Serena Industrial Partners

What Serena Industrial Partners does

Serena Industrial Partners is an independent, privately-held fund manager founded in Madrid in 2019 by Joaquín Camacho Calderón, focused exclusively on mid-market real infrastructure investment across Western Europe and Chile. The firm operates with offices in Madrid (headquarters), Luxembourg (fund structuring and administration), and Paris (France country coverage), managing closed-end infrastructure private equity vehicles including Serena Infra SCSp and Serena Infra II SICAV-RAIF, with the Serena Bellova F.C.R.E. airport-focused fund launched in 2026.

The portfolio comprises 17 strategic infrastructure assets organized across mobility (airports, motorways, bridges, railways, intermodal transport), environmental (water utilities, irrigation, smart metering, energy-efficient buildings), and social/digital infrastructure (healthcare facilities, fiber broadband). Serena co-invests with major European industrial operators — including Bouygues, Hochtief, Eiffage, Vinci, Sacyr, Renfe, Veolia, and Mota-Engil — and participates in long-term PPP and concession structures (typically 25-30 years) granted by European public authorities. Notable holdings include a 44.5% stake in Paris-Beauvais Airport, the A1-A6 Dutch motorway PPP, the Porto-Lisbon high-speed rail concession, the Arenaways Italian railway reactivation, the 25 de Abril and Vasco da Gama bridges, and water concessions in Spain and Chile.

The firm earns revenue through traditional fund management fees on assets under management and carried interest on investment returns above hurdle rates, in line with standard closed-end infrastructure private equity economics. Capital is raised exclusively through direct institutional fundraising — led by the CEO and Deputy CEO — targeting pension funds, sovereign wealth funds, and insurance companies. All funds are classified as Article 8 products under the EU SFDR regulation, and the firm is a UN PRI signatory, ILPA-compliant, and aligned with EU Taxonomy standards. Since founding, the team has deployed over EUR 1 billion in projects at enterprise value, with the senior leadership collectively bringing experience from Sacyr, Ferrovial, Meridiam, Macquarie, J.P. Morgan Infrastructure, Arjun Infrastructure Partners, and FCC.

Name

Serena Industrial Partners

Legal name

Serena Industrial Partners

Website

https://serenapartners.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Serena Industrial Partners is an independent Madrid-based infrastructure fund manager founded in 2019, deploying capital into 17 mid-market European infrastructure concessions (airports, motorways, bridges, railways, water, energy) on behalf of institutional investors. It manages closed-end funds structured as Article 8 SFDR products with co-investment alongside industrial operators like Bouygues, Hochtief, Vinci, and Sacyr.

Ownership category

akta.pro rank

Product category

Infrastructure Fund Management

NAICS

Other Financial Vehicles (525990), Other Investment Pools and Funds (5259), Other Financial Vehicles (52599), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211), International Affairs (9721)

akta.pro primary industry

Industrials & Manufacturing Growth Equity (FSANACAF)

akta.pro secondary industries

Infrastructure & Public Works (Transport, Social, PPP) (FSABACAI), Infrastructure & Energy Fundraising Placement (FSAEALAF), Investment Promotion & FDI Facilitation (BPADAMAD)

Keywords

• Infrastructure fund management
• PPP concessions
• Mid-market infrastructure
• Infrastructure investment
• Asset management

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Serena earns management fees on assets under management across its fund vehicles (Serena Infra SCSp, Serena Infra II SICAV-RAIF). Fee structures are typical for closed-end infrastructure private equity funds, likely charged as a percentage of committed capital or invested NAV.
2. Performance Fees / Carried Interest: As a private equity infrastructure fund manager, Serena earns carried interest tied to investment returns above hurdle rates, aligning manager and investor interests across the fund lifecycle.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Serena Industrial Partners is an independent private equity fund manager that raises and deploys capital from institutional investors into mid-market real infrastructure assets across Europe. The firm manages closed-end infrastructure fund vehicles and invests in greenfield and brownfield PPP/concession projects in airports, motorways, bridges, railways, water treatment, irrigation, hospitals, and fiber broadband under long-term contracts with public authorities and industrial operators.

Product overview

Serena Industrial Partners operates as an independent fund manager focused on mid-market infrastructure investment with an industrial approach. The company does not offer a unified software product or platform; instead, it manages a portfolio of 17 strategic infrastructure assets across three main sectors: Mobility (airports, railways, motorways, bridges, intermodal transportation), Environmental (water treatment, irrigation networks, smart metering, energy efficiency buildings), and Social-Digital (healthcare facilities, fiber broadband). Their portfolio includes direct holdings in assets like Paris-Beauvais Airport, A1-A6 Motorway, High-Speed Train between Porto and Lisbon, various motorways and bridges in Portugal, water utilities in Spain and Chile, and educational infrastructure in France. The investment strategy targets essential infrastructure with high barriers to entry across European markets, with a focus on sustainable development aligned with UN SDGs and EU Taxonomy regulations.

Differentiator

Problem solved

Functional benefit

Products and services

• Serena Infrastructure Investment Management Independent fund management services focused on mid-market real infrastructure development, targeting essential infrastructure assets with high barriers to entry across European markets through closed-end private equity fund vehicles.
• Paris-Beauvais Airport Concession 44.5% stake in Paris-Beauvais Airport concession (France's 10th busiest airport); 30-year concession valued at approximately EUR 4 billion including new terminal and runway construction and decarbonization strategy targeting carbon neutrality by 2032.
• A1-A6 Motorway PPP Concession (Netherlands) 18-kilometer PPP motorway south of Amsterdam forming part of the Schiphol-Amsterdam-Almere corridor. 25-year availability-based concession with Hochtief handling operations and maintenance. Includes GAES pilot for real-time ecosystem services measurement.
• High-Speed Train Phase I (Porto-Lisbon) 30-year concession to design, develop, construct and finance high-speed rail connecting Porto and Lisbon. Phase I involves 71km railway between Porto and Aveiro including a 9.5km bridge over Douro River and 14.4km of tunnels.
• Arenaways Railway Reactivation Reactivation of Cuneo-Saluzzo-Savigliano and Ceva-Ormea rail lines in Italy (approximately 100km, 16 stations), restoring passenger service on lines inactive for over 12 years.
• TXL Intermodal Transportation Platform Standardized platform leasing approximately 17,500 TEUs of intermodal containers to over 1,000 clients including major European shipping companies. Operating partner is Touax Group.
• Aguacanal Irrigation Concession Concessionaire of Navarra Canal Phase I for construction, operation and maintenance of irrigation network in Spain. Serves 59 towns and 4,200+ landowners across 22,404 hectares. Partner Veolia.
• Aguas de Navarra Irrigation Concession Irrigation infrastructure serving 15,000 hectares through 15 municipalities in Spain. Includes construction of irrigation network of pipes and hydraulic works with 9,489 hectares currently operational.
• Agua Chile Servicios Sanitarios Water and sewage assets in Metropolitan Santiago and Antofagasta regions of Chile serving approximately 150,000 inhabitants. Generates approximately 200 direct jobs and is the 7th largest water distribution company in Chile.
• Smartconta Smart Water Metering Smart water metering services provider serving approximately 1 million people in the Metropolitan Area of Barcelona (AMB), Spain. Modernizing water measurement infrastructure with smart meters and digital systems.
• Hospital Lisbon Oriental (Greenfield) Greenfield hospital project in Lisbon spanning 130,000+ m² with 875 beds replacing six obsolete medical units. Includes parking for 3,000 vehicles and heliport. Expected to reduce CO2 emissions by 27,000 t/year through solar panels and energy systems.
• Douro Interior Motorway 242km motorway traversing Douro Interior region in Portugal under availability-payments scheme with service component tied to traffic volume.
• 25 de Abril Bridge 2km suspension bridge, the longest in Europe, linking southern Lisbon to Almada. Daily traffic of 142,000 vehicles. Integral part of TEN-T network with inflation-linked revenue concession.
• Vasco da Gama Bridge 17km road crossing, the longest in Europe, connecting Lisbon's southern and northern regions. Daily traffic of 63,000 vehicles. Integral part of TEN-T network with inflation-linked revenue concession.
• Harvest Energy Efficiency PPP Portfolio Portfolio of 10 PPP availability-based contracts for social infrastructure buildings in French education sector (schools and university buildings). Partnered with Eiffage S.A. to meet energy efficiency targets aligned with EU EPBD standards.
• Altifiber Fiber Broadband Network Fully integrated developer, owner, and operator of fiber broadband in Norway. Partnership/franchise model with Altibox covering southwest Norway. Altibox is Norway's largest fiber broadband content provider.
• Serena Bellova F.C.R.E. (Airport Infrastructure Fund) New European private equity fund vehicle specialized in airport infrastructure, established to finance Serena's increased 44.5% stake in Paris-Beauvais Airport concession.

Quantifiable outcome

• Invested over EUR 1 billion in projects (EV) since founding in 2019
• +6 more outcomes

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

Partnerships

17 partnerships are on record, tiered core and minor.

• BouyguescoreStrategic or Co-development Partner · 2 January 2026Bouygues is a co-shareholder alongside Serena in the Paris-Beauvais Airport concession. The joint venture also includes Egis (prior to Serena's acquisition of Egis' stake) and ACA. Bouygues participates in the modernization of airport facilities including new terminal and runway construction, alongside Serena's 44.5% stake in the concession holding company.
• EgiscoreStrategic or Co-development Partner · 2 January 2026Egis previously held a 20% stake in the Paris-Beauvais Airport concession joint venture. Serena acquired Egis' 20% stake in January 2026, increasing Serena's stake from approximately 24.5% to 44.5%, with Bouygues remaining as co-shareholder. Egis was a long-standing industrial partner in the airport concession prior to the stake transfer.
• ACA (Aéroports de Paris?)coreStrategic or Co-development Partner · 2 January 2026ACA is a partner in the Paris-Beauvais Airport concession alongside Serena and Bouygues. ACA participates in the joint venture holding the airport concession, which covers a 30-year concession valued at approximately €4 billion including airport modernization and decarbonization.
• HochtiefcoreStrategic or Co-development Partner · 19 December 2025Hochtief is responsible for operations and maintenance (O&M) of the A1-A6 motorway in the Netherlands, including daily operations, maintenance, and road safety. The 25-year PPP concession represents Serena's entry into the Dutch market and one of the largest PPP projects awarded in the Netherlands.
• Mota-EngilcoreStrategic or Co-development Partner · 1 September 2024Mota-Engil is a partner in the High-Speed Train Phase I project in Portugal (Serena awarded the concession in September 2024). The 30-year concession to design, develop, construct and finance the Porto-Lisbon high-speed train involves a consortium with Mota-Engil and other Portuguese construction groups.
• Alves RibeirocoreStrategic or Co-development Partner · 1 September 2024Alves Ribeiro is a partner in the High-Speed Train Phase I project in Portugal, part of the consortium developing the 30-year concession for the Porto-Lisbon high-speed railway including a 71 km section between Porto and Aveiro.
• Teixeira DuartecoreStrategic or Co-development Partner · 1 September 2024Teixeira Duarte is a partner in the High-Speed Train Phase I project in Portugal, part of the consortium developing the 30-year concession for the Porto-Lisbon high-speed railway.
• RenfecoreStrategic or Co-development Partner · 1 January 2024Renfe (Spain's national railway company) is a strategic partner with Serena in the Arenaways railway project, which involves reactivation of the Cuneo-Saluzzo-Savigliano and Ceva-Ormea passenger rail lines in Italy (~100 km, 16 stations, inactive for 12+ years). Renfe brings railway operational expertise to the consortium.
• Generale Costruzioni Ferroviarie (GCF)coreStrategic or Co-development Partner · 1 January 2024GCF is a partner with Serena in the Arenaways project, bringing railway construction and rehabilitation expertise. GCF combines resources with Renfe and Serena to maximize the potential of reactivating inactive passenger rail lines in Italy's Piedmont region.
• ArenawayscoreStrategic or Co-development Partner · 1 January 2024Arenaways is the entity through which the Cuneo-Saluzzo-Savigliano and Ceva-Ormea rail lines are being reactivated for passenger service. Serena works jointly with Arenaways, Renfe, and GCF as reference players in the Italian railway sector.
• Eiffage S.A.coreStrategic or Co-development Partner · 1 January 2024Eiffage S.A. is Serena's partner in the Harvest portfolio of energy efficiency PPP projects for social infrastructure (education buildings) in France. The portfolio comprises 10 schools and university buildings. Eiffage handles construction and ongoing maintenance, with assets meeting EU Energy Performance of Buildings Directive (EPBD) standards.
• VincicoreStrategic or Co-development Partner · 1 January 2024Vinci operates the 25 de Abril Bridge in Lisbon, a 2 km suspension bridge — Europe's longest — carrying 142,000 vehicles daily as part of the TEN-T network. The bridge operates under an inflation-linked revenue concession scheme.
• AltiboxminorStrategic or Co-development Partner · 1 January 2024Altibox operates through a franchise/partnership model with Altifiber, a Serena portfolio company in Norway. Altibox develops and delivers the product and content platform (internet, IPTV) while Altifiber builds, owns, and operates the local fiber network and owns customers. Altibox is Norway's largest fiber broadband content provider and second largest TV provider.
• Touax GroupcoreStrategic or Co-development Partner · 1 January 2023Touax Group is the operating partner for the TXL intermodal container platform (Havre, France), which Serena acquired. Touax Group is the #1 lessor in Europe with a fleet of 400,000 TEUs of containers. TXL leases ~17,500 TEUs to over 1,000 clients including major European shipping companies.
• VeoliacoreStrategic or Co-development Partner · 1 January 2021Veolia is the partner in the Aguacanal irrigation infrastructure project in Navarra, Spain. Veolia brings water management and irrigation infrastructure expertise to the Phase I development and ongoing operation and maintenance of the Navarra Canal irrigation network serving 59 towns and 4,200+ landowners across 22,404 hectares.
• Aguas de NavarracoreStrategic or Co-development Partner · 1 January 2021Aguas de Navarra is the concessionaire company of the Navarra Canal First Phase Extension (Phase I), irrigating ARGA and EGA areas serving 15,000 hectares through 15 municipalities. The project promotes water use optimization, reduces energy consumption, and supports agricultural and agro-industrial economic activity in rural Navarra.
• SacyrcoreStrategic or Co-development Partner · 1 January 2020Sacyr is Serena's partner in the Agua Chile Servicios Sanitarios water and sewage concession (invested in 2020). The portfolio serves c.150,000 inhabitants in Chile's Metropolitan Region of Santiago and Antofagasta Region, and is positioned as the 7th largest water distributor in Chile, generating c.200 direct jobs.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• I Squared Capital: Global infrastructure fund manager with significant European mid-market activity across transport, energy transition, and digital. Comparable as a privately-held infrastructure PE firm but operates at a much larger AUM scale than Serena.
• Macquarie Asset Management (Infrastructure): Global infrastructure fund manager with one of the largest European infrastructure platforms and prior employer of Deputy CEO Peter Antolik. Comparable broadly but at significantly larger scale than Serena.
• Infracapital (M&G): London-based infrastructure equity arm of M&G Investments managing multiple funds across European mid-market and large-cap infrastructure. Comparable in European transport and social infrastructure focus, though generally at a larger AUM scale than Serena.

Direct peers

• Arjun Infrastructure Partners: London-based mid-market European infrastructure fund manager. Closely comparable given similar AUM scale, European focus on transport and utilities, and prior affiliation of Deputy CEO Peter Antolik who helped grow Arjun from <€1bn to >€7bn AUM.
• Antin Infrastructure Partners: Paris-listed European mid-market infrastructure fund manager (one of the closest public comps). Highly comparable in mid-market deal size, European geographic focus across mobility, energy, and digital infrastructure, and ESG/SFDR positioning.
• Meridiam: Paris-based independent infrastructure PE firm managing €10B+ across mobility, energy, and social infrastructure in Europe, Africa, and the Americas. Directly comparable to Serena given overlapping mid-market European infrastructure focus, public-sector concession approach, and Meridiam being the prior employer of Serena COO Diego Fernández Díaz.
• Basalt Infrastructure Partners: Dublin-headquartered mid-market European infrastructure fund manager focused on brownfield and regulated assets across transport, energy, and digital infrastructure. Closely comparable in mid-market deal size, European geographic focus, and team pedigree (Lucas Hart-Pallavicini joined Serena from Basalt).
• Equitix: London-based fund manager focused on European infrastructure and energy transition, managing ~£8B. Comparable as a European mid-market manager with availability-payment/PPP focus serving institutional investors.
• Quaero Capital: Swiss/European independent fund manager with infrastructure and energy transition strategies, serving European institutional investors. Comparable as a mid-market, Article 8-aligned European infrastructure manager targeting pension funds and insurers.
• Marguerite Fund: European infrastructure fund manager backed by major European institutional investors, focused on greenfield and brownfield projects in transport, energy, and digital. Comparable in mid-market European infrastructure focus with public-sector counterparties.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/serena-industrial-partners

Compliance5 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&A

Investments

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

Frequently asked questions about Serena Industrial Partners