what seems to be a regime change. Harsher geopolitics, trade route tensions, and new technologies promise productivity gains we have yet to fully measure, while simultaneously creating new pressures on energy, data, and regulation. At this crossroads, the U.S. is accelerating industrially, Europe is reprioritizing, and Spain, quietly, is aligning several pieces more effectively than a decade ago.
The world we left behind was governed by three vectors: globalization, low interest rates, and cheap energy. The road ahead is more winding. Conflicts in Europe and the Middle East have reminded us that trade depends on routes that can become congested. In a decision that would have seemed counterintuitive in the home of laissez-faire, the U.S. has politically pivoted toward protectionism, bringing manufacturing back — chips, batteries, electrical components — while securing its energy and digital backbone. The practical consequence is not a collapse of trade, but a more regional reconfiguration, with less “just-in-time” efficiency and more “just-in-case” resilience, implying cost pressures.
Artificial intelligence adds another layer to this equation. Its potential to multiply productivity—from automated factories to professional services scaling with software—is hard to ignore. But investors should keep in mind two caveats: first, benefits lag behind investments in compute, talent, and data; second, bubbles are born not from useless technologies, but from misaligned expectations. Against this backdrop, the U.S. offers a tailwind difficult to ignore, attracting advanced manufacturing projects and turning reshoring rhetoric into action.
Another cornerstone of U.S. advantage remains innovation. The concentration of talent and capital in its tech hubs creates a virtuous cycle where Big Tech, universities, and venture capital feed advances that diffuse into the broader economy. This momentum cannot be replicated overnight.
Europe is taking a different path. Governments have begun to vocalize what demographers have long noted: the social model demands higher productivity per working hour and greater potential growth in an aging continent. This clarity, far from being negative, helps focus capital on essentials. In uncertain environments, it makes sense to invest in what will not change: an aging population requiring healthcare and care services; a service-driven economy dominated by SMEs; an irreversible commitment to decarbonization and energy independence; and digitalization, which is no longer a trend but a competitive necessity. Europe’s fragmented markets offer another advantage: operational discipline and orderly consolidation create value independently of the economic cycle.
In this landscape, Spain has significantly improved its relative position. Leadership in renewables, regasification capacity, and a leading fiber-optic network have reduced and stabilized key inputs for energy-intensive industries and digital services. The country has grown above the Eurozone average and presents abundant opportunities in sectors with structural growth. The investor’s work lies in the details: robust governance and compliance to navigate new protectionism, supply chain traceability, pricing flexibility, and operational integration that creates real value, not just scale.
We do not choose the world in which we invest, but we do choose how we invest. Today, the temptation is to debate whether AI is the new electricity or a bubble, whether protectionism is temporary or structural, or the expiration of various conflicts. That discussion is interesting but does not, by itself, generate sustainable returns. The investor’s agenda focuses on backing companies that, in this new context, can become indispensable. A context in which the U.S. drives industrial momentum, Europe reorganizes priorities, and Spain, for the first time in many years, aligns with its own strengths.
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