YIELCO INVESTMENTS AG, the German asset manager specialized in private markets with €11 billion under management and an office in Madrid since 2023, is defying market uncertainty with the successful first closing of its Spanish infrastructure co-investment fund, YIELCO Infrastructure Opportunities FCR, backed by 20 spanish investors, including institutional investors (insurance companies, pension funds, and foundations) as well as family offices.
The strong reception of this investment vehicle—targeting a size between €20 million and €40 million—has attracted significant interest from Spanish investors. The fund offers access to premier opportunities in the infrastructure market.
Open to both institutional and non-professional investors, the Spanish fund requires a minimum investment of €100,000 and will co-invest alongside the main fund domiciled in Luxembourg. The overall program aims to reach a target size of €200 million.
In the challenging environment of private equity fundraising, Julián Álvarez, Country Head of YIELCO in Spain, highlighted that "the fund has generated significant appetite and interest among domestic investors, thanks to the benefits of co-investing with top-tier infrastructure managers in a global program. It also offers a differentiated strategy focused on the mid-market, a complementary segment for investors' portfolios. Moreover, the fund presents limited risk and attractive conditions."
Uwe Fleischhauer, Founding Partner of YIELCO, added that the fund provides a broad investor base with access to leading infrastructure opportunities. "In today’s macroeconomic and geopolitical climate, both Spanish and international investors continue to view the infrastructure market as a safe-haven sector. This is largely driven by transformative trends in digitalization, mobility, and the energy transition."
YIELCO notes increasing investor demand for infrastructure and a rising trend in co-investment opportunities—spurred by capital constraints among some managers, rising debt costs, and a high volume of opportunities globally.
The global infrastructure investment gap remains substantial, reinforcing the importance of private capital. María Sanz, Partner at YIELCO, emphasized the fund’s strategic focus on transition themes—energy, digital, and demographic—aligned with the strongest long-term growth trends. "We target net investor returns of 1.8x and mid double-digit IRRs—highly attractive returns supported by our strategy in the lower mid-market, where valuations are more compelling."
YIELCO Infrastructure Opportunities FCR will focus on deals with mid-market managers, primarily in Europe and the U.S., selecting the most attractive co-investments in the Core+ and value-add segments. The goal is to build a well-diversified portfolio of 12 to 15 investments, offering broad exposure across regions and infrastructure themes.
About YIELCO INVESTMENTS AG
YIELCO INVESTMENTS AG is a German alternative investment manager focused on delivering attractive and predictable long-term returns with limited risk. Headquartered in Munich and with offices in Zurich and Madrid, the firm opened its Madrid branch—its third European office—in April 2023 to offer its products to a broader base of local investors and expand its presence in Spain.
In 2025, YIELCO reinforced its Spanish team, led by Julián Álvarez, by appointing Elsa Van Hulst as Senior Sales for Spain.
The firm manages €11 billion across its three core asset classes: Private Equity, Infrastructure, and Private Debt. Its portfolio includes Spanish niche-focused value private equity funds, such as PHI Industrial, and infrastructure funds like Asterion. YIELCO also partners with pan-European managers such as Incus Capital, Kartesia, and Capza, and advises Singular Bank on its Global Buyouts 2022 fund for wealth management clients.
More information: www.yielco.com
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