Bewater Funds

What Bewater Funds does

Bewater Funds is a Madrid-based private asset manager (legal entity: Bewater Asset Management SGEIC de tipo cerrado, S.A.) founded in 2018 and operating under CNMV registration #134. It is a subsidiary of Indexa Capital Group. The firm structures and manages closed-end funds (FICC/FCRE/FCR) that give professional investors and qualifying high-net-worth retail investors access to shares of unlisted Spanish and OECD companies — solving a structural illiquidity problem in Spanish SL shares, which are otherwise subject to pre-emptive rights, shareholder meeting approvals, and typical 25-50% liquidity discounts. Product lines include single-asset funds (each investing in one portfolio company, e.g., PoolComet, Inversiva, Datos 101, Pekata) and diversified funds, the most recent being Indexa Mercados Privados 2026 FCR — a fund of funds offering global exposure across private equity (70%), private debt (20%), and infrastructure (10%) via partnerships with Hamilton Lane, EQT, Carlyle, and a Top 5 global private markets manager.

The technology stack is a proprietary web platform enabling investor registration, suitability testing, fund subscription, and an "expression of interest" mechanism that lets investors register intent to buy or sell fund participations at desired prices — secondary trades execute without pre-emptive rights or shareholder meeting requirements. Distribution occurs through three channels: Bewater's own registered platform (€5K-€100K minimums depending on product), Indexa Capital's existing client base (€10K minimum for the 2026 FCR), and professional investor networks. The business model generates revenue from annual management fees (1-1.5% for single-asset funds; tiered 0.25-0.75% for diversified), success/carried interest (10-25% depending on fund vintage), transaction fees (0.75% on secondary sales), and optional mediation fees (up to 5%). The management team has invested €5M of its own capital across funds — substantial skin in the game relative to the firm's small ~8-person team size.

Name

Bewater Funds

Legal name

Bewater Asset Management S.G.E.I.C de tipo cerrado, S.A.

Website

https://bewaterfunds.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Bewater Funds is a Madrid-based, CNMV-registered closed-end fund manager (subsidiary of Indexa Capital Group) that structures FICC/FCRE/FCR vehicles to give professional and qualifying HNW investors access to shares of unlisted Spanish and OECD companies, solving SL share illiquidity via a proprietary expression-of-interest trading platform.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

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

akta.pro secondary industry

Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds) (FSAEALAM)

Keywords

• Private equity funds
• Venture capital funds
• Closed-end fund management
• Private markets investment
• Alternative asset management

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Annual management fee charged on the cost value of participations. 1.5% for funds constituted from 2024, 1% for funds before 2024. For Indexa Mercados Privados 2026 FCR (diversified fund): tiered at 0.75% for investments <€1M, 0.50% for €1–5M, 0.25% for >€5M.
2. Success Fees (Carried Interest): 15% success fee on gains for diversified and monoinvestment funds from 2024; 10% for monoinvestment funds before 2024. For Bewater II FCRE: 25% with a 6% hurdle rate. Indexa Mercados Privados 2026 FCR charges 0% success fee.
3. Transaction Fees: 0.75% fee on the value of participations sold by a participant to another party, charged to the seller. Only applies if the transaction is executed.
4. Mediation Services: Indexa Capital or third-party mediators may charge up to 5% of the transaction value to sellers of company participations or to the investee company for introducing investment opportunities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Bewater Funds manages CNMV-registered closed-end funds (FICC, FCRE, and FCR structures) that enable professional and qualifying retail investors to invest in unlisted companies in Spain and other OECD countries. Each investable company is wrapped in a dedicated closed-end fund, providing transferable participations that bypass the pre-emptive rights and shareholder-meeting requirements that make Spanish SL shares illiquid, and offering an Expression of Interest mechanism for secondary-market liquidity.

Product overview

Bewater Funds is a private markets investment platform offering two main product lines: Diversified Funds and Single-Asset Funds (monoinversión). The Diversified Funds include Indexa Mercados Privados 2026 FCR, the company's first fund of funds providing diversified exposure to private equity, private debt, and infrastructure globally. Single-Asset Funds invest in individual unlisted companies through closed-end fund structures (FICC/FCRE), with dedicated funds for specific companies like PoolComet and Inversiva. The flagship vehicle is Bewater II FCRE, a European venture capital fund targeting technology companies in Spain and Portugal. All funds are registered with the Spanish CNMV and managed by Bewater Asset Management SGEIC.

Differentiator

Problem solved

Functional benefit

Products and services

• Diversified Private Markets Funds (Fondos Diversificados) Diversified closed-end funds providing exposure to multiple unlisted companies or external managers, enabling simple one-ticket access to private markets. The flagship vehicle is Indexa Mercados Privados 2026 FCR. Targeted at professional investors and existing Indexa Capital clients.
• Single-Asset Closed-End Funds (Fondos Monoinversión FICC/FCRE) CNMV-registered single-asset closed-end funds that wrap an individual unlisted Spanish or OECD company, providing transferable fund participations without pre-emptive rights or shareholder-meeting requirements. Available to professional investors only.
• Indexa Mercados Privados 2026 FCR Diversified global private markets fund of funds distributing across Hamilton Lane (GPA and GPI), EQT (Nexus Fund), a top-5 private markets manager (Global PE Multi-Strategy and European Private Credit), and Carlyle (ETAC). Annual management fee 0.25%-0.75% plus 0.15% other costs; 0% success fee at fund level.
• Bewater II FCRE European venture capital fund investing in 20-30 technology-exposed companies across Spain and Portugal with a 4-year investment period and 5-year divestment period. Charges a 1% annual management fee on invested capital and 25% carried interest with a 6% hurdle rate. Minimum commitment €100,000.
• Bewater PoolComet FCRE Single-asset fund investing in PoolComet, an e-commerce platform for pool and spa products with over 5,000 SKUs and 13x sales growth over two years.
• Bewater Inversiva FCRE Single-asset fund investing in Inversiva, a real estate investment platform offering individual investors exposure to rental, flip, and vacation property verticals.

