Ithaka Infrastructure Partners
Ithaka Infrastructure Partners is a Madrid-based private investment manager, founded in 2014 and regulated by the CNMV, that provides flexible capital to European mid-market infrastructure opportunities for institutional investors through its Ithaka Infra Fund III closed-end vehicles.
- Company typePrivate
- Founded2014
- HeadquartersMadrid, Spain
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Ithaka Infrastructure Partners does
Ithaka Infrastructure Partners is a Madrid-based private investment management firm founded in 2014 by Alejandro Seco and CEO/CIO role and Esther Adroher (Chief Legal Counsel and CSO), providing flexible capital to European mid-market infrastructure opportunities. Operating through its legal entity Ithaka Infrastructure Partners SGEIC, S.L., the firm is registered and regulated by the CNMV (Spanish securities regulator) under registration number 233 as a management company for closed-end collective investment entities, with offices in Madrid (headquarters) and Luxembourg. Ithaka targets institutional investors — pension funds, insurance companies, and sovereign wealth funds — seeking exposure to European mid-market infrastructure with the dual objectives of high current distributions and downside protection.
The firm's core product is the Ithaka Infra Fund III family of closed-end collective investment vehicles, available in multiple structures (standard FCR, March FCR, March SCR, S.A.) and share classes (A2, C, E) targeted at institutional investors with Key Information Documents. Investments span energy, environmental, digital, social, urban, and sports infrastructure, with disclosed transactions including a €65 million investment for a 30% stake in the commercial operations of FC Porto's Estádio do Dragão under a 25-year StadCo partnership, a €170 million joint acquisition of Ferroatlántica (10 hydroelectric plants totaling 167MW and 2 ferroalloy plants) with TPG, a 100% acquisition of Duet Spa Sports (11 sport centers under public concessions), and a structured stadium partnership with a first-tier Spanish football club.
Ithaka's revenue model combines recurring fund management fees charged to institutional limited partners with performance-based carried interest on successful exits. The firm operates thematically-driven sourcing combined with a flexible capital mandate and a strict underwriting framework. From 2015 to 2023 Ithaka operated under a management services agreement with Sixth Street Partners, becoming a fully independent investment firm in 2024. The team of 11-50 professionals includes founding partners, principals, an operating partner, head of investor relations and capital formation, legal counsel, and senior advisors drawn from leading infrastructure, utility, banking, and advisory platforms including FCC, Naturgy/Union Fenosa, TPG, OMERS Infrastructure, Allianz Capital Partners, Stonepeak, EY, and Santander.
Ithaka Infrastructure Partners firmographics
Firmographics- Name
- Ithaka Infrastructure Partners
- Legal name
- Ithaka Infrastructure Partners SGEIC, S.L.
- Website
- https://ithaka.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Ithaka Infrastructure Partners is a Madrid-based private investment manager, founded in 2014 and regulated by the CNMV, that provides flexible capital to European mid-market infrastructure opportunities for institutional investors through its Ithaka Infra Fund III closed-end vehicles.
- Ownership category
- akta.pro rank
Ithaka Infrastructure Partners industry classification
Industry- Product category
- Infrastructure Investment Management
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investors, Nec (6799)
- akta.pro primary industry
- Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA)
Keywords
Where Ithaka Infrastructure Partners is headquartered
LocationHeadquarters
- HQ city
- Madrid
- HQ country
- Spain
- HQ region
- Europe
Offices2 records
Markets served
Ithaka Infrastructure Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Fund Management Fees: Management fees charged to institutional investors for managing closed-end collective investment vehicles focused on European infrastructure
- Carried Interest: Performance-based carried interest from successful investment exits and value creation across portfolio
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Ithaka Infrastructure Partners product offering
Product offeringCore offering
Ithaka Infrastructure Partners is an investment management firm that provides flexible capital to European mid-market infrastructure opportunities. It manages closed-end collective investment vehicles (FCR and SCR structures), including the Ithaka Infra Fund III family, targeting investments across energy, environmental, digital, social, urban, and sports infrastructure sectors to deliver high current distributions, downside protection, and value creation for institutional investors.
Product overview
Ithaka Infrastructure Partners is an investment management firm that offers a family of closed-end collective investment vehicles (FCR and SCR structures) focused on European mid-market infrastructure opportunities. The core product suite includes Ithaka Infra Fund III in multiple variants (standard FCR, March FCR, and March SCR), targeting investments in energy, environmental, digital, social, urban, and sports infrastructure sectors. The funds aim to deliver high current distributions, robust downside protection, and multiple value creation levers for institutional investors.
Differentiator
Problem solved
Functional benefit
Products and services
- Ithaka Infra Fund III (FCR / SCR family) A family of closed-end collective investment vehicles (FCR and SCR structures) managed by Ithaka and registered with Spain's CNMV. Targets European mid-market infrastructure investments across energy, environmental, digital, social, urban, and sports infrastructure sectors, with the objective of delivering high current distributions, robust downside protection, and multiple levers of value creation for institutional investors.
