Firms To Watch: Private equity

ECIJA has handled a number of high-value fundraising, investment and financing round matters of late, both early- and late-stage, acting on behalf of start-ups, companies and venture capital funds in the process; the team includes technology and media specialist Emilio Prieto.

Private equity in Spain

Clifford Chance

The ‘excellent’ private equity practice at Magic Circle firm Clifford Chance serves as ‘a one-stop shop', guiding clients through the full array of relevant matters, including fund structuring and acquisition finance. Javier Amantegui heads the local practice and was also recently appointed as lead of the firm’s European financial investors practice; he is particularly knowledgeable of the infrastructure sector and is supported by banking, energy and natural resources industry specialist Samir Azzouzi. The team also enjoys notable depth beyond partner level, where Javier Hermosilla is developing a first-rate reputation for consumer, goods and retail sector-related deals, and fellow senior associate Jorge Martín has played a pivotal role on an abundance of standout transactions in recent months. The department has also overseen a handful of prominent transactions within the TMT field recently, and caters to an expansive roster of sovereign wealth, pension and specialist infrastructure funds, in addition to private equity houses.

Practice head(s):

Javier Amantegui

Other key lawyers:

Samir Azzouzi; Javier Hermosilla; Luis Alonso; Jaime Velazquez; Guillermo Guardia; Jorge Martín


‘Cliford Chance’s private equity team is technically excellent, covering all areas, commercial, looking for solutions to problems that also anticipates and focuses on what is important. The quality and service provided are very high.’

‘They focus on what is important, always anticipating possible problems and looking for solutions. They give a lot of confidence to the client since they perfectly understand the market and the transactions.’

‘It’s a one-stop shop. They have a very commercial approach and you can be sure to get the most solid advice all the way from the original transaction (including diligence, contractual negotiation, etc.) to the actual running of the investment (Board secretary support, definition of management incentive schemes, etc).’

‘Clearly the depth of technical knowledge but combined with an acutely aware commercial spin. Dedication and client service are superb.’

Key clients

Altamar Capital Partners

Asterion Industrial Partners



Caisse de dépôt et placement du Québec (CDPQ)





Macquarie Infrastructure and Real Assets

Ontario Teachers’ Pension Plan

PSP Investments

Partners Group


Stirling Square Capital Partners

Trilantic Capital Partners


Work highlights

  • Advised KKR on the sale by Telxius of its telecoms towers division to American Towers Corporation for €7.7bn, and also advised KKR on a €1.5bn bolt-on acquisition by Telxius.
  • Advised MASMOVIL on the tender offer by KKR, Cinven and Providence on the friendly €5bn takeover bid and the subsequent takeover bid for Euskaltel.
  • Advised international private equity firm Cinven on the agreement reached with Restaurant Brands Iberia’s (RB Iberia) current shareholders on its acquisition of a majority stake in RB Iberia’s share capital.


One of the most prominent law firms operating in the market in Spain’, Magic Circle outfit Linklaters covers private equity matters in their entirety, from fund transactions, LBOs and distressed deals through to equity and debt investments. The ‘hugely valuableVíctor Manchado leads the firm’s corporate department, often bringing his expertise to the establishment, acquisition and restructuring of private equity funds. The team also includes senior partner Alejandro Ortiz, one of the firm’s leaders of the global financial sponsors’ support group, who has personally acted on over 30 takeover bids in recent years. Up-and-coming partner Carmen Burgos has led on a number of cross-border transactions recently, while at the more junior end, Esteban Arza, who was appointed partner effective May 2022, is praised by one client as ‘one of the best all-round lawyers in the market’.

Other key lawyers:

Víctor Manchado; Alejandro Ortiz; Carmen Burgos; Lara Hemzaoui; Alexander Kolb; Esteban Arza; Jose María López


‘Excellent support throughout the entire process, great communication with external parties, deep knowledge about the Spanish market and competitive process dynamics.’

‘Victor Manchado was an excellent counterpart for us in Spain. His knowledge of the Spanish market was hugely valuable. He is a great communicator, very commercial and reliable. He is also really good at finding solutions that work both for the sellside and the buyside. I thoroughly enjoyed working with him and his team.’

‘Linklaters is one of the most prominent law firms operating in the market in Spain. They have been present in the most relevant transactions for many years, they have very complete and sophisticated teams, the degree of attention and focus on the client is higher than other firms.’

‘Alexander Kolb is a very prominent partner. The quality of the service, the dedication, the range of solutions he offers is very wide.’

‘The team is excellent and clearly covers all the needs that may arise in a transaction.’

‘Proactivity in the search for solutions is very relevant.’

