Qualitas Equity Funds, S.G.E.I.C., S.A. (“Qualitas Funds”), the Madrid-based private equity investment platform, has launched its third private equity co-investment fund, Qualitas Funds Direct III, with a maximum fund size (hard cap) of €200 million.
The fund will be structured through Spanish VC/PE vehicles (ECRs) and aims to build a co-investment portfolio of 25–30 lower mid-market companies. In addition, it will continue its diversification strategy both geographically—deploying approximately 80% of the fund in Europe and up to 20% in the United States—and sector-wise, investing across a broad range of industries, with a particular focus on those benefiting from strong tailwinds and outgrowing the broader economy.
Qualitas Funds’ co-investment vehicles invest in lower mid-market companies alongside top-tier specialist managers. Sergio García and Eric Halverson, founding partners of Qualitas Funds, highlight that the direct co-investment strategy is “highly sought after by sophisticated investors, which is why we reserve preferred access for our investor base.”
“Our third co-investment fund, with a higher maximum size than its predecessors, maintains the same investment strategy as our two previous programmes: neither the number of target companies nor their size changes—only the ticket size per company increases, allowing us to preserve our investment philosophy unchanged,” García and Halverson add.
The previous fund, Qualitas Funds Direct II, closed at its maximum size of €100 million in July last year. This fund is now entering the final stage of its investment period and currently has 25 approved portfolio companies.
In recent months, Qualitas Funds has taken decisive steps in its growth to position itself as a global leader in the lower mid-market. In April, it completed its integration into P10, Inc. (NYSE: PX), a leading global private markets platform focused on the middle and lower-middle market. The firm has also recently launched its first fund dedicated exclusively to North America, primarily the United States. Additionally, the Spanish private equity manager has expanded its partnership base from three to five partners to reinforce its leadership and address future challenges.
About Qualitas Funds
Qualitas Funds is a Madrid-based private markets investment platform offering fund-of-funds strategies, direct co-investments, and NAV financing in the lower mid-market to more than 1,600 investors, including UHNWIs, family offices, and institutional investors. As of 30 September 2025, the firm manages €1.325 billion in assets under management. Visit www.qualitasfunds.com
About P10
P10 (NYSE: PX) is a leading provider of private markets solutions with over $40 billion in assets under management as of 30 September 2025. P10 invests in private equity, private credit, and venture capital across access-constrained strategies, with a focus on the middle and lower-middle market. P10’s products serve a global investor base and seek to deliver attractive risk-adjusted returns. For more information, visit http://www.p10alts.com
Photo: Javier Alemán (Partner), Sergio García (Founding Partner) and Eric Halverson (Founding Partner of Qualitas Funds).
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With a target size of €250 million, the fund aims to complete betwee...
