Fidel García-Guzmán and Pablo Penichet have officially announced the launch of Iberia NCA NFII FCRe, S.A., the second fund established in Iberia under the investment program developed in partnership with Novastone Capital Advisors and supported by the Valencia-based fund manager Draper B1 as the vehicle’s management company.
The new fund, which recently obtained registration from the Spanish Securities Market Commission (CNMV), has been launched with a target size of €25 million and follows the same philosophy that inspired the first vehicle: providing Spanish investors with access to an international portfolio of small and medium-sized companies—primarily family-owned, profitable, and well-established businesses—facing unresolved succession situations.
The investment thesis is based on an operator-led model, under which experienced executives and operators assume leadership positions in companies facing generational transition challenges. The goal is not to alter the essence of these businesses, but rather to support their continuity, professionalization, and next stage of growth.
The launch of Iberia NCA NFII follows the positive development of Iberia NCA NFI, the first fund promoted by Fidel García-Guzmán and Pablo Penichet under this strategy. Approved in 2024, the first vehicle closed with €6 million in committed capital, is fully deployed, and, in just two years, has become fully invested across ten companies. In addition, it currently has seven further transactions under Letters of Intent (LOIs).
The portfolio companies and investments currently being executed by the first fund are located across the United States, Canada, the United Kingdom, Italy, Spain, Portugal, Hungary, and Germany, reflecting the international nature of the program and its ability to build a diversified portfolio across developed European and North American markets.
"Launching this second fund is a natural consequence of the evolution of the first one. We have confirmed that there is a genuine opportunity for Spanish investors to gain access to solid, profitable businesses facing a very specific challenge: succession. These companies require continuity, professional management, and patient capital," said Fidel García-Guzmán and Pablo Penichet.
The first fund was primarily backed by prominent Valencian family offices and entrepreneurs, as well as a number of international investors. Their confidence in and satisfaction with the model have been instrumental in driving this second initiative. Iberia NCA NFII now aims to broaden access to this investment strategy while maintaining a selective, hands-on approach aligned with investors who understand value creation in the real economy.
Novastone Capital Advisors provides access to an international pipeline of opportunities involving experienced operators and companies undergoing generational transitions. The broader program has already completed two successful exits, generating returns in excess of 40% IRR.
Draper B1 provides the regulatory and operational framework necessary for the development and management of the vehicle.
"We believe this model is particularly well suited to the Spanish market. Many family investors clearly understand the value of a well-managed, profitable company with a long operating history. What we do is provide them with access to an international investment strategy built precisely around this type of business," added the founders.
Iberia NCA NFII therefore maintains its focus on companies operating in the real economy, with proven business models, established market positions, and growth potential under new leadership. The fund is not focused on early-stage companies or purely technology-driven models, but rather on profitable businesses with a proven track record and clear needs for succession, continuity, and professionalization.
About Iberia NCA NF
Iberia NCA NF is an investment initiative promoted by NAMIB INVESTMENTS S.L. (Fidel García-Guzmán) and Pablo Penichet in partnership with Novastone Capital Advisors, aimed at providing Spanish investors with access to small and medium-sized companies in Europe and North America facing unresolved succession situations.
Its model is based on identifying profitable, resilient family-owned businesses requiring generational transition, combined with the appointment of experienced operators who assume responsibility for the management and long-term continuity of those companies.
About Novastone Capital Advisors
Novastone Capital Advisors is an international firm specializing in Entrepreneurship Through Acquisition (ETA) programs, with operations across Europe and North America. Its model combines the identification of experienced executive operators with the sourcing of established companies undergoing business transitions or succession processes.
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