Teras Capital

What Teras Capital does

Teras Capital is a Madrid-based private investment firm founded in 2019 that manages approximately €1,600 million in assets under management across digital and sports infrastructure. The firm structures bespoke co-investment vehicles and platforms with institutional partners, deploying capital in proprietary transactions in fiber networks, mobile towers, data centers, and sports-related real estate. Its two operating divisions — InfraDigital and InfraSports — focus on differentiated, often countercyclical infrastructure opportunities in the Iberian Peninsula, broader Southern Europe, and Latin America, executing deals through direct, relationship-driven origination rather than via intermediaries.

The firm operates three core platforms. Olin Group is a joint vehicle with Asterion Industrial Partners consolidating regional Spanish fiber operators, currently targeting 1.8 million homes passed and ~300,000 broadband customers. Templus is a regional data center platform in Southern Europe launched with Intermediate Capital Group (ICG); the platform scaled from 5 data centers at launch in May 2024 to 60+ MW and 750+ customers across Spain, the UK, France, Italy, the Netherlands, Denmark, and Switzerland via acquisitions of Avatel's data center business, bitNAP, nine AtlasEdge sites, and Grupo Aire's Iberian portfolio. Stoneweg InfraSports is a joint venture with Swiss real estate investor Stoneweg developing artificial urban surf parks in Madrid (Gemswell Surf Madrid, Europe's largest at 23,000 m², opening spring 2027) and Birmingham. Teras additionally holds a strategic position in OpenBrick, a blockchain-based real estate tokenization platform developed with Bolsas y Mercados Españoles (BME), Grupo Lar, Renta 4 Banco, ioBuilders, and Garrigues. Earlier portfolio included Mundo Pacífico, a Chilean fiber operator acquired in September 2019 and divested to DigitalBridge approximately 24 months later.

The firm generates revenue through fund management fees on AUM, carried interest on successful exits (exemplified by the Mundo Pacífico exit), direct co-investment returns from syndicated deal participation alongside institutional partners, and selective advisory fees from M&A transactions. Distribution is entirely direct and relationship-driven. The firm is staffed by approximately 13 professionals including Managing Partners Miguel de Lucas (former founder of Pepephone and AHI+, the latter executing 15+ telecom operator acquisitions) and Jorge Monforte (built telecom networks across 70+ countries), plus Partners, Directors, CIO Ramón Romero (formerly BofA Merrill Lynch), and Senior Advisors including former CEOs of Entel Perú and WOM Colombia and a former Macquarie and ING Bank principal investor. The legal entity is TERAS CAPITAL INVESTMENTS HOLDING, S.L. (Madrid, Spain).

Name

Teras Capital

Legal name

TERAS CAPITAL INVESTMENTS HOLDING, S.L.

Website

https://teras.capital

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Teras Capital is a Madrid-based private investment firm founded in 2019 managing €1,600M across digital and sports infrastructure. It structures co-investment platforms with Asterion, ICG, Stoneweg, and DigitalBridge across Southern Europe and Latin America.

Ownership category

akta.pro rank

Product category

Infrastructure Private Equity

NAICS

Other Financial Investment Activities (5239), Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

akta.pro secondary industry

Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Infrastructure investment
• Telecom infrastructure investing
• Digital infrastructure funds
• Sports infrastructure investment
• Private equity co-investment

Headquarters

HQ city

Madrid

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 assets under management (AUM) across infrastructure investment vehicles, including joint vehicles with partners Asterion (Olin Group) and ICG (Templus).
2. Carried Interest / Performance Fees: Performance-based carried interest earned on successful exits and capital returns from investment vehicles, particularly from greenfield and brownfield infrastructure projects in digital infra and sports infrastructure.
3. Co-Investment Returns: Direct equity returns from co-investments alongside institutional partners (Asterion, ICG, Stoneweg) in specific transactions such as Templus, Olin Group, and Stoneweg InfraSports.
4. Advisory and Transaction Fees: Advisory fees from structuring, executing, and managing M&A transactions in the telecommunications and sports infrastructure sectors, including carve-outs and build-up strategies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Teras Capital is a Madrid-based private investment firm that identifies, develops, and transacts in differentiated telecommunications and sports infrastructure assets, primarily through jointly-controlled investment vehicles and co-investment structures with institutional partners. The firm sources proprietary deals, deploys capital alongside tier-one partners (Asterion, ICG, Stoneweg, DigitalBridge), and provides hands-on operational support to portfolio companies in fiber, data center, and sports infrastructure projects across the Iberian Peninsula and selected Latam markets.

Product overview

Teras Capital is an investment firm based in Madrid that specializes in identifying, managing, and developing differentiated transactions in telecommunications and sports infrastructure segments. The firm operates two primary investment sectors: InfraDigital (digital infrastructure including fiber networks, towers, and data centers) and InfraSports (sports infrastructure with associated real estate). The company's portfolio includes investment vehicles and platforms such as Olin Group (fiber operator consolidation with Asterion), Templus (regional data center platform with ICG), and Stoneweg InfraSports (artificial surf parks with Stoneweg). Teras Capital also holds a strategic investment in OpenBrick, a blockchain-based real estate financing platform. The firm manages approximately €1,600 million in Assets Under Management (AUM) and maintains exclusive agreements with institutional leaders for project financing and execution.