‘A very high quality team. They acted for us on a voluntary partial tender offer in Spain and they were very strong on both technical and strategic aspects. The team we worked with had extremely strong written and verbal English (perfect fluency in both cases).’

‘The whole team were strong but stand out in particular was Counsel Esteban Arza, who provided strategic and practical advice and who is an excellent and diplomatic negotiator – one of the best all round lawyers I have worked with in the market throughout 12 years in M&A.’

Uría Menéndez

Uría Menéndez provides a full-service private equity service, supporting on fund formation, fundraising, equity investment, debt financing and divestment matters, among others. In addition to its comprehensive domestic activities, the firm is a go-to for transactions pertaining to the Latin American market, fielding 380 lawyers and six offices in the region. The team also often operates in close collaboration with its colleagues in the New York, London and Brussels offices, and includes Christian Hoedl, a market veteran who holds a distinct track record in quoted company deals. Francisco San Miguel caters to local and international players involved in large and mid-market transactions; he co-heads the team alongside Manuel Echenique, who complements his transactional capabilities with expertise in structured, acquisition and project finance.

Practice head(s):

Manuel Echenique; Francisco San Miguel

Other key lawyers:

Christian Hoedl


‘They have extensive knowledge but above all they are very decisive. They have a very practical approach and always oriented to solve the issues. Manuel Echenique is the partner I work with.’

‘Great technical knowledge. Maximum availability. Good time management.’

‘Christian Hoedl is a standout’

‘Professionalism and absolute availability. They treat matters as if they were their own. The client feels accompanied at all times.’

‘They are close, decisive and always available.’

Key clients


APAX Partners


Helia Renovables


Asterion Industrial Partners

GPF Capital

MCH Private Equity Investments


Alantra Partners

Allen & Overy

Allen & Overy, one of the Magic Circle firms, is home to ‘great practical knowledge of M&A operations in the area of private equity’. Iñigo Del Val demonstrates a notable track record in representing some of the market’s largest fund investors and private equity houses, supporting them on both traditional and venture capital investments. Ignacio Hornedo co-heads the practice alongside Del Val, and the pair are particularly proficient when it comes to deals in the real estate, energy and infrastructure sectors.

Practice head(s):

Íñigo del Val; Ignacio Hornedo


‘Great practical knowledge of M&A operations in the area of private equity. They participate in numerous international operations and, consequently, have experience in the latest trends in the sector.’

Key clients



OEP (One Equity Partners)




Sinia Renovables



Work highlights

  • Advised EQT on the sale of Igenomix to Vitrolife.
  • Advised EQT on the acquisition of Idealista, the online real estate classifieds platform, from fund Apax Partners, for an amount of €1.35bn.
  • Advised ICG on the acquisition by ICG of a majority stake in the share capital of Alvinesa Natural Ingredients, for a deal value of €320m.


Cuatrecasas fields a team of experienced corporate lawyers with in-depth knowledge of private equity and venture capital deals, who are able to call upon their colleagues in finance, tax and employment when required. The firm is well equipped to handle cross-border mandates, owing to its extensive network across the UK, US, Africa, Asia, the Middle East and Latin America. Names to note include Francisco Martínez Maroto, a lawyer who is especially accomplished in infrastructure and renewable energy-related investments; Javier Villasante, highly regarded by his client roster of private equity firms, family businesses and IBEX 35 groups; as well as technology, banking and pharmaceutical sector specialist Diana Rivera.

Practice head(s):

Francisco Martínez Maroto; Diana Rivera; Isabel Gandoy

Other key lawyers:

Javier Villasante

Key clients


























Work highlights

  • Advising Platinum Equity on acquiring Urbaser, with a deal value of €3.5bn.
  • Advising KPS Capital Partners on the Spanish part of acquiring the Crown Holdings tinplate business in Europe.
  • Advising Q-Energy on selling a portfolio of 73 photovoltaic power plants, with a total capacity of 216MW to CDPQ, with a value of €1.3bn.


Garrigues is able to deploy its offices across Madrid, Lisbon, London, Brussels, Morocco, China and New York to serve the entire spectrum of private equity players, from prominent international sponsors through to local mid-market funds. Team head José Manuel Martín demonstrates a strong capacity to manage some of the market’s largest deals, including leveraged buyouts, and is supported by Àlvaro López-Jorrín, who is especially well versed in the financial services sector. Elsewhere, María Fernández-Picazo is a specialist on both the transactional and fundraising fronts, with considerable experience in leveraged finance, MBIs and MBOs, while José Luis Ortín provides the team with considerable knowledge of venture capital and secondary market investments. Félix Ferreño was recently promoted to partner and excels at all stages of the investment lifecycle.

