Talde Gestión, the management company of its investment vehicles, has completed the first closing of more than €155 million for Talde Capital Crecimiento III, FCR, a new private equity vehicle aimed at supporting the growth of Spanish middle-market companies.
With a target size of €200 million—twice the size of its predecessor fund—and expandable up to €250 million, the fund will focus on companies with enterprise values ranging from €20 million to €100 million. Its strategy is geared towards growth investments, sector consolidation and shareholder reorganization transactions. Talde Capital Crecimiento III—with Kutxabank as its anchor investor—expects to build a diversified portfolio of between 8 and 12 companies with solid business models and strong domestic and international expansion potential, investing between €10 million and €20 million per company.
The fund will invest in sectors with strong transformational and structural growth potential and will focus on operational improvement, strategic support for management teams and the promotion of internationalisation and sector consolidation plans. By applying this value creation model, it aims to achieve a target return of 20% and an approximate MOIC (Multiple on Invested Capital) of 2.2x.
Talde Capital Crecimiento III is an Article 8 fund under the SFDR Regulation, integrating environmental, social and governance (ESG) criteria into both its investment process and the management of its portfolio companies.
Pillars of Talde’s Activity in the Coming Years
The pillars of Talde’s activity over the coming years are Talde Capital Crecimiento III, FCR, a private equity fund focused on supporting expansion and transformation projects for Spanish SMEs with significant international exposure; and Talde Deuda Alternativa II (FILPE), a private debt fund with a target size of €100 million, focused on providing flexible long-term financing to growing companies. The fund has already secured €78 million in investment commitments, including €20 million from the European Investment Fund (EIF).
In February 2026, Talde completed the eighth and final investment of Talde Capital Crecimiento II, a vehicle through which it has invested in companies such as SAPREM (Sociedad Anónima de Preformados Metálicos, S.A.), Fluytec (a leading Basque company in the manufacture of advanced water filtration systems), Auxitec (e-commerce distribution), AVS (space & big science), Plymouth (manufacturer of insulating tapes), Discarlux (food industry), Siban Peosa (manufacturer of rubber conveyor belts) and Cacesa (e-commerce logistics services company, already exited).
With more than €600 million in assets under management, Talde has a portfolio of more than 23 companies and a successful track record of investing in businesses with high growth potential. Over the course of five decades, the firm has participated in more than 170 projects, supporting value creation across different stages of consolidation and expansion.
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