Oquendo Capital

What Oquendo Capital does

Oquendo Capital, S.G.E.I.C., S.A. is an independent, management-owned private debt fund manager founded in 2007 in Madrid and registered with the CNMV (registry number 133). The firm provides long-term senior and junior private credit solutions — including senior debt, mezzanine debt, PIK loans, preferred equity, unitranche debt, and minority equity — to profitable Southern European lower mid-market companies with EBITDA between €2M and €40M. It serves three primary customer segments: private equity funds executing LBOs/MBOs, family-owned businesses seeking growth or shareholder reorganization capital, and minority shareholders pursuing buyouts. Use cases span LBO financing, acquisition finance, growth capital, and shareholder restructurings, with investment tickets typically ranging from €2M to €40M and maturities of 5-7 years.

The firm operates three differentiated fund strategies: Senior Debt (€460M AUM, 2 funds, 39 investments, typically bullet structures alongside banks for companies with EBITDA ≥ €5M), Flexible Capital/Junior Debt (€675M AUM, 4 funds, 51 investments, offering tailored mezzanine and PIK structures up to €40M), and Impulsa (€60M AUM, 1 fund, 11 investments, focused on smaller companies with €2-5M tickets). Since 2008, Oquendo has invested over €1.2 billion in 100+ companies across Spain, France, Italy, and Portugal. The technology footprint is conventional SaaS productivity tooling (Microsoft, Dropbox, Basecamp, Google); the firm's value proposition rests on relationship-driven origination, structuring flexibility, and a streamlined decision-making process rather than proprietary technology.

Revenue is generated through management fees and performance fees on multiple separately managed funds, with capital raised from a diversified base of institutional investors (pension funds, insurance companies, non-profits, public and private investors). Distribution is direct and sales-led through a 28-person team across offices in Madrid, Paris (opened January 2022), and Milan. Oquendo is a UN PRI signatory since 2008, B Corp certified (2022, recertified 2025), and has structured three funds as Article 8 SFDR, with over €288M deployed in 25 ESG Linked Loans. The firm has been recognized repeatedly as Spain's leading lower mid-market private debt provider, with awards from SPAINCAP (2016, 2020, 2023, 2024), Debtwire (2023), Private Debt Investor (2017), and Private Equity Wire (2023).

Name

Oquendo Capital

Legal name

Oquendo Capital, S.G.E.I.C., S.A.

Website

https://oquendocapital.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Oquendo Capital is an independent, management-owned private debt fund manager founded in 2007 in Madrid, providing senior and junior financing (mezzanine, PIK, unitranche, preferred equity) to Spanish, French, Italian, and Portuguese lower mid-market companies with EBITDA between €2M and €40M, primarily serving private equity funds, family-owned businesses, and minority shareholders.

Ownership category

akta.pro rank

Product category

Private Debt Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Finance and Insurance (52)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Mezzanine / Subordinated Debt (FSANADAC)

akta.pro secondary industries

Independent Venture Debt Funds / Platforms (FSANAIAB), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Private debt management
• Mezzanine financing
• Growth capital lending
• Lower mid-market finance
• Senior debt funds

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

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, Others

Revenue model

1. Fund Management Fees: Management fees and performance fees from managing multiple private debt funds including Senior Debt Funds, Flexible Capital/Junior Debt Funds, and Impulsa small business fund. Capital raised from institutional investors including pension funds, insurance companies, non-profits, and public/private investors.
2. Investment Returns: Returns from private debt investments including senior debt, mezzanine debt, PIK loans, preferred equity, and unitranche financing. Generates returns through interest income and capital gains on debt instruments.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Oquendo Capital is an independent private debt management firm that provides long-term flexible financing solutions to lower mid-market companies (EBITDA €2-40M) and small businesses in Southern Europe (Spain, France, Italy, Portugal). Through three differentiated fund strategies — Senior Debt, Flexible Capital/Junior Debt, and Impulsa — the firm deploys instruments including senior debt, mezzanine debt, PIK loans, preferred stock, convertible loans, unitranche debt, and minority equity for LBOs, growth capital, acquisitions, and shareholder reorganizations. Capital managed comes from institutional investors including pension funds, insurance companies, non-profits, and public and private investors.