Practice head(s):

José Manuel Martín

Other key lawyers:

Àlvaro López-Jorrín; María Fernández-Picazo; Félix Ferreño; José Luis Ortín


‘Very good technically, absolute availability and excellent problem solving’.

‘Very in-depth knowledge of the mid-market and its multiple agents. Large network. Maximum availability.’

‘Jose Manuel Martin Garcia is recommended.’

‘Jose Luis Ortin and his team have worked for us on a few recent transactions in Spain. Whenever he is called upon he knows the detail and proposes a sensible solution. Has a very pleasant understated manner and is very willing to help.’

‘Very responsive and solution oriented. Hard working and clearly know how to work on private equity transactions.’

Key clients







































Work highlights

  • Advised Advent International in the acquisition of 76 dental clinics operated in Spain under the Dentix brand within the insolvency proceedings of the sellers.
  • Advised MCH on the acquisition of a controlling stake in Grupo Llusar, a Spanish group engaged in the production, harvesting and commercialisation of premium citrus.
  • Advised Providence Strategic Growth on the acquisition of Ivnosys Soluciones, a company engaged in the B2B e-certification and secure communications platform business, from its current shareholders.

Latham & Watkins LLP

Latham & Watkins LLP, an international firm headquartered in the US, guides investment funds and private equity houses through their activities in a variety of sectors, including real estate, technology, financial services and industrial manufacturing. Ignacio Pallarés is often instructed by global funds in respect of their inward investments into Spanish entities; his team includes José Antonio Sánchez-Dafos, a lawyer with strong ties to the Portuguese market, as well as Ignacio Gómez-Sancha, whose key strengths include restructurings and special situations.

Practice head(s):

Ignacio Pallarés

Other key lawyers:

José Antonio Sánchez Dafos; Ignacio Gómez-Sancha

Key clients

Platinum Equity


The Carlyle Group

Partners Group



Triton Partners


Nazca Capital


Inflexion Private Equity Partners

Work highlights

  • Advised Platinum Equity on its €3.5bn acquisition of Spanish waste management company Urbaser.
  • Advised KKR on the sale of its Spanish portfolio companies Papresa and Grupo Gallardo.
  • Advised Activum on the acquisition of Hotel Nobu, located in Barcelona’s emblematic Torre Catalunya, from Selenta Group.


Leveraging its presence in Madrid, Barcelona, New York and London, Pérez-Llorca is geared to handle all stages of significant private equity transactions; its lawyers support on fundraising, transaction structuring, due diligence and shareholders’ agreements, among other matters, and excel across the full array of transaction types, including competitive tender, public-to-private, LBO, MBO, MBI and divestment deals. Pablo González Mosqueira leads the practice, which counts hedge, private equity, real estate and investment funds among its clients, in addition to investment funds involved in distressed deals.

Practice head(s):

Pablo González Mosqueira

Other key lawyers:

Pedro Pérez-Llorca; Javier Carvajal

Key clients



CVC Capital Partners


DE Shaw

Rhône Capital





Work highlights

  • Advising CVC in relation to its 20% stake in Naturgy and the partial takeover bid for this company announced on 26 January by IFM, for an amount of €5.06bn.
  • Advised Zegona, the largest shareholder in Euskaltel, on the negotiation and execution of the irrevocable undertaking, representing 21.438% of its total share capital, in the framework of a takeover bid launched by Masmovil Ibercom.
  • Advising DIA on its €1.028bn share capital increase.

Ashurst LLP

Silver Circle firm Ashurst LLP provides a full-service private equity offering, acting on fund structuring and establishment, investment structures, capital raising and acquisition finance mandates in addition to a wealth of deal types such as MBOs, MBIs and LBOs. Jorge Vázquez leads the practice and holds distinguished expertise in respect of distressed asset transactions; his team, which is also equipped to support on advisory and litigious tax matters, serves a varied roster of debt and infrastructure funds, institutional investors and investment banks, among others.

Practice head(s):

Jorge Vázquez

Other key lawyers:

José Christian Bertram; Pedro Ester


Very good partners who are actively involved in cases.’

‘Pedro Ester’s customer focus and legal knowledge as a responsible partner. Above all, his ability to seek out-of-the-box solutions for complex transactional problems.’

‘Pedro Ester in my opinion is one of the top corporate lawyers in Spain. For knowledge, pro deal attitude and ability to face complex issues, transmitting peace of mind to the client.’

‘Proactivity, availability, great human treatment and expertise.’

