Diana Capital
Diana Capital is a Madrid-based private equity firm founded in 2000 that manages ~€400M across three funds, providing minority growth capital investments of €10–30M to Spanish middle-market companies with expansion and internationalization potential.
- Company typePrivate
- Founded2000
- HeadquartersMadrid, Spain
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Diana Capital does
Diana Capital is a Madrid-based private equity firm founded in 2000 by Francisco Gómez-Zubeldia, operating as a S.G.E.I.C. (Sociedad Gestora de Entidades de Inversión Colectiva) under Spanish law. The firm manages approximately €400 million in assets across three funds, with Diana Capital III FCR holding a €200M target (first close €150M in July 2023). Its investment strategy is narrowly focused on growth capital — minority equity stakes structured as capital increases rather than leveraged buyouts — in Spanish middle-market companies with enterprise values typically below €50M and individual investment sizes of €10–30M.
The firm has invested in 30 companies since inception, comprising 12 direct platform investments and 17 add-on acquisitions executed through portfolio company buy-and-build strategies. Active portfolio includes Grupo Lappí (labeling, Iberian leader), Estanda (steel castings and brake discs for high-speed trains), Gocco (children's fashion), and Revestech (waterproofing systems). Diana Capital differentiates itself through no-leverage capital structures, hands-on board participation, and a 20+ year proprietary deal-sourcing network in the Spanish business ecosystem. The investment team is supported by a board including former executives of BBVA, Vocento, Garrigues, and European fund managers.
Diana Capital generates revenue through management fees on committed/invested capital across its three funds, supplemented by carried interest on exits — notably a 32% IRR / 5x return on the Gransolar exit to Trilantic in 2022 and the 2018 Megafood sale to Burger King Spain for approximately €100M. In April 2025, Andbank acquired a 14.5% strategic stake (authorized by CNMV and Autoritat Financera Andorrana) to strengthen distribution capabilities for future fund vintages. The firm complies with EU SFDR sustainability disclosure requirements and integrates ESG factors across the investment lifecycle.
Diana Capital firmographics
Firmographics- Name
- Diana Capital
- Legal name
- DIANA CAPITAL S.G.E.I.C., S.A.
- Website
- https://dianacapital.com
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Diana Capital is a Madrid-based private equity firm founded in 2000 that manages ~€400M across three funds, providing minority growth capital investments of €10–30M to Spanish middle-market companies with expansion and internationalization potential.
- Ownership category
- akta.pro rank
Diana Capital industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)
- SIC
- Investors, Nec (6799), Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)
- akta.pro secondary industry
- Corporate Finance & Capital Advisory (BPAHADAB)
Keywords
Where Diana Capital is headquartered
LocationHeadquarters
- HQ city
- Madrid
- HQ country
- Spain
- HQ region
- Europe
Offices1 record
Markets served
Diana Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others
Revenue model
- Fund Management Fees: Management fees charged on assets under management from institutional investors (LPs) in their private equity funds.
- Carried Interest: Performance-based fees earned on investment returns above a specified hurdle rate. The sale of Gransolar generated 32% IRR and 5x multiple on initial €15M investment, demonstrating successful exit performance.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Diana Capital product offering
Product offeringCore offering
Diana Capital manages growth capital private equity funds that make minority equity investments in Spanish middle-market companies with high growth potential. The firm provides both capital and operational excellence through active board participation, ESG integration, and strategic advisory to support portfolio companies' expansion and internationalization, without using leverage.
Product overview
Diana Capital is a pioneering private equity firm in Spain with over 20 years of experience managing growth capital funds. The company operates its flagship product, Diana Capital III FCR (a €200 million fund), which makes minority equity investments in Spanish middle-market companies. Their service offering combines capital provision with hands-on operational involvement, ESG integration, and active board participation to support portfolio companies' growth and internationalization. The firm has invested over €400 million across 30 companies and currently manages approximately €400 million in assets under management.
Differentiator
Problem solved
Functional benefit
Products and services
- Diana Capital III FCR Third private equity fund managed by Diana Capital, focused on growth capital investments in Spanish middle-market companies. Target size of €200 million with first close at €150 million achieved in July 2023.
- Growth Capital Investment Services Diana Capital provides growth capital and operational excellence to help Spanish middle-market companies with high growth potential expand and internationalize. The firm takes minority stakes through capital increases rather than leveraged buyouts.