Differentiator

Problem solved

Functional benefit

Products and services

• InfraDigital Investment Sector InfraDigital is Teras Capital's digital infrastructure investment sector covering fiber networks, mobile towers, and data centers. It is the firm's primary thesis area for proprietary deal origination and co-investment alongside institutional partners. Targets Southern European regional telecom and data center assets.
• InfraSports Investment Sector InfraSports is Teras Capital's sports infrastructure investment sector that combines sports facility development with associated real estate, currently focused on artificial surf parks and urban beach destinations developed in partnership with established operators such as Stoneweg and Atlético de Madrid.
• Olin Group Olin Group is the joint investment vehicle of Asterion Industrial Partners and Teras Capital for consolidating regional telecommunications operators and infrastructure in Spain. It provides wholesale fiber services through the Olinfra network and retail services through acquired local operators, targeting ~1.8 million homes passed by 2025.
• Templus Templus is the regional data center platform in Southern Europe jointly launched by ICG and Teras Capital. It is built on a business model emphasizing customer proximity, security, and high energy efficiency, and is targeting more than 20 data centers across the Iberian Peninsula with 60+ MW installed capacity.
• Stoneweg InfraSports Stoneweg InfraSports is the joint venture between Stoneweg and Teras Capital focused on acquisition, development, and operation of artificial urban surf destinations in Europe, currently developing projects in Madrid and Birmingham using Wavegarden wave-generation technology.
• Gemswell Surf Madrid Gemswell Surf Madrid is Europe's largest artificial surf lagoon project (23,000 m²) being developed within Atlético de Madrid's Ciudad del Deporte complex under Stoneweg InfraSports. It features Wavegarden wave technology, food and beverage, retail, and surf school components, and is projected to attract 500,000 annual visitors and create more than 100 direct jobs when opening in spring 2027.
• OpenBrick OpenBrick is a digital platform co-invested by Teras Capital and BME (Spanish stock exchange operator) using blockchain technology for issuance, management, and trading of tokenized securities tied to real estate projects, designed to innovate real estate financing through digital securities.

Quantifiable outcome

• Gemswell Surf Madrid: €60M+ investment, 23,000 m² surf lagoon (largest in Europe), 500,000 annual visitors, 100+ direct jobs projected
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• Grupo AirecoreStrategic or Co-development Partner · 1 January 2026Grupo Aire sold its data center business in Lisbon, Madrid, and Valencia to Templus, and became a strategic partner of Templus, retaining customers while gaining access to Templus's network of data centers in Spain and internationally.
• AtlasEdgecoreStrategic or Co-development Partner · 1 December 2025AtlasEdge sold nine data centers to Templus in Madrid, Barcelona, Milan, Zurich, Paris, Amsterdam, London, Leeds, and Copenhagen, enabling Templus to start its international expansion with 60+ MW and 750+ customers. AtlasEdge retained operational responsibility until transaction completion.
• Bolsas y Mercados Españoles (BME)minorStrategic or Co-development Partner · 1 November 2024BME (Spanish stock exchange operator) partnered with Teras to invest in OpenBrick, a blockchain-based real estate tokenization platform. This collaboration aims to innovate real estate financing through digital securities and tokenized assets.
• Grupo LarminorStrategic or Co-development Partner · 1 November 2024Grupo Lar is a diversified real estate group with 50+ years operating in Europe and America. Strategic partner in OpenBrick platform for real estate financing innovation.
• GarriguesminorImplementation/ SI/ Consulting Partner · 1 November 2024International legal and tax advisory firm. Strategic partner in OpenBrick platform providing legal and regulatory advisory for tokenized real estate securities.
• StonewegcoreStrategic or Co-development Partner · 1 June 2023Stoneweg is a Swiss real estate investment group (Ginebra) with ~€11B AUM (June 2025). Together with Teras, Stoneweg formed Stoneweg InfraSports joint venture for artificial surf parks in European urban locations. Stoneweg also represents a real estate investment partner for broader project financing.
• WavegardencoreTechnology or Integration · 1 June 2023Wavegarden is a Spanish world leader in artificial wave generation technology (Wavegarden Cove). Used in Gemswell Surf Madrid (23,000 m², Europe's largest) and Birmingham surf park. Supplier of wave-generating machinery with energy recovery systems and minimal water/energy consumption.
• Atlético de MadridcoreStrategic or Co-development Partner · 1 June 2023Atlético de Madrid is the sports club developing Ciudad del Deporte around Riyadh Air Metropolitano stadium. Partnered with Stoneweg InfraSports for the wave park project. The Ciudad del Deporte spans 1.14M m² including 265,000+ m² of sports areas.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Asterion Industrial Partners:

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/teras-capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Teras Capital