Key clients

ABE Capital Partners SGEIC, SA

Corsair Capital

Bank of Ireland

Barings International Investment Limited (Massachusetts Mutual Life Insurance Company)




HIG Capital

Work highlights

  • Advised private equity fund manager ABE Capital Partners on the acquisition of a majority stake in Plain Concepts, a company specialising in projects for the digital transformation of companies.
  • Advising Corsair Capital in relation to its investment in Itínere, including the management of the controlling stake in the company and its relationship with Globalvía.
  • Advising Bank of Ireland on the financing of the acquisition of VASS by One Equity Partners.

Baker McKenzie

A team which ‘stands out for understanding all stages of the transaction process’, Baker McKenzie is home to a dedicated funds practice, which supports on formation, spin off, investment strategy, regulatory and financing mandates. Luis Casals is well versed in leveraged buy outs, acquisitions and disposals and is particularly active on the cross-border front, benefitting from the firm’s far-reaching international network; he co-leads the practice with Javier Menor, who deploys his 20 years of experience to ‘see the whole picture’. Key sectors include healthcare, pharmaceuticals, food and consumer.

Practice head(s):

Javier Menor; Luis Casals

Other key lawyers:

Jorge Adell; Juanjo Corral; Cristina Rios


‘We receive the same level of dedication and thoroughness as if the team were our own internal counsel, however with the depth, resources, and expertise of being an internationally recognized law firm.’

Excellent training, great experience, humility, availability and closeness.’

‘We have always received an exemplary service from the Bakers team in Madrid, led by Luis Fuster. Nothing is too much trouble and they always go the extra mile to meet the often tight deadlines. I have the utmost confidence and faith in the advice which they provide.’

‘Luis Fuster leads the team by example. His commitment and client focus is outstanding and he works tirelessly to get the job done.’

‘The BM team is technically very good and stands out for being involved in understanding all stages of the transactional process and the operation, giving its opinion and adding value in small details that can make a difference. Its attention, availability and reaction are excellent and lawyers are always being available to act and help the investment fund when necessary.’

‘Jorge Adell has extensive experience and skill in this sector. He is very efficient, has a great capacity for work and a great ability to identify and solve the most relevant issues of each operation. He leads a dedicated and well-trained team, each assuming their responsibility in perfect coordination, like the machinery of a clock.’

‘Baker is our go-to law firm. Due to quality of service and results orientation, we have been loyal to them for years.’

‘We usually work with Javier Menor as a reference partner in commercial matters. His team also works very well, including Cristina Rios. As a great differentiation, I would say that they have the common sense and autonomy necessary to be able to negotiate business issues without us being present in all decisions. They are able to see the whole picture and do a complete job without falling into excessive formalities.’

Key clients



Abac Solutions




Rolnik Capital



Global X

Westfort Capital


HI Partners





Abac Capital

Work highlights

  • Advised Idealista on the sale to EQT, a Swedish private equity firm.
  • Advised Puig, a family-owned fashion and fragrance group based in Barcelona, on its joint venture with private equity firm BDT Capital Partners on the acquisition of a stake in make up and beauty brand Charlotte Tilbury.
  • Advising private equity fund Abac Solutions Manager on the sale of 100% of the shares of Building Materials Venture (BMV) to Blackstone-backed Building Materials Europe (BME).

DLA Piper

DLA Piper has recently employed its broad geographical footprint to act on matters pertaining to Belgium, Italy, France, Germany, the Netherlands, Peru, the UK and the US, among other jurisdictions. José María Gil-Robles serves as practice head and is adept in a wide range of matters, including the tax and legal structuring of investments, due diligence processes and transaction-related agreements. Clients include private equity investors, hedge funds, management teams, debt providers and portfolio companies, which rely on the group for its full-service offering, which also covers refinancing and debt restructuring affairs. Teresa Zueco left the firm in November 2021.

Practice head(s):

José María Gil-Robles

Other key lawyers:

Joaquín Echánove; Enrique Chamorro


‘Very high quality personalised attention and flexibility in availability.’

‘This is a people business and Joaquin Echánove has been crucial to closing the transaction thanks to their work and determination to do things right and give the best possible client service.’

‘Dedication and availability. Really understand client needs and adapt accordingly. Team is always available.’

‘Attention to detail – they have comprehensive view of all legal doc’s and very much aware of the implications changes can have on overall documentation.’

‘Problem solvers rather than problem makers. I would count on Joaquín Echánove and team on future projects.’

