Nazca Capital
Nazca Capital S.G.E.I.C., S.A. is an independent Madrid-based Spanish private equity fund manager founded in 2001, managing over €1 billion across ten vehicles and three strategies — Aerospace & Defence, Small Caps and Selective Investments — focused on Spanish family-owned mid-market companies and selected European aerospace, defence and dual-use technology assets.
- Company typePrivate
- Founded2001
- HeadquartersMadrid, Spain
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Nazca Capital does
Nazca Capital S.G.E.I.C., S.A. is an independent Spanish private equity fund manager headquartered in Madrid, founded in February 2001 by Álvaro Mariategui and Carlos Carbó with anchor backing from Fortis Bank. The firm manages more than €1 billion in assets across ten regulated fund vehicles (Fondo Nazca IV, Fondo Nazca Small Cap I & II, Nazca Opportunity I, Nazca Aeroespacial y Defensa Innvierte I, and others) and employs 41 professionals. Approximately €1.3 billion has been invested across 116 transactions since inception, with the portfolio being more than 90% family-owned Spanish companies. Nazca has operated three discrete strategies: (i) Aerospace & Defence (anchored by a €600 million fund targeting European strategic autonomy), (ii) Small Caps (Spanish family SMEs), and (iii) Selective Investments (bespoke regulated vehicles for mid-sized opportunities).
The firm generates revenue primarily through management fees (typically 1.5–2.0% of committed or invested capital) on its ten regulated fund vehicles, supplemented by carried interest on profitable exits such as the 2026 sale of Teltronic to Grupo Amper for up to €225 million. Its most recent vehicles (Small Cap II in 2023 and Aerospace & Defence in 2025) are classified as Article 8 under the EU Sustainable Finance Disclosure Regulation, and Nazca has been a UN Principles for Responsible Investment signatory since 2016, with 'A' PRI ratings in place.
Nazca's underlying product is portfolio construction and value creation across Spanish and Iberian mid-market companies plus selected European aerospace, defence and dual-use technology assets. The current portfolio includes Teltronic (mission-critical communications), Ravenloop (AI cyber-intelligence), PLD Space (rockets), Xoople (satellite Earth-observation data infrastructure), Grupo Oesía (aerospace and digital transformation), Filmin (VOD platform), Zunibal (tuna-fishing tech), Doga (electronic motion solutions), Terratest (geotechnical engineering), Phibo (dental), Nutris (nutraceuticals), and others. The investor (LP) base includes the European Investment Fund, Airbus, CDTI Innovación, Blue Earth Capital, and a broader roster of Spanish institutional investors.
Nazca Capital firmographics
Firmographics- Name
- Nazca Capital
- Legal name
- Nazca Capital S.G.E.I.C., S.A.
- Website
- http://www.nazca.es
- Company type
- Private
- Founded year
- 2001
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Nazca Capital S.G.E.I.C., S.A. is an independent Madrid-based Spanish private equity fund manager founded in 2001, managing over €1 billion across ten vehicles and three strategies — Aerospace & Defence, Small Caps and Selective Investments — focused on Spanish family-owned mid-market companies and selected European aerospace, defence and dual-use technology assets.
- Ownership category
- akta.pro rank
Nazca Capital industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Investors, Nec (6799)
- akta.pro primary industry
- Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)
Keywords
Where Nazca Capital is headquartered
LocationHeadquarters
- HQ city
- Madrid
- HQ country
- Spain
- HQ region
- Europe
Markets served
Nazca Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others, Technology or R&D
Nazca Capital product offering
Product offeringCore offering
Nazca Capital S.G.E.I.C., S.A. is an independent Spanish private equity fund manager that raises and manages regulated fund vehicles (FCRs and SICC) to invest equity capital in non-quoted Spanish and Iberian small and medium-sized enterprises, family businesses, and — since 2025 — aerospace, defence and dual-use technology companies. The firm charges management fees on committed and invested capital and earns carried interest on successful exits, with more than €1 billion under management deployed across approximately 110 transactions since 2001.
Differentiator
Problem solved
Functional benefit
Products and services
- Fondo Nazca IV, F.C.R. (Mid Cap strategy) Spanish mid-market private equity fund vehicle managed by Nazca Capital, investing in mid-sized Spanish companies via majority equity positions. For institutional LPs and other qualifying investors.
- Fondo Nazca Small Cap I, F.C.R. Spanish small-cap private equity fund vehicle (formerly Fondo Nazca V, FCR) dedicated to investing in Iberian small and medium-sized family businesses. Registered as Article 8 under SFDR. For institutional LPs and other qualifying investors.
- Fondo Nazca Small Cap II, F.C.R. Second vintage of Nazca's Small Cap strategy targeting Iberian small and medium-sized family businesses. Registered as Article 8 under SFDR. For institutional LPs and other qualifying investors.