Quantifiable outcome
- Full exit with significant returns on hydro assets portfolio (2019-2023)
- +1 more outcomes
Companies that use Ithaka Infrastructure Partners
Customer profileNamed customers4 records
Segments1 record
Ideal customer profiles1 record
Ithaka Infrastructure Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Ithaka Infrastructure Partners partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- FC Portocore25-year StadCo partnership with FC Porto to operate Estádio do Dragão via long-term operations agreement. €65 million investment for 30% stake in commercial operations including naming rights, hospitality, ticketing, museum, and non-sporting events.
- LegendsminorLegends serves as commercial advisor for the FC Porto Estádio do Dragão partnership, providing expertise in stadium commercial operations based on experience with Real Madrid and FC Barcelona.
- Key Capital PartnersminorKey Capital Partners facilitated the FC Porto transaction as advisor on the deal.
- First Tier Spanish Football ClubcoreStructured strategic StadCo partnership with first-tier Spanish football club to operate its stadium via long-term operations agreement (investment date 2022).
Scale indicators6 records
Recent moves7 records
Expansion highlights5 records
Ithaka Infrastructure Partners competitors and assessment
Company assessmentDirect peers
- Meridiam: Paris-headquartered developer and long-term investor in European public infrastructure including energy, mobility, and social assets. Comparable mid-market European infra mandate with similar sustainability orientation.
- EQT Infrastructure: Swedish-based fund manager running large-scale European infrastructure strategies across energy, transport, and digital. Direct competitor for European institutional capital with similar thematic sourcing approach.
- Cube Infrastructure Managers: Luxembourg-based European mid-market infrastructure manager with local presence and pan-European investment focus. Highly comparable given Luxembourg office overlap and similar European mid-market strategy.
- Whitehelm Capital: European-headquartered mid-market infrastructure investor focused on essential public-service assets. Comparable AUM scale and European institutional LP base.
- Arcus Infrastructure Partners: European mid-market infrastructure manager with a long-term, value-add mandate. Comparable scale and investor base, focused on similar assets in transportation, energy, and digital infrastructure.
- Antin Infrastructure Partners: Paris-based independent infrastructure fund manager focused on European mid-market opportunities with a flexible capital mandate. Direct competitor for European institutional LPs and a benchmark for Ithaka's fundraising trajectory.
- I Squared Capital: Global infrastructure mid-market investor with significant European activity across energy, utilities, and digital infrastructure. Comparable fund size and flexible-capital approach targeting similar LPs.
Broad incumbents
- Macquarie Asset Management: Global infrastructure investment giant and largest infrastructure manager globally. Sets the standard European institutional LPs benchmark against; broadly competes in same RFPs though at much larger ticket sizes.
- Brookfield Infrastructure: Global infrastructure operator-investor with deep European utility and renewable exposure. Broad incumbent that competes with Ithaka on European mid-market deals, particularly in renewables where the team has prior FCC/Fenosa experience.
- Partners Group: Swiss global private markets firm with significant European infrastructure exposure across mid- and large-cap. Competitor for European institutional LPs though at materially larger scale than Ithaka.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Ithaka Infrastructure Partners social profiles
Digital presenceIthaka Infrastructure Partners compliance and trust
Trust signalCompliance2 records
Ithaka Infrastructure Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ithaka Infrastructure Partners leadership team
Management profileNumber of profiles
Profiles15 records
Ithaka Infrastructure Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ithaka Infrastructure Partners M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ithaka Infrastructure Partners
What does Ithaka Infrastructure Partners do?
Ithaka Infrastructure Partners is an investment management firm that provides flexible capital to European mid-market infrastructure opportunities. It manages closed-end collective investment vehicles (FCR and SCR structures), including the Ithaka Infra Fund III family, targeting investments across energy, environmental, digital, social, urban, and sports infrastructure sectors to deliver high current distributions, downside protection, and value creation for institutional investors.
Is Ithaka Infrastructure Partners a public or private company?
Ithaka Infrastructure Partners is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Ithaka Infrastructure Partners founded?
Ithaka Infrastructure Partners was founded in 2014. It employs 11 to 50 people.
Where is Ithaka Infrastructure Partners based?
Ithaka Infrastructure Partners is headquartered in Madrid, Spain, in the Europe region.
How does Ithaka Infrastructure Partners make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest.
Who are Ithaka Infrastructure Partners's main competitors?
Direct peers on record are Meridiam, EQT Infrastructure, Cube Infrastructure Managers, Whitehelm Capital, Arcus Infrastructure Partners, Antin Infrastructure Partners and I Squared Capital. Broad incumbents are Macquarie Asset Management, Brookfield Infrastructure and Partners Group.
Does Ithaka Infrastructure Partners have an API?
No public API is recorded for Ithaka Infrastructure Partners.
What industry is Ithaka Infrastructure Partners in?
Ithaka Infrastructure Partners's product category is Infrastructure Investment Management. Its primary akta.pro industry code is FSANAEAA, Core Infrastructure Funds (Transport, Social, Digital, Utilities). Its NAICS code is 525 and its SIC code is 6799.