What Incus Capital does

Incus Capital Advisors, S.A. is a Madrid-based, privately-held real assets investment advisory firm founded in 2012 by Andrew Newton and partners, with offices in Madrid, Lisbon, Milan, Paris, Frankfurt, and Luxembourg and a team of approximately 55 professionals. The firm acts as investment advisor to a family of closed-end European funds — including the European Specialty Credit Funds (I–V), European Renewables Credit Funds (I–II), European Real Estate Credit and Equity Funds, and European Infrastructure Equity Funds — collectively managing over €2 billion in AUM and having deployed more than €3 billion across 120+ transactions since inception.

The firm provides flexible capital solutions (senior and subordinated loans, mezzanine, bridge, and equity) to European mid-market companies in real estate, infrastructure, and renewable energy, with target tickets of €20-100 million per transaction. Origination is bilateral rather than auction-based, executed through locally-based senior partners with established proprietary channels in each jurisdiction, complemented by owned subsidiaries such as Station Properties (Lisbon real estate asset management) and the recently launched Ecologis Iberian logistics joint venture with Europi Property Group.

Revenue is generated via management and advisory fees on advised fund vehicles, supplemented by performance-related economics on mature vintages. The investor base spans public and private pensions, insurance companies, sovereign wealth funds, endowments, foundations, family offices, and fund-of-funds across North America and Europe, with Fund IV alone closed at a €650 million hard cap in 2022. The platform is ESG-positioned via UN PRI signatory status since 2015 and SFDR Article 9 classification on its renewables strategy.

Name

Incus Capital

Legal name

Incus Capital Advisors, S.A.

Website

https://incuscapital.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Incus Capital is a Madrid-based independent real assets investment advisor (founded 2012) that advises European credit, renewables, real estate, and infrastructure funds with over €2 billion AUM, serving mid-market companies across Iberia, Italy, France, Germany, and Benelux through locally-based senior origination partners.

Ownership category

akta.pro rank

Product category

Alternative Asset Management (Real Assets Investment Advisory)

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industries

Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)

Keywords

• Private debt advisory
• Alternative asset management
• Real assets investing
• Specialty credit funds
• Mid-market financing

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Advisory Fees: Incus Capital acts as an investment advisor to multiple fund vehicles including Incus Capital Iberia Opportunity Fund I, Incus Capital Iberia Credit Fund II, Incus Capital SC Opportunity Fund, Incus Capital European Credit Fund III, Incus Capital European Credit Fund IV, Incus Capital European Credit Fund V, and Iberia Private Real Assets Crédito (IPRAC). The firm generates revenue through advisory fees from these fund relationships.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Incus Capital acts as investment advisor to multiple European credit and equity fund vehicles, providing flexible capital solutions to mid-market companies across private debt, real estate, and infrastructure sectors. Target investment sizes range from €20 million to €100 million per transaction across Spain, Portugal, Italy, France, Germany, Benelux, and Luxembourg. The firm manages over €2 billion in assets under management across its fund platform.

Product overview

Incus Capital is an independent, privately-owned real assets investment advisory firm founded in 2012. The firm operates a multi-product platform offering European credit funds (European Specialty Credit Funds I through V), European renewables credit funds (I and II), European real estate credit and equity funds, and European infrastructure equity funds. These funds provide private debt, real estate debt/equity, infrastructure debt/equity, and other real assets financing solutions to European mid-market companies. The product architecture is organized as a fund platform with specialized vehicles targeting different asset classes and strategies, ranging from senior specialty credit to subordinated debt and equity investments. The firm also offers customized investment mandates and co-investment opportunities, and has recently launched the Incus Foundation for sustainable development initiatives. Target investment sizes range from €20 million to €100 million across Spain, Portugal, Italy, France, Germany, and Benelux.

Differentiator

Problem solved

Functional benefit

Products and services

• European Specialty Credit Fund V Current flagship European credit fund raising capital and investing across European credit opportunities, providing asset-backed solutions for senior and specialty credit across the continent.
• European Specialty Credit Fund IV Closed credit fund investing in credit opportunities for European SMEs in Spain, Portugal, Italy, and France, with a focus on value-oriented asset-backed investments in infrastructure, renewables, and real estate. Closed at €650 million hard cap in 2022.
• European Renewables Credit Fund II SFDR Article 9 impact fund providing flexible credit solutions for renewable energy producers across Southern Europe, targeting €500 million with first close at €300 million. Bridges financing gaps in greenfield and brownfield renewable energy projects throughout the Eurozone.
• Private Debt Solutions Customized private debt solutions spanning the entire capital structure from senior to subordinated loans, and medium bridge to long-term loans, provided to mid-market European companies seeking flexible financing.
• Real Estate Debt and Equity Solutions Debt and equity solutions across all real estate segments from development to construction projects, covering alternative real estate sectors and traditional residential, commercial, and mixed-use properties.
• Infrastructure Debt and Equity Solutions Debt and equity financing for renewables developers, infrastructure assets, and companies in energy transition, social infrastructure, and essential services sectors.
• Customized Investment Mandates Tailor-made investment mandates and co-investment opportunities designed to fit specific institutional investor strategies and needs across European real assets.