- Nazca Opportunity I, S.I.C.C., S.A. Bespoke selective-investment vehicle used to channel investment into regulated sub-vehicles for each transaction in medium-sized enterprises. Registered as Article 8 under SFDR. For institutional and strategic investors.
- Fondo Nazca Aeroespacial y Defensa INNVIERTE I, F.C.R. Spanish thematic private equity fund vehicle dedicated to aerospace, defence, cybersecurity and dual-use technology investments in Spain and Europe. The largest Spanish PE vehicle with a clearly defined national identity in aerospace and defence. For institutional LPs (sovereign, EU, corporate) seeking European strategic-autonomy exposure.
Companies that use Nazca Capital
Customer profileIdeal customer profiles3 records
Nazca Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Nazca Capital partnerships and signals
Strategic signalRecent moves8 records
Expansion highlights6 records
Nazca Capital competitors and assessment
Company assessmentDirect peers
- Miura Partners: Independent Spanish mid-market PE firm with comparable Iberian focus on family and SMB buyouts, similar AUM scale and three-strategy structure. Nazca and Miura are the two most-cited direct competitors for Spanish lower-mid market control transactions.
- Magnum Capital: Madrid-based Spanish mid-market PE firm investing in Iberian SMEs. Directly comparable in deal size, sector breadth and family-business orientation, often competing head-to-head for the same Iberian mid-cap opportunities.
- MCH Private Equity: Spanish lower-mid market PE manager with multiple vintages targeting Iberian family-owned SMEs. Highly comparable vehicle structure, target equity checks and sector mix to Nazca's Small Cap and Selective strategies.
- ProA Capital: Madrid-headquartered Iberian mid-market PE firm investing in Spanish and Portuguese SMEs. Similar profile in deal-size band, sector breadth and family-business deal sourcing, competing directly in the Iberian SMB market.
- Portobello Capital: Spanish mid-market PE firm focused on Iberian SMEs with multiple vintages. Comparable in target equity check, sector diversification and family-business orientation, frequently cited alongside Nazca for Iberian lower-mid market deals.
- Artá Capital Partners: Spanish family- and founder-led PE firm specializing in Iberian SMB succession transactions. Direct overlap with Nazca's family-business and selective-investment thesis, with comparable equity-check sizes and hold periods.
- Sherpa Capital: Independent Spanish PE manager with mid-market and SMB strategies. Highly comparable in target deal size, sector breadth and Iberian SMB focus; directly competes for the same family-business and mid-cap control transactions.
- Alantra Private Equity: Spanish investment bank and PE manager with Iberian mid-market PE and debt funds. Overlaps directly with Nazca's Small Caps and Selective strategies and shares the same Iberian SMB and family-business origination channel.
Broad incumbents
- EQT Partners: Pan-European PE giant with broad sector coverage including Aerospace & Defence exposure. Comparable as a large incumbent investing in European mid-market and strategic-technology opportunities, though operating at materially larger AUM and ticket sizes than Nazca.
- Bain Capital Private Equity: Global PE incumbent with established Aerospace, Defence and Government Services franchise. Comparable as a scaled competitor in the European defence/aerospace investment theme Nazca is pursuing, though at materially larger AUM and wider geographic scope.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Nazca Capital social profiles
Digital presenceNazca Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nazca Capital leadership team
Management profileNumber of profiles
Profiles16 records
Nazca Capital subsidiaries and ownership
Company hierarchySubsidiaries26 records
Nazca Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nazca Capital M&A and investment
M&A and investmentM&A41 records
Investments12 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nazca Capital
What does Nazca Capital do?
Nazca Capital S.G.E.I.C., S.A. is an independent Spanish private equity fund manager that raises and manages regulated fund vehicles (FCRs and SICC) to invest equity capital in non-quoted Spanish and Iberian small and medium-sized enterprises, family businesses, and — since 2025 — aerospace, defence and dual-use technology companies. The firm charges management fees on committed and invested capital and earns carried interest on successful exits, with more than €1 billion under management deployed across approximately 110 transactions since 2001.
Is Nazca Capital a public or private company?
Nazca Capital is a private company. It is classified as management employee owned and is currently operating.
When was Nazca Capital founded?
Nazca Capital was founded in 2001. It employs 11 to 50 people.
Where is Nazca Capital based?
Nazca Capital is headquartered in Madrid, Spain, in the Europe region.
Who are Nazca Capital's main competitors?
Direct peers on record are Miura Partners, Magnum Capital, MCH Private Equity, ProA Capital, Portobello Capital, Artá Capital Partners, Sherpa Capital and Alantra Private Equity. Broad incumbents are EQT Partners and Bain Capital Private Equity.
Does Nazca Capital have an API?
No public API is recorded for Nazca Capital.
What industry is Nazca Capital in?
Nazca Capital's product category is Private Equity Fund Management. Its primary akta.pro industry code is FSANAHAN, Corporate Strategic Real Assets & Infrastructure Venture Investing. Its NAICS code is 523 and its SIC code is 6799.