Capital that builds companies — alongside you
We partner with searchers and operator-CEOs acquiring enduring companies in Spain.
Permanent capital. Structured thinking. Real operational partnership. A co-builder — not a capital allocator.
Full lifecycle capital. Structured. Decisive. Aligned.
We invest from search through ownership and
beyond.
Our structure protects the operator — not just the deal.
Full Search Fund Lifecycle
We invest across the full journey — traditional and self-funded search funds, succession-driven acquisitions, and ETA structures. Our focus remains quality, alignment, and long-term durability.
Equity Gap for Closing
We provide the necessary equity gap to complete acquisitions, optimize the capital structure with conservative leverage, seller financing, earn-outs, and equity rollover — and preserve long-term alignment between all stakeholders.
Direct & Club Investing
We participate alongside family offices and aligned partners in search-style acquisitions. Minority or control positions, depending on governance. Same rigorous analysis, governance standards, and operational discipline in every deal.
Operators who invest.
Not investors who advise.
We've run companies. We've carried payroll. We've made
hard calls.
That operational reality shapes how we structure, invest, and govern.
Operators First
We don't just provide capital — we roll up our sleeves. From day-one operational cadence to board-level governance, we support searcher-entrepreneurs as partners who have actually run SMEs. Our involvement goes far beyond writing a check.
Patient Capital
No fund clock. No artificial timelines. No pressure to exit before the business is
ready.
We make decisions based on fundamentals — not fundraising cycles.
High Selectivity
We invest in a limited number of deals where our involvement creates real value. Quality of governance and alignment matter more than deal volume. We prefer to walk away than close a poorly structured deal.
Spanish Roots, Global Lens
Native fluency in Spanish business succession, bank financing, and corporate governance — combined with hands-on US operating and investing experience. We move seamlessly between both markets, bringing institutional rigor wherever the opportunity is.
Your operational partner
across the entire journey
From the first conversation through acquisition, ownership, and exit — we're in the trenches with you, not just on the cap table.
Fit & Focus
Clear alignment on what makes a great business — and where we do not compromise. Roles and governance are defined before momentum takes over.
LOI to Due Diligence
Deep analysis of real risks: revenue quality, margin durability, customer concentration, working capital traps, and key-person dependencies.
Financing & Structuring
Cap table design built for durability — not just closing. Equity gap solutions, seller notes, rollover, and bank financing structured to support the operator.
Post-Closing Cadence
Establishing a clear operational rhythm: monthly KPIs, cash discipline, team priorities, and first operational improvements.
Active Ownership & Exit
Continuous board-level involvement. We support strategic decisions, operational scaling, and capital allocation — and bring transactional expertise when it's time.
Companies we've built alongside operators
Each investment reflects our thesis: enduring businesses, disciplined operations, and alignment between capital and management.
SM Agro
Disciplined agricultural operations focused on resilience, productivity, and long-term capital allocation.
Torrelaguna
Operationally disciplined real estate and hospitality platform. Technology-enabled. Margin-focused. Built for long-term ownership.
Pentatel
Turnkey audiovisual projects for enterprise and institutional clients. High-value-add services with long-term positioning and governance focus.
Itegra
Digital claims management platform for sports federations. Streamlines injury reporting, recovery tracking, and policy administration for federated athletes across Spain.
Operators first.
Investors second.
Our team combines executive management, M&A expertise, and operational discipline — with the proximity and commitment of a partner, not a fund.
Manolo Moreno
Operator and CEO with experience leading PE-backed businesses in the US and
Spain, including operating within the Alpine Investors ecosystem. Has sat in the CEO chair through growth,
restructuring, and board-level accountability.
Brings disciplined capital allocation, acquisition
structuring expertise, and a long-term ownership mindset to every partnership.
Santiago Prieto
Over 20 years of M&A experience and 50+ completed transactions across
industries. Currently Partner at Socios Corporate Finance, advising on buy-side and sell-side mandates for
SMEs and mid-market companies in Spain.
Brings deep transactional judgment from origination and
structuring through negotiation, due diligence, and exit.
Inmaculada Hernández
Strong track record in financial management, operational control, and
organizational process design. Extensive experience across the hospitality and healthcare
sectors.
Ensures financial rigor, budgetary discipline, reporting integrity, and operational
continuity across portfolio companies.
Strategic judgment
on the cap table
Not a fund. Not a capital pool.
A
conviction-driven, permanent partner.
Patient Capital, No Exit Pressure
Permanent capital base without the constraints of a fund lifecycle. Decisions driven by business fundamentals and long-term value creation, not artificial timelines or distribution pressure.
Operational Focus & Structuring
Deep experience in cap table design, financing coordination, and post-closing operational cadence. We add value beyond capital — especially when structure and closing execution are critical.
Clear Governance Judgment
Visibility and decision rights that function under pressure. We invest in minority or control positions depending on structure, with a clear view on governance that protects all stakeholders.
Aligned Partners We Work With
Searchers and sponsors. Family offices. Accelerators and platforms. Long-term investors who value relational collaboration over transactional speed. Early conversations welcome.
Common questions
from searchers & partners
A search fund is an investment vehicle where an entrepreneur (the searcher) raises capital to find, acquire, and operate a single privately held company — typically an SME with stable cash flows and growth potential. The model originated at Stanford and Harvard and is now growing rapidly in Spain.
Unlike traditional PE, search funds are led by a single operator-entrepreneur who will run the company day-to-day after acquisition. There's no portfolio of dozens of companies. The searcher is fully dedicated to one business, which creates deep alignment between capital and management.
In some cases. The most important thing is defining the role early to maintain a clean cap table and clear governance. We're flexible on position but rigid on structure.
Yes, with the right searcher or team. Early alignment is often the best predictor of long-term success. We value the relationship more than the deal.
Yes. We bridge the equity gap when necessary to close the acquisition and preserve the right structure. We've done it across multiple deal types.
We look for SMEs with recurring or stable revenue, defensible market positions, low customer concentration, and willing sellers — typically in business succession scenarios. Industries vary: we focus on business quality, not sector labels.
We help establish the first 100-day operational cadence, set up KPI dashboards, support hiring decisions, and provide board-level guidance on strategy and cash management. We've operated SMEs ourselves and bring practical, day-to-day knowledge — not just theory.
Yes. Spain has one of the fastest-growing search fund ecosystems in Europe. The wave of business succession (thousands of SME owners retiring without successors) creates a natural pipeline for searcher-led acquisitions. Top business schools like IESE and IE are producing searchers every year.
Competitive processes where speed replaces discipline. Aggressive leverage. Unclear governance. If the fundamentals do not hold, we walk away.
Use the contact form below or email us directly at manolo@gsantamarta.com. We respond to every serious inquiry, typically within 48 hours. Early conversations are welcome — even before you have a target.
Practical thinking for
searchers & long-term
investors
Frameworks, lessons, and perspective from the front lines of search fund investing in Spain and beyond.
Search Funds in Spain: A Practical Guide
How to Win the Seller's Trust in Spanish Business Succession
Working Capital Traps in SME Acquisitions
Seller Notes & Earn-Outs: When They Help and When They Don't
The First 100 Days: An Operator's Playbook
Bank Financing for SME Acquisitions in Spain
Direct. Discreet. Decisive.
If you are building — or acquiring — an enduring company, we should speak.