Dunas Capital Group, the independent platform for the management of financial, real estate and alternative assets, has strengthened its management structure with the creation of Dunas Capital Alternatives SGIIC, S.A., a management company specialized in alternative and illiquid assets that will operate alongside the Group’s liquid investment platform.
The incorporation of Dunas Capital Alternatives was formalized following the change of corporate name of Gesnorte SGIIC, registered with the Mercantile Registry on November 12, 2025, and responds to the Group’s strategy of deepening a more specialized management model aligned with the needs of both institutional and private investors.
With this reorganization, the firm structures its activity into two differentiated management companies.
Dunas Capital Alternatives (DCA) will be led by Borja de Luis, Managing Director and Head of Infrastructure Investments, bringing together the Group’s alternative investment activities that began in 2019 with aviation and renewable energy strategies, which will continue to be led by Cristina Moreno, Managing Director.
In parallel, Dunas Capital Asset Management (DCAM) will continue to manage the Group’s liquid strategies — including mutual funds and pension funds — under the leadership of Alfonso Benito, CIO of Dunas Capital AM.
Meanwhile, Dunas Capital Real Assets is consolidated as the Group’s specialized financial advisory unit, led by Gregorio Herrera.
The management company is supported by a team of professionals specialized in opportunity origination, investment execution, and the management of infrastructure and real assets, providing the technical expertise required to generate value through active management.
In this context, Dunas Capital Alternatives is working on the launch of two new funds for 2026: Dunas Aviation II and a Strategic Infrastructure Fund, thus continuing the Group’s strategy and strengthening its positioning in the alternative investments segment.
The Group currently manages more than €5.2 billion in assets. The new management company has been created with the objective of consolidating and scaling this private assets business line, equipping it with a dedicated structure, its own capabilities, and a specific product portfolio. It aims to reach €500 million in assets under management in the short term, supported by the continued leadership of Borja Fernández-Galiano, Head of Sales of the Group, and Natividad Sierra as an alternative assets specialist.
In the words of David Ángulo, Chairman of Dunas Capital Group: “The creation of Dunas Capital Alternatives is a natural step in the evolution of the Group and in our commitment to a model of specialization. This structure allows us to preserve the strength and continuity of our liquid strategies while decisively strengthening our private assets offering, an area with strong growth potential for our clients.”
For his part, Borja de Luis, Head of the new management company Dunas Capital Alternatives, stated: “We face the challenge of following in DCAM’s footsteps in terms of business growth, offering our clients investment strategies in infrastructure and strategic assets that provide portfolio diversification, economic decoupling, inflation protection, and exposure to investments that, like Dunas Capital, have capital preservation in their DNA and high visibility in the generation of recurring cash flows.”
About Dunas Capital Group
Dunas Capital Group is a leading independent platform in Spain for the management of financial, real estate and alternative assets. The Group offers investment solutions through a product range characterized by a high degree of innovation and excellence. Its team of professionals, with an average of 20 years’ experience in financial markets, has backgrounds in banking, insurance, private equity and asset management. Dunas Capital Alternatives SGIIC is authorized by the Spanish National Securities Market Commission (CNMV) to operate in Spain
Photo From left to right:
Standing: Eulalia Domínguez, Enrique Alonso, Beñat Iguiñiz, Germán García, Miguel Garrido (Real Assets).
Seated: Gregorio Herrera (Real Assets), Cristina Moreno, Borja de Luis (Head of Dunas Capital Alternatives and Infrastructures).
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