About Us
Founded in 2007 in Madrid, Oquendo is an independent pioneering firm in private debt management in Europe. We provide long-term financing solutions for small and medium businesses in Spain, France and Portugal. Investments are structured through a wide range of instruments such as common equity, preferred equity, PIK loans, mezzanine debt or unitranche debt.
The capital we manage comes from a diversified group of institutional investors, includingpension funds, insurance companies, non-profits, and public and private investors. Oquendo invests substantially in the firms, ensuring incentives are totally aligned.
What Makes Us Different
01 Experience
Oquendo is the main private debt provider for the Spanish lower mid-market in Spain, with over €800 million invested in more than 60 companies since 2008. The team has a long standing experience with a superior knowledge of the particularities of the Iberian and French markets.
02 Flexibility
Each Company and each financing event is different. Oquendo’s capital is flexible and allows to tailor its instruments and purpose to the individual requirements of companies, shareholders and financial institutions.
03 Independence
Oquendo is an independent firm owned by its management team and does not perform any other business which may generate a conflict of interest with its investment activity.
04 Reliability
Oquendo has a streamlined decision making process resulting in quick and transparent feedback for each investment opportunity. The investment process includes a proactive approach to due diligence and negotiation of legal documentation.
We are a team of over 20 members working in offices in Madrid and Paris. We have long experience investing in companies in different sectors and stages of the economic cycle.
Alfonso Erhardt
Founding partner
Daniel Herrero
Founding partner
Cyril De Galea
Partner, Head of France
Paolo Mancini
PARTNER, HEAD OF ITALY
Rocío Goenechea
Partner, COO and Head of Investor Relations
Leticia Bueno
Partner, Co-Head of Junior Debtㅤ
Ricardo Junco, CFA
Partner, Co-Head of Junior Debt
Miguel González-Moyano
Partner, Co-Head of Senior Debt
Gonzalo Liñan
Partner, Co-Head of Senior Debt
Miguel Giménez de Córdoba
Partner, Head of Impulsa
Manuel Martos
Operating Partner
Álvaro Gella
Principal
Iñigo Meirás
Principal
Antonio Donoso
Principal
Alessandro Brembati
Principal
Miguel Ojanguren
Associate
Laura Aranguren
Associate
Mario Gonzalo
Associate
Iñigo Pasquín
Associate
Victoria Gómez-Jordana
Associate
Marta O’Dogherty
Investors Relations and Responsible of ESG
Stefania Altamura
Investor Relations and Financial Controller
Lucía de Diego
Investor Relations and Associate Financial Controller
Gemma Aranda
Investor Relations
Lola Sánchez
Partner, Office Manager
Ana García
Personal Assistant
Loreto Aguilar
What We Do
We are a long term investor that provides senior and junior private credit solutions that cover the entire capital structure. We target profitable businesses who are market leaders and have committed shareholders and professional management teams.
We are situation-agnostic and most of our investments are in the context of LBO, growth and shareholder restructurings. We have a generalist sector focus and work with companies with EBITDA between €2 and €40 million that may be owned by private equity firms or families.
Our geographical scope is Spain, France, Italy and Portugal with selective coverage of other Southern European markets.
- Senior and junior private credit solutions
- For profitable businesses, market leaders, with professional management
- Generalist sector focus
- EBITDA between €2 and €40 million
- Owned by private equity firms or families
- Southern European focus
Who We Work With
We work with private equity funds, family businesses and minority shareholders with the objective of finding solutions to their financial needs.
- Private Equity Funds
We provide financing for private equity funds that aim to optimize returns in LBO/MBO transactions. Oquendo has long standing relationships with all financial institutions which ensures a swift and successful execution.
Additionally, Oquendo provides preferred equity and/or debt to private equity owned companies that require growth capital or to private equity funds that require additional investment capacity
- Family-Owned Businesses
Oquendo partners with family owned businesses that seek funds for growth, acquisitions or shareholder reorganization. Our long term flexible capital allows companies and their shareholders to fulfil their strategic objectives without incurring in additional debt, minimizing dilution and retaining management control.
- Minority Shareholders
We work with minority shareholders that are willing to increase their equity ownership or acquire a majority interest. Preferred equity and mezzanine debt is well suited for such situations, providing an alternative that is more flexible than bank debt and less dilutive than common equity.
Investment Strategies
We manage multiple differentiated investment strategies, allowing us to provide a wide array of financing solutions to businesses of different sizes.
Senior Debt
Senior long term financing, generally alongside banks, in the context of LBO operations, growth or refinancing. Our instruments are typically “bullet” type debt, with maturity around 5 or 7 years.
We work with companies with EBTIDA staring at 5 million €, and our investment tickets are often between 5 million € and 30 million €.
Flexible Capital / Junior Debt
Flexible capital solutions, generally alongside shareholders looking for non-dilluting capital solutions. These are tailored financial solutions fro each situation, which may include several of the instruments we use (mezzanine debt, PIK loans, Holdco PIK, preferred stock, convertible loans, minority shareholding).
Generally they are used in the context of LBO, growth or shareholding reshuffles. Instruments can have a maturity of up to 7 years, and investments tickets are typically between 5 mililon € and 40 million €.
