Crescenta, Spain’s first digital management firm for investing in private equity funds, has begun marketing its first secondaries fund — Crescenta Private Equity Secondaries I, FCR — launched in partnership with Mercer, a global leader in helping clients achieve their investment objectives, shape the future of work, and improve the health and retirement of their employees, with over 25 years of experience in alternatives.
This fund will invest in opportunistic GP-led and LP-led transactions within the secondary market, focusing on developed markets. Its goal is to acquire high-quality, mature assets and positions at attractive prices, maintaining a diversified approach and a strong risk-return profile.
The new vehicle targets an annual net return of 15% and has a target size of €60 million. The fund is expected to complete between 15 and 40 transactions to build a diversified portfolio across managers, vintages, geographies, and sectors. Moreover, over 50% of the investments are expected to be GP-led transactions—those in which a manager believes that a portfolio company still has untapped value and wishes to retain it for a longer period to capture that potential. These companies are acquired in the secondary market and transferred to a continuation fund, which may involve a single-asset or multi-asset portfolio.
The fund will also reserve some exposure to LP-led transactions, which occur when an investor seeks to sell part or all of their commitment in a private equity fund through the secondary market.
The fund has an estimated lifespan of eight years, which can be extended to ensure proper management. The vehicle is available to both retail and professional investors, requiring a minimum commitment of €10,000 to be drawn down gradually. The manager’s goal is to build the portfolio quickly, making capital calls faster than in its primary funds, thereby providing greater liquidity to investors.
Although secondaries investments are made as opportunities arise, the investment team intends to place greater emphasis on the Buyouts strategy, complemented by Growth and Special Situations. The objective is to create a diversified portfolio across strategies, vintages, and regions, with an attractive risk-return profile and maximized liquidity.
Ramiro Iglesias, CEO of Crescenta, stated: “We have decided to launch our first secondaries fund together with Mercer because of their extensive experience, global vision, and solid track record in the sector. By delivering on our promise to enable investors to build diversified portfolios, Crescenta Private Equity Secondaries I now offers the four main private equity strategies, allowing them to maximize returns and invest according to their objectives.”
David Novoa, Partner and Head of Health and Wealth at Mercer Spain, added: “This agreement represents our first collaboration in Spain involving a strategy of this kind. Crescenta’s trust reaffirms our commitment to providing the most advanced investment solutions and strengthens the roadmap we have designed to meet the objectives established in our 2030 Strategic Plan.”
Eduardo Navarro, Chairman and Co-founder of Crescenta, emphasized: “This is a strategic institutional alliance that sets a precedent—a milestone toward a promising future, positioning the company as a leading player in Southern Europe in the distribution of alternative investment funds.”
Romualdo Trancho, Sales Leader for Investment Solutions & OCIO Services at Mercer Spain, added: “The opportunity to jointly create this investment vehicle allows us to provide a key player in the market, such as Crescenta, with all of our global investment capabilities, backed by a 30-year track record, dedicated team, and extensive experience advising clients on private market investments.”
Further information on risks and conditions is available in the fund’s prospectus.
About Crescenta
Crescenta is a Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) supervised by the CNMV and registered in the CNMV’s official register of investment management firms under number 289. Founded by Eduardo Navarro and Ramiro Iglesias, the company provides professional and retail investors with digital access to leading national and international private equity, growth, buyout, and real asset funds, among other strategies. It also offers extensive educational resources on investing through its “Learn and Grow” platform, advisory tools, and the ability to integrate clients’ bank accounts for a faster and more secure subscription process.
About Mercer
For more information, please visit the Mercer Spain website.
Photo: David Novoa (left) y Eduardo Navarro (right)
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