Blackpearl Capital Partners

What Blackpearl Capital Partners does

Blackpearl Capital Partners (legal entity: BLACKPEARL CAPITAL MANAGEMENT SGEIC, S.A.) is a Madrid-headquartered, CNMV-regulated private equity fund manager (SGEIC No. 174) founded in 2014 to invest in Spanish small and medium-sized enterprises in special situations. The firm targets four distinct special-situations theses: shareholder transitions (non-core divestments, succession gaps, shareholder disputes), over-leveraged companies (deleveraging, restructuring, insolvency processes), liquidity-constrained businesses (working capital financing, capital injections), and management improvement opportunities (governance upgrades, operational enhancement). It is led by founding partner Pedro Ruiz de Marcos, managing partner Pablo Moreno de la Cova, and partner Juan Serra Castillejo, supported by a small multidisciplinary team with over 20 years of SME segment experience.

The firm operates three closed-end private equity vehicles — Fondo I, Fondo II, and Fondo III (initiated in 2024) — deploying capital across Spanish SMEs. Its current active portfolio spans six platform companies and multiple add-ons across diverse verticals: ABAI Group (BPO and AI-enabled customer experience, including the Atento add-on), Alae Univer (textile manufacturing, 1,200+ employees, 350,000 garments/month capacity), Catral Garden (garden products supplier to 80% of major European DIY retailers, with Nortene add-on), Transportes Chinchón (road freight and logistics, with Transleyca add-on), Mensajero Alimentación (canned fruit and vegetable processing, founded 1971), and Prephor (precast concrete for electrical, telecom, and renewable energy infrastructure). Deal origination is driven by privileged access to the Spanish banking and advisory community rather than competitive auctions.

The business model follows standard closed-end fund economics: management fees charged on committed capital across the three fund vintages (recurring, multi-year institutional contracts) plus carried interest on investment returns above hurdle rates. Distribution is direct to institutional and qualified investors via private placements in compliance with CNMV regulations for SGEICs. The firm does not disclose fund sizes, fee schedules, or revenue, and operates with a lean internal team of fewer than 10 people, indicating that scalability and exit-driven revenue realization are the primary operating constraints.

Name

Blackpearl Capital Partners

Legal name

BLACKPEARL CAPITAL MANAGEMENT SGEIC, S.A.

Website

https://blackpearlcapital.es/en/

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Blackpearl Capital Partners is a CNMV-regulated Spanish private equity fund manager (SGEIC) investing in Spanish SMEs in special situations, including shareholder transitions, over-leveraged companies, liquidity constraints, and management improvement opportunities across three closed-end funds.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Finance Services (6199)

akta.pro primary industry

Corporate Venture Capital (CVC) (FSANAAAF)

akta.pro secondary industry

Captive CVC Fund (Dedicated corporate fund structure) (FSANAHAB)

Keywords

• Private equity investing
• SME special situations
• Closed-end fund management
• Spanish middle market
• Shareholder transition advisory

Headquarters

HQ city

Sevilla

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: Management fees charged on committed capital under management across its Fund II, Fund III, and other vehicles.
2. Carried Interest / Performance Fees: Performance-based fees earned on investment returns above hurdle rates, typical of closed-end private equity fund structures.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Blackpearl Capital Management SGEIC, S.A. is a CNMV-regulated closed-end investment fund manager (SGEIC) that invests private equity capital into Spanish SMEs in special situations. Across Fondo I, Fondo II, and Fondo III, the firm executes shareholder transitions, deleveraging and financial restructurings, working-capital liquidity solutions, and management improvement programs for fundamentally sound but operationally challenged mid-market companies. Revenue is generated from management fees on committed capital and performance-based carried interest paid by institutional limited partners.

Product overview

Blackpearl Capital Management SGEIC SA is a CNMV-regulated private equity management company that operates three distinct investment funds (Fondo I, Fondo II, and Fondo III) focused on investing in Spanish SMEs in special situations. The funds invest across various sectors including manufacturing, services, logistics, and technology. The current portfolio includes ABAI (BPO and technology services), Alae Univer (textile manufacturing), Catral Garden (garden products), Transportes Chinchón (transport and logistics), Mensajero Alimentación (food processing), and Prephor (precast concrete products), along with add-on investments like Nortene. The investment strategy focuses on shareholder transitions, over-leveraged companies, liquidity restrictions, and management improvements.

Differentiator

Problem solved

Functional benefit

Products and services

• Fondo I (Fund I) First closed-end private equity fund managed by Blackpearl Capital, focused on investing in Spanish SMEs in special situations such as shareholder transitions, over-leveraged companies, and liquidity-constrained businesses. Made available to institutional investors and qualified LPs under CNMV closed-end fund rules.
• Fondo II (Fund II) Second closed-end private equity fund managed by Blackpearl Capital, continuing the strategy of investing in Spanish SMEs in special situations; portfolio investments include Mensajero Alimentación (2023) and Catral Garden. Made available to institutional investors and qualified LPs under CNMV closed-end fund rules.
• Fondo III (Fund III) Third closed-end private equity fund managed by Blackpearl Capital, deploying capital into Spanish SMEs in special situations; portfolio investments include Prephor (December 2025). Made available to institutional investors and qualified LPs under CNMV closed-end fund rules.

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Nazca Capital: Madrid-based private equity firm investing in Spanish SMEs, with a similar mid-market focus and special-situations orientation. Directly comparable in geography, target company size, and fund structure.
• MCH Private Equity: Spanish mid-market PE firm with multiple funds investing in Iberian SMEs. Comparable in fund vintage cycle, target check size, and SME buyout/special-situations strategy.
• Magnum Industrial Partners: Spanish mid-market private equity firm focused on industrial and business-services SMEs in Spain. Highly comparable in sector focus, fund size, and SME value-creation playbook.
• ProA Capital: Madrid-based PE manager investing in Spanish SMEs, including special situations and succession-driven transactions. Directly comparable in fund structure, geographic focus, and deal type.
• Suma Capital: Barcelona-based PE firm with funds investing in Spanish SMEs, including infrastructure-adjacent and operational improvement theses. Comparable as a regional PE manager with multi-fund franchise.
• Corpfin Capital: Spanish PE manager with multiple funds focused on Iberian SMEs and mid-market companies. Directly comparable in target market, fund economics, and SME orientation.

Emerging players

• Artá Capital: Spanish PE firm investing in SMEs with a flexible capital approach. Comparable in target segment, though at an earlier franchise stage relative to Blackpearl's three-fund track record.

Broad incumbents

• Intermediate Capital Group (ICG): European alternative asset manager with significant Iberian mid-market exposure through direct lending and PE. Comparable as a capital provider to Spanish SMEs, but at substantially larger scale and broader mandate.
• EQT Partners: Global PE/VC firm with active Iberian mid-market and special-situations investing. Comparable in deploying capital into Spanish SMEs, though at far greater scale and with a broader sector mandate.
• Carlyle Group: Global alternative asset manager with Spanish mid-market and special-situations activities. Comparable as a participant in Iberian SME investing, though diversified across geographies, asset classes, and strategies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments1 record

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

Frequently asked questions about Blackpearl Capital Partners