Quantifiable outcome

• Over €3 billion invested across Europe since 2012
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• Europi Property GroupcoreStrategic or Co-development Partner · 29 December 2025Strategic joint venture to expand Ecologis, a Portuguese logistics platform, across Iberia (Spain and Portugal). Partnership aims to acquire at least €100 million of logistics assets, leveraging Ecologis's existing portfolio and focus on sustainability and operational value.
• Europi Property GroupcoreStrategic or Co-development Partner · 29 December 2025Europi Property Group and Incus Capital formed a joint venture to create a leading Iberian logistics platform through expansion of Ecologis platform from Portugal into Spain.
• ReolumcoreStrategic or Co-development Partner · 22 December 2022Partnership for design, financing and development of 49.9 MW biomass plant in León, Spain. Incus provided financing while Reolum served as renewable energy developer. The consortium won 46.1 MW in government auction.
• Aguas de Valencia (AVSA)coreStrategic or Co-development Partner · 14 September 2021€100 million investment partnership to accelerate growth objectives, develop digital transformation, and support international expansion. Incus partnership formed under leadership of Partner Alvaro Rivera.
• Ecologis PortugalcoreStrategic or Co-development PartnerPortuguese logistics platform focused on sustainability and operational value, being expanded across Iberia through joint venture with Europi Property Group and Incus Capital.
• Station PropertiescoreOthersLisbon-based asset management company owned by Incus Capital, focused on specialized asset management and active value creation of commercial real estate.
• JLLminorChannel Partner/ Reseller/ DistributorCommercial real estate advisory firm that assisted Station Properties (Incus-owned company) with leasing of Ramalho Ortigão 51 office building in Lisbon.
• SavillsminorChannel Partner/ Reseller/ DistributorCommercial real estate advisory firm that assisted Station Properties (Incus-owned company) with leasing of Ramalho Ortigão 51 office building in Lisbon.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Pemberton Asset Management: Pemberton is one of Europe's largest mid-market direct lending managers, providing senior, unitranche and PIK financing to European SMEs. Highly comparable to Incus in mid-market focus, bilateral execution style, and asset-backed lending philosophy, though at materially larger AUM scale.
• Hayfin Capital Management: Hayfin is a leading European alternative credit manager focused on direct lending, special situations, and private credit. Directly comparable to Incus's European mid-market specialty credit strategy, with broader coverage and larger fund vintages.
• Muzinich & Co: Muzinich is a global private credit specialist managing corporate credit, asset-based finance, and direct lending strategies. Comparable to Incus for European mid-market specialty credit and asset-backed investing, with larger AUM and broader product range.
• Chenavari Investment Managers: Chenavari is a London-based alternative credit manager with European specialty credit, asset-based finance and structured credit strategies. Closely comparable to Incus in mid-market European credit focus and bilateral deal execution style.
• Tikehau Capital: Tikehau Capital is a Paris-listed European alternative asset manager spanning private debt, real estate, private equity and capital markets strategies. Directly comparable to Incus across credit, real estate and infrastructure, with pan-European footprint and similar institutional LP base.
• Kartesia: Kartesia is a Brussels-based European private credit manager specializing in mid-market direct lending and special situations across Benelux, France, Germany, Iberia and Italy. Comparable to Incus in mid-market ticket size, geographic European footprint, and SME credit focus.
• Capzanine: Capzanine is a European private debt and private equity manager focused on mid-market companies in France, Benelux, Italy, Spain and Germany. Closely comparable to Incus in mid-market private credit strategy, Iberian/Italian focus, and bilateral deal approach.
• Alcentra: Alcentra is a global asset manager (BNY Mellon affiliate) focused on European and US private credit and direct lending strategies. Comparable to Incus for European mid-market direct lending, though with broader product mix and larger AUM.
• Bridgepoint Credit: Bridgepoint Credit is the private debt arm of Bridgepoint, providing direct lending and special situations financing to European mid-market companies. Comparable to Incus in mid-market European credit focus and bilateral execution.

Broad incumbents

• Intermediate Capital Group (ICG): ICG is a London-listed global alternative asset manager with a major European direct lending and private credit franchise, plus private equity, real estate and infrastructure strategies. Overlapping with Incus across European credit and infrastructure but operating at much larger scale across multiple asset classes.

Market position

Strengths5 records

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/incus-capital

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Incus Capital