Key clients

Avenue Capital

Allianz Real Estate

Waterfall Asset Management


Globant España Sau

Lineage Logistics Holdings

Waterland Private Equity

Formentor Capital Partners

Starwood Capital Europe Advisers

GED Iberian Private Equity

Adamo Telecom (EQT)

Colisée Patrimoine Group SAS (“Colisée”)

Sherpa Capital

Baluarte Capital


Iberica Partners

Work highlights

  • Provided advice to companies owned by funds managed by Avenue Capital in the debt restructuring of listed company Quabit, which involves the conversion of sustainable debt into preferred shares.
  • Advised Allianz Real Estate on the €140m acquisition of Elix Vintage Residential Socimi from KKR.
  • Advising GED Iberian Private Equity on its buy and build consolidation project in Europe.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo fields a dedicated private equity and venture capital department, which routinely supports on the full life-cycle of investments, including fund formation, finance and tax structuring. The practice is led by Iñigo Erláiz, a ‘magnificent lawyer’, who represents both sponsors and target companies in a wealth of deal types including PIPEs, MBOs and LBOs. Augusto Piñel has distinguished experience in advising distressed funds, and is also a go-to for investments into listed companies, while the recently promoted Pablo Fernández Cortijo is carving out a reputation for his work on hybrid structures.

Practice head(s):

Íñigo Erláiz; David González; Álvaro Mateo

Other key lawyers:

Augusto Piñel; Pablo Fernández Cortijo; Alex Pujol


Office with highly interconnected teams that allow a multidisciplinary approach to problems. Huge experience in Spain and great knowledge of all the counterparts. proportion of seniors (partners) is high, and also constantly involved in the transaction and present at all meetings.’

‘Alex Pujol is a benchmark in corporate M&A. He differs from his competitors by his active involvement in matters, speed of response, great experience in the corporate M&A world. In addition, he efficiently manages teams and affairs.’

‘Professional quality of the team, rigor in the practical application of legal technique, constant innovation in the search for solutions and impeccable client service.’

‘Iñigo Erláiz is a magnificent lawyer, very knowledgeable about the different situations that may appear in operations and with great capacity to mobilise resources from different practices in his firm. I would highlight his polite, correct and conciliatory treatment, calm, serene and with great commercial vision to close agreements.’

‘Very experienced and with a lot of experience in venture capital. Especially strong compared to other lawyers in the VC world in Spain.’

‘Alex Pujol is a deal maker, he knows perfectly the ecosystem, the contracts and knows how to differentiate between the normal and the exceptional.’

‘The GAP team is made up of great lawyers with extensive experience in advising on M&A operations. The main added value is the combination of experience and technical solvency with the flexibility and value approach towards the industrial client, which is generally not used to processes of these characteristics.’

Key clients

MCH Private Equity Fund

Avior Capital

Springwater Capital



Miura Private Equity

Spain Oman Private Equity

Platinum Equity


Sherpa Capital

GALA Capital

Appaloosa Management

Ares Management

Avenue Capital

Warwick Capital Partners

GSO Capital

Alchemy Partners

Work highlights

  • Provided advice to Miura Fund III on the acquisition of the subsidiaries of Terrats Group and the subsequent investment of the executive team of Terrats Group in a newly formed holding company.
  • Advised JP Morgan and Ben Oldman Partners on the capital inflow in the Spanish fitness company Forus.
  • Advising Qualitas Equity PE Firm on the sale of a portfolio of 73 solar plants in Spain to the Canadian private equity firm CDPQ.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP counts on its Silver Circle status as well as its broad international network to advise on matters across EMEA, Asia and Latin America. Led by Alberto Frasquet, Nicolás Martín and Pablo García-Nieto, the practice is principally focused on deals within the TMT, healthcare, education, consumer and retail, infrastructure, industrials, energy and manufacturing sectors. Its lawyers are geared to act for investors, sellers, sponsors, management and financiers on a broad array of M&A, private equity and distressed asset transactions.

Practice head(s):

Alberto Frasquet; Nicolás Martín; Pablo García-Nieto

Other key lawyers:

Armando García-Mendoza; Beatriz del Rey; Marcos Fernández-Rico; Óscar Cabezuela


‘They have a lot of customer focus. Pablo Garcia-Nieto is the partner I work with.’

‘Proactivity of the partners, especially Alberto Frasquet. Legal knowledge. Ability to give advice in multiple jurisdictions.’

‘Alberto Frasquet and Marcos Fernández-Rico stand out from the competition. Alberto has a capacity to structure complex solutions superior to the competition.’

The HSF team has the ideal size to efficiently cover the private capital area. Technical quality and constant availability are two aspects of the team that stand out. HSF offers a service not only in Spain but also covering other jurisdictions, always maintaining a single point of contact led by