Impulsa - Small Business Financing
Flexible capital solutions for small businesses who have a limited access to bank financing. These are tailored financing solutions, which may include several of the instruments we use (mezzanine debt, PIK loans, Holdco PIK, preferred stock, convertible loans, minority shareholding).
Generally they are used in the context of LBO, growth or shareholding reshuffles. Instruments can have a maturity of up to 7 years, and investments tickets are typically between 2 mililon € and 5 million €.
For more details on Impulsa, please click here.
Responsible Investment
Oquendo’s investment process fits within a strict socially responsible investment policy that takes into account sustainability and ethical impact of the businesses of invested companies.
Introduction
Since 2008, Oquendo Capital SGEIC, S.A. (“Oquendo”) is a signatory of the United Nations PRI (Principles for Responsible Investment) and its funds are committed to the Six Principles of the UN Global Compact.
Aware of the importance of climate change, Oquendo is committed to align its activity with Paris Agreement. During 2020 Oquendo committed to TFCD (Task Force on Climate-related Financial Disclosures) and, therefore, to implement its recommendations in climate matters. Oquendo has developed its own Climate Strategy which shows the objectives regarding these matters for coming years.
In this context, Oquendo integrates sustainability risks into the investment decisions of the funds it manages. In particular, Oquendo Senior Debt Fund II ELTIF S.C.A. SICAV-RAIF, Oquendo Senior Debt Fund II S.C.A. SICAV-RAIF, Oquendo IV ELTIF S.C.A. SICAV-RAIF and Oquendo IV S.C.A. SICAV-RAIF (the “Funds”) promote environmental and social characteristics through their investments and therefore are defined as sustainable products according to article 8 of SFDR(Sustainable Financial Disclosure Regulation).
In 2022 Oquendo was certified as B Corp company thanks to its compliance with the highest standards in terms of social and environmental performance, transparency and corporate responsibility
Certified B Corporation
Certified B corporations are for-profit companies that use the power of business to build a more inclusive and sustainable economy. They meet high verified standards of social and environmental performance, transparency, and accountability. Find out more
Environmental and social characteristics
Oquendo applies the following investment decision process principles:
- Compliance with applicable regulation
- Respect for human rights
- Respect for labour conditions
- Respect for the environment, and
- Compliance with local and regional corporate governance
In general, the objective of the Funds is to invest in loans, securities andinstruments of any kind and other permitted assets of companies that comply with the following KPIs:
(i) Environmental: Energy efficiency, sustainability policy, low level of Co2 emission, no waste, analyse ESG aspects taken into account, recycling, sensibilization, and environmental certificates.
(ii) Social: Low staff turnover, training and qualification, low number of working hours, high number of women employed, equality plan, policies of work/life balances, measurement of work environment, volunteering and donations, and health & safety.
(iii) Governance: High turnover of the year, high number of women in the board, no anti-competitive behaviour, no corruption, compliance model, no residence in fiscal paradise. Oquendo maintains a responsible investment policy that is updated periodically since 2016, and which applies to all the Funds.
We are committed to the environment and to being transparent to our investors, and we therefore publish our reports on sustainability which reflect Oquendo's evolution and performance in ESG.
Responsible Investment Policy
In 2023, Oquendo took a further step in sustainability matters and created its first climate risk evaluation report: Corporate Climate Reporting 2023
Methodologies used to assess, measure and monitor the environmental and social characteristics, and information on how those characteristics are met
Oquendo bases its investment decisions on its own analysis. Indeed, no index has been designated as a reference benchmark for the purpose of attaining the environmental and social characteristics promoted by Oquendo.
However, Oquendo has implemented a specific investment protocol in order to integrate ESG criteria and its governing principles to its investment decision process and ownership practices.
The main methods used to evaluate, measure and control the environmental and social characteristics of the investments of the Funds, and their impact, are:
- Negative screening: Oquendo has a negative screening procedure to discard potential transactions that are considered as negative screening.
- Investment protocol: Oquendo has implemented a specific investment protocol in order to integrate ESG criteria and its governing principles to its investment decision process and ownership practices.
All phases, including fund raising, assessment of the potential target companies, execution of the project finance and monitoring of the portfolio companies, are covered by such protocol.
Oquendo aims to ensure that the conduct of its portfolio companies are law-abiding and proportionated, maintaining business integrity and being compliant with relevant international standards, conventions and agreements on business integrity, anti-corruption and anti-bribery.
Every year, Oquendo publishes an ESG memory which summarizes the evolution of the different ESG dimensions Oquendo follows in its responsible investing. Please contact our ESG team (esg@oquendocapital.com) for a copy of the latest report.
With the goal of adapting to new developments in ESG, in 2022 we have created our first Statement on Principal Adverse Impacts. Download the Statement on Principal Adverse Impacts of investment decisions on sustainability factorsExtent to which environmental or social characteristics are met
The Funds have so far invested approximately 216 million euros in companies that meet the aforementioned environmental and social characteristics.
Other information
Oquendo is a member of ASCRI (Asociación Española de Capital Riesgo) and follows the industry recommendations issued by ASCRI and EVCA (European Venture Capital Association).
Flexible financing for the Southern Europe lower-mid market
Oquendo Capital provides preferred equity and debt instruments targeted at family owned businesses and financial investors that require funds for acquisitions, growth and shareholder reorganizations.