Mutuactivos, S.A.U, SGIIC and Stoneweg launch their first private equity fund focused on the real estate sector. The vehicle, named Mutuafondo Hospitality, FCR, will invest in hotels as well as leisure assets linked to the hospitality industry, located in established tourist destinations in Spain and other Southern European countries such as Portugal and Italy.
Mutuactivos SGIIC will act as the fund manager and will be advised by Stoneweg Spain, an alternative investment firm specialized in real assets, with whom it has signed an advisory agreement. Grupo Mutua Madrileña and Stoneweg will participate in the fund, which is being launched with a target investment of €300 million.
Mutuactivos SGIIC will be responsible for managing the fund’s investments, as well as for risk control and management. Stoneweg, in turn, will advise on the identification of opportunities and on the design and structuring of investment and divestment transactions, also supporting the monitoring and follow-up of investments throughout their lifecycle.
Investments may be made both in existing assets and in buildings requiring refurbishment or conversion for hotel or leisure use. Regarding refurbishment, interventions will focus on three main areas: improved management to increase revenues and reduce costs; renovation or upgrading of the building itself; and changes in commercial positioning, adapted to the growing demand for personalized experiences from customers.
Luis Ussía, Chairman and CEO of Mutuactivos SGIIC, states that Mutuafondo Hospitality, FCR responds to the growing investor interest in private markets as a diversification tool and a way to enhance the risk-return profile of portfolios. “Real estate is currently one of the most attractive segments within alternative investments, particularly the hotel sector, where returns have been rising in recent years,” he notes.
“Spain and Southern Europe continue to consolidate their position as one of the most attractive and promising hotel markets in the continent due to several factors: global tourism leadership, steady growth in international demand, limited new supply in prime locations, and a high percentage of hotel stock in need of modernization. All of this continues to offer a clear window of opportunity for active investment strategies,” adds Ussía.
Joaquín Castellví, Co-founder and Chief Investment Officer (CIO) of Stoneweg, highlights that “for Stoneweg Hospitality, this fund represents a natural step in our evolution and a new phase of investment in the hotel sector. After managing more than €1 billion in hotel assets over the past five years, we have demonstrated our ability to identify and transform opportunities with strong value creation potential.”
“The partnership with Mutuactivos significantly strengthens this vision: it combines their management rigor, institutional capabilities, and investor insight with our operational expertise in the hotel sector. We are confident that this collaboration will allow us to capture unique opportunities in a market that continues to show extraordinary attractiveness,” Castellví adds.
Mutuactivos, for its part, continues to strengthen its diversification strategy and the launch of new products aimed at expanding its offering of high-value solutions by capitalizing on market opportunities.
Mutuactivos SGIIC and Mutuactivos Inversiones AV, the asset management company and securities firm of Mutua Madrileña, respectively, currently manage more than €19 billion in investment funds, discretionary portfolios, pension plans, life savings insurance, and alternative investments. Mutuactivos SGIIC is the largest independent (non-bank) asset manager in Spain by assets under management in investment funds, according to Inverco data as of February 2026.
Stoneweg is a global alternative investment group with a strong focus on real estate, headquartered in Geneva (Switzerland), and part of SWI Group. Founded in 2015 by a team of experienced professionals, the group currently manages approximately €11 billion in assets.
Stoneweg acts as both partner and operating manager for a wide range of global and local investors and financial institutions. It has a strong track record of returns, using various structures—including club deals, joint ventures, and co-investments—to invest across a wide range of strategies, both private and listed, and across multiple asset classes.
A key pillar of the group is its network of specialized local operating teams focused on sourcing, developing, and managing investments in each asset class and geography in which it operates worldwide. The company currently employs more than 250 professionals across 23 offices in 16 countries, covering 14 European countries as well as the United States and Singapore.
The dedicated hotel team, Stoneweg Hospitality, is based in Madrid and consists of experienced professionals in the sector. Since its inception, it has focused on identifying, executing, and managing high value-added hotel opportunities, developing strategic relationships with leading brands and operators. Over the past five years, the team has built an outstanding portfolio, leading complex transactions and managing closings worth €1 billion.
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