Bewater Funds has launched, in collaboration with Indexa Capital, Indexa mercados privados 2026 FCR, the first private markets fund of funds promoted by the group, Indexa Capital Group, aimed at providing diversified exposure to private markets, with a target size of up to €40 million.
“We believe we can add value by creating a highly diversified private markets fund of funds with access to top managers, lower costs and greater liquidity than the fund of funds currently available in the Spanish market,” said Ramón Blanco, co-founder and CEO of Bewater Funds.
The fund is structured as a global portfolio of underlying funds, diversified across managers, asset classes and currencies. The target allocation is designed to approximate overall market exposure: 70% in private equity, 20% in private debt and 10% in infrastructure, with an estimated exposure of approximately 50% USD / 50% EUR, depending on the underlying investments.
Subscriptions are now available online through Bewater for professional investors or those who can be classified as such, starting from €5,000, and for retail investors from €100,000. The fund will also be available through Indexa Capital in the coming weeks, with a minimum investment of €10,000 for clients with more than €90,000 of total investments at Indexa. These clients may express interest in allocating up to 10% of their total investment to this private markets fund, subject to appropriateness and suitability assessments under Indexa Capital’s advisory service framework.
In terms of fees, the vehicle charges an annual management fee of 0.75%, 0.50% or 0.25% depending on the committed amount, plus other costs of 0.15% per year, and no performance fee at vehicle level. Including the costs of the underlying funds, total annual costs amount to 2.45%, while the average performance fee of the underlying funds is 11.75%. The forecast net return is 11.2% per annum after fees, based on the return projections of the underlying managers minus applicable fees.
Although it is a closed-ended venture capital fund (FCR) — due to current Spanish regulation on semi-liquid vehicles accessible to investors — it invests in evergreen or semi-liquid underlying funds. The structure includes an investment period until the end of 2026, followed by a holding phase and, from the end of the fifth year, a divestment and capital return phase which, in the best-case scenario, would conclude after five years and three months and, in stressed market conditions, could extend up to ten years.
Indexa Private Markets 2026 is available from today until 31 December 2026. From 1 January 2027, the intention is to launch a new edition that may incorporate adjustments to its composition.
ABOUT BEWATER FUNDS
Bewater Funds is the first manager in Europe to enable investment in a selection of profitable, technology-exposed private companies. Professional investors can access single-investment funds through its website, investing in companies selected by the manager. Subsequently, investors may offer their fund units for sale via the platform.
Bewater Funds is also designed to allow professional investors to invest in a single fund or diversify across several funds, while accessing transparent information about the underlying companies.
Bewater Funds has been developed by a team of professionals with extensive experience in the creation, investment and divestment of private companies, and is backed by some of Spain’s most prestigious venture capital funds and private investors. Its co-founders are Ramón Blanco, François Derbaix and Unai Ansejo (also co-founders of Indexa Capital).
The investment vehicles are Closed-Ended Collective Investment Funds (FICCs) or Venture Capital Funds (FCRs or FCREs), registered with the CNMV, with ISIN codes, audited and managed by Bewater Asset Management SGEIC, a company registered with the CNMV under number 134.
Bewater AM SGEIC is a wholly owned subsidiary of Indexa Capital Group SA, which has been listed on BME Growth since July 2023
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