Product overview

Oquendo Capital is an independent private debt management firm that provides a multi-strategy financing platform offering three distinct product lines: Senior Debt for senior long-term financing alongside banks; Flexible Capital/Junior Debt for flexible non-diluting capital solutions including mezzanine, PIK loans, and preferred equity; and Impulsa for small business financing targeting companies with limited bank access. The platform manages approximately €1.2 billion across multiple funds and provides financing to small and medium businesses in Spain, France, Italy, and Portugal through instruments including common equity, preferred equity, PIK loans, mezzanine debt, and unitranche debt.

Differentiator

Problem solved

Functional benefit

Brands

• Impulsa: Small business financing program targeting companies with limited access to bank financing, offering investment tickets between €2 million and €5 million.

Products and services

• Senior Debt Senior long term financing provided alongside banks in the context of LBO operations, growth or refinancing. Instruments are typically bullet-type debt with maturity around 5 or 7 years. Targets companies with EBITDA starting at €5 million, with investment tickets typically between €5 million and €30 million. €460M under management across 2 funds and 39 investments.
• Flexible Capital / Junior Debt Flexible capital solutions alongside shareholders looking for non-diluting capital solutions. Tailored financial solutions may include mezzanine debt, PIK loans, Holdco PIK, preferred stock, convertible loans, and minority shareholding. Generally used in LBO, growth or shareholding reshuffles with instruments having maturity up to 7 years and investment tickets between €5 million and €40 million. €675M under management across 4 funds and 51 investments.
• Impulsa Flexible capital solutions for small businesses with limited access to bank financing. Tailored financing solutions may include mezzanine debt, PIK loans, Holdco PIK, preferred stock, convertible loans, and minority shareholding. Investment tickets typically between €2 million and €5 million. €60M under management across 1 fund and 11 investments.

Quantifiable outcome

• Over €1.2 billion invested in more than 100 companies since 2008
• +2 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Crescent Capital Group: US- and Europe-focused direct lending and mezzanine manager with senior and junior private credit strategies. Closely aligned with Oquendo's mezzanine DNA and middle-market focus, with greater scale and broader sector coverage.
• Hayfin Capital Management: European-anchored alternative credit manager offering direct lending, special situations and mezzanine to mid-market companies. Comparable to Oquendo in product breadth, fund structure and LP base, with broader AUM scale and a similar Iberian push.
• Kartesia: European direct lending specialist focused on lower mid-market private debt for PE-backed and family-owned businesses across the Benelux, DACH, France, Iberia and Italy. Directly competes with Oquendo on ticket size, geography and target customer profile.
• Apera Credit Partners: European private debt fund manager providing senior and junior financing to lower mid-market businesses owned by PE firms and families. Directly comparable to Oquendo on target company size, instrument range and pan-European deployment model.
• Muzinich & Co: Global private credit and alternative debt manager with deep European mid-market direct lending and mezzanine strategies. Highly comparable to Oquendo in instrument set (senior, mezzanine, unitranche), Southern European reach and lower-mid-market focus; Oquendo's Italy head Paolo Mancini joined from Muzinich.
• Pemberton Asset Management: European mid-market direct lending manager focused on senior, unitranche and junior debt solutions for PE-sponsored borrowers. Closely comparable to Oquendo's Flexible Capital/Junior Debt and Senior Debt strategies, with overlapping sponsor relationships across Southern Europe.

Broad incumbents

• Intermediate Capital Group (ICG): Global alternative asset manager with significant European direct lending, mezzanine and private credit funds. Comparable instruments and LP base to Oquendo but operates at significantly larger scale and across broader geographies and strategies.
• Tikehau Capital: Large European alternative asset manager offering private debt, private equity, real estate and capital markets strategies. Overlaps with Oquendo on Southern European direct lending but operates at materially larger AUM with a diversified platform.
• BlackRock Private Credit: Private credit arm of BlackRock, one of the world's largest credit asset managers, expanding aggressively into European mid-market direct lending. Provides scale-driven competition to Oquendo and recently displaced Oquendo in the Afianza financing.

Others

• Banca March: Spanish private banking group that co-launched a €250M mid-market debt fund with Oquendo in 2020 and has private credit capabilities through its investment arm. Relevant as a partner/competitor at the intersection of banking distribution and private debt origination.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/oquendo-capital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

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

M&A

Investments5 records

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

Frequently asked questions about Oquendo Capital