- Hands-on Portfolio Management Active involvement in portfolio companies' management including strategy, financial management, ESG, operations, and board participation to drive sustainable value creation.
- ESG Integration Services Responsible investment approach integrating environmental, social, and governance factors throughout the investment lifecycle, from pre-investment due diligence to divestment, compliant with EU SFDR Regulation 2019/2088.
Quantifiable outcome
- Gransolar exit generated 32% IRR and 5x multiple on €15M initial investment
- +3 more outcomes
Companies that use Diana Capital
Customer profileNamed customers10 records
Segments3 records
Ideal customer profiles3 records
Diana Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Diana Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- BankinterminorBankinter acted as advisor to Revestech in the transaction where Diana Capital invested in the waterproofing company. This was a transaction advisory role supporting the portfolio company.
Scale indicators12 records
Recent moves8 records
Expansion highlights6 records
Diana Capital competitors and assessment
Company assessmentDirect peers
- Corpfin Capital: Spanish private equity firm managing multiple funds focused on mid-market investments across Spain, with a similar ticket size and growth/buyout orientation. Directly comparable as a domestic Spanish mid-market PE competitor.
- Miura Partners: Spanish mid-market private equity firm that has raised multiple funds to invest in Spanish companies with growth and consolidation potential. Comparable in fund size, geographic focus, and mid-market strategy.
- ProA Capital: Spanish private equity firm focused on mid-market buyouts and growth capital in Spain. Comparable as a Spanish mid-market PE firm with similar ticket sizes and investment approach.
- Aurica Capital: Spanish growth capital firm focused on minority stakes and value creation in Spanish mid-market companies. Most directly comparable to Diana Capital given its growth capital (minority stake) strategy in Spain.
- MCH Private Equity: Spanish private equity firm with multiple funds investing in Spanish mid-market companies across growth and buyout strategies. Comparable as a domestic Spanish PE firm with similar target company profile.
- GED Capital: Spanish private equity firm with diversified strategies including buyouts, growth capital, and sector-focused funds in Spain and Southern Europe. Comparable as a domestic Spanish PE competitor with similar mid-market focus.
- Portobello Capital: Spanish private equity firm focused on mid-market companies in Spain, with multiple funds raised. Comparable as a Spanish mid-market PE firm targeting similar company sizes and sectors.
- Nazca Capital: Spanish private equity firm focused on small and mid-market companies in Spain with multiple funds raised. Comparable as a Spanish mid-market PE firm with similar ticket sizes and growth capital orientation.
Broad incumbents
- Investindustrial: European private equity firm with strong Southern Europe/Spain focus and a track record of mid-market buyouts. Comparable as a larger, established PE firm operating in the same Spanish mid-market segment.
- Bridgepoint: European private equity firm with significant presence in Spain and Southern Europe, investing across mid-market buyouts and growth. Comparable as a larger PE firm competing for similar Spanish mid-market opportunities.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Diana Capital social profiles
Digital presenceDiana Capital compliance and trust
Trust signalCompliance2 records
Diana Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Diana Capital leadership team
Management profileNumber of profiles
Profiles15 records
Diana Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Diana Capital M&A and investment
M&A and investmentM&A1 record
Investments11 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Diana Capital
What does Diana Capital do?
Diana Capital manages growth capital private equity funds that make minority equity investments in Spanish middle-market companies with high growth potential. The firm provides both capital and operational excellence through active board participation, ESG integration, and strategic advisory to support portfolio companies' expansion and internationalization, without using leverage.
Is Diana Capital a public or private company?
Diana Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Diana Capital founded?
Diana Capital was founded in 2000. It employs 11 to 50 people.
Where is Diana Capital based?
Diana Capital is headquartered in Madrid, Spain, in the Europe region.
How does Diana Capital make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest.
Who are Diana Capital's main competitors?
Direct peers on record are Corpfin Capital, Miura Partners, ProA Capital, Aurica Capital, MCH Private Equity, GED Capital, Portobello Capital and Nazca Capital. Broad incumbents are Investindustrial and Bridgepoint.
Does Diana Capital have an API?
No public API is recorded for Diana Capital.
What industry is Diana Capital in?
Diana Capital's product category is Private Equity Fund Management. Its primary akta.pro industry code is BPAHAOAE, Equity Capital Advisory (Private Equity Placements, Growth Capital), with a secondary code of BPAHADAB, Corporate Finance & Capital Advisory. Its NAICS code is 523940 and its SIC code is 6799.