Quantifiable outcome

• Commissions up to 74% lower than average Spanish VC fund (study by Bewater)
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core.

• Indexa CapitalcoreGTM or Marketing Partner · 24 February 2026Indexa Capital is part of the same corporate group (Indexa Capital Group) as Bewater Funds. It distributes Indexa Mercados Privados 2026 FCR to its existing clients and also acts as an investment mediator, presenting private company investment opportunities to Bewater Funds. Indexa Capital has conducted >50 investments in non-listed companies and can charge up to 5% of transaction value for these services.
• Hamilton LanecoreTechnology or Integration · 24 February 2026Hamilton Lane is an underlying fund manager providing two funds in the Indexa Mercados Privados 2026 FCR portfolio: Global Private Assets Fund (GPA) — a semi-liquid private capital fund with >220 investments globally, AUM €930B; and Global Private Infrastructure Fund (GPI) — a global evergreen infrastructure fund. Hamilton Lane GPA has management fee 1.95% and 12.50% success fee with 8% hurdle.
• EQTcoreTechnology or Integration · 24 February 2026EQT is one of the world's five largest private capital managers with €246B AUM (as of December 31, 2024). Its EQT Nexus Fund (ENXF) is an underlying fund in Indexa Mercados Privados 2026 FCR, investing 60% in EQT's own funds and 40% in direct investments. Management fee 1.25%, success fee 15% with 5% hurdle on direct investments.
• Top 5 Gestora (Private Markets Manager)coreTechnology or Integration · 24 February 2026One of the five largest private capital managers globally with €140B AUM (December 31, 2024). Provides two underlying funds in Indexa Mercados Privados 2026 FCR: a Global Private Equity Multi-Strategy Fund (65+ direct companies, 1.25% management, 12.50% success with 5% hurdle) and a European Private Credit Fund (125+ direct lending positions, 1.25% management, 12.50% success with 5% hurdle).
• Carlyle (ETAC)coreTechnology or Integration · 24 February 2026One of the ten largest private markets managers globally with €156B AUM (December 31, 2024). Carlyle European Tactical Private Credit Fund (ETAC) is an underlying fund in Indexa Mercados Privados 2026 FCR, investing in 100+ European direct lending positions. Management fee 1.20%, success fee 12.50% with 4% hurdle.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Capital Cell: Spanish equity crowdfunding platform focused on biotech and life sciences. Directly comparable as a regulated platform providing Spanish retail investors access to private equity investments in unlisted companies.
• Urbanitae: Spanish real estate crowdfunding platform enabling retail investors to participate in property investments. Comparable as a Spanish platform providing retail access to alternative investments with similar minimum investment thresholds.
• Moonfare: Global private equity fund platform allowing individual investors to access top-tier PE funds (KKR, Carlyle, EQT) with low minimums. Very similar business model to Indexa Mercados Privados 2026 FCR - aggregating retail capital into institutional PE funds.
• Pactio: Spanish private debt investment platform connecting investors with corporate lending opportunities. Comparable as a Spanish fintech platform providing retail access to private market investments, though focused on debt rather than equity.
• Fellow Funders: Spanish equity crowdfunding platform connecting investors with growth-stage startups. Direct competitor in the Spanish retail private equity space, though typically earlier-stage focus than Bewater's closed-end fund structure.

Broad incumbents

• iCapital Network: US-based platform providing wealth managers and their clients access to alternative investments including private equity, private credit, and hedge funds. Broader scale and more institutional focus, but serves the same underlying market need.
• Renta 4: Spanish wealth manager with a dedicated private equity and venture capital unit. Larger established incumbent offering similar private market access through a traditional brokerage model rather than a digital platform.
• Indexa Capital: Parent company and primary distribution partner. Indexa Capital is Spain's largest robo-advisor with €4.4B AUM/AUA, offering Bewater's Indexa Mercados Privados 2026 FCR to its existing clients. Directly comparable as a Spanish digital wealth platform but operates as the broader group parent.
• MyInvestor: Spanish digital wealth manager offering multi-asset investment products including index funds, thematic portfolios, and alternatives. Comparable as a Spanish fintech investment platform targeting retail investors with diversified offerings.
• Yieldstreet: US alternative investments platform offering individual investors access to private market opportunities including real estate, marine, and litigation finance. Comparable platform model for democratizing alternative investments, though more diversified across asset classes.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bewaterfunds
• LinkedInlinkedin.com/company/bewater-funds

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors2 records

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

M&A

Investments28 records

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

Frequently asked questions about Bewater Funds