Inveready and Terram Capital have reached an agreement to develop a private debt platform through the company Terram Inveready Credit Partners, with the objective of launching a first fund of up to €200 million in 2026.
This alliance reflects the shared vision of the Inveready and Terram Capital teams to deliver a strong value proposition in the private debt segment, an asset class that continues to grow and has already become a core product within alternative investments.
Through this partnership, Inveready expands its alternative investment offering, which already includes venture capital, life sciences, venture debt, strategic public equity, private equity and infrastructure. Inveready currently manages more than €2.5 billion in assets under management.
The agreement will allow Terram Capital to continue its growth and consolidation following the launch of its first €100 million fund in 2023, which was backed by the Atitlan group, which will remain involved in the new fund as a financial investor.
For the new fund of up to €200 million, Terram Inveready Credit Partners has reached a co-investment agreement with the financial institution Andbank which, subject to the relevant internal committees, will invest in transactions led by the new vehicle.
According to Josep Maria Echarri, CEO of Inveready, “This commitment to the team and strategy of Terram Capital responds to our objective of expanding our value proposition and product portfolio in order to continue growing in attractive niches within alternative investment in Spain.”
In the words of Ignacio Novela, founding partner of Terram Capital, “The agreement with Inveready will provide access to new institutional investors and will help us become a reference brand in the private debt market.”
About Inveready
Inveready is a leading asset management firm. Founded in 2008, it has evolved into one of the most active investment firms in the Spanish small and mid-market segment, managing more than €2.5 billion.
With more than 60 employees, Inveready is headquartered in San Sebastián and has offices in Madrid and Barcelona. It has been recognised as “Best venture capital firm” in 2017 by SpainCap and as “Best European venture debt fund” in 2023 by Preqin, among other awards.
About Terram Capital
Terram Capital is a private credit firm founded in 2023 with an asset-based investment strategy, enabling it to address a broad range of opportunities across sectors such as real estate and infrastructure, among others.
In 2023, it launched its first €100 million private debt fund, which is already in its divestment phase. For 2026, following the agreement with Inveready, the firm is preparing a second vehicle with a target size of up to €200 million, aligned with the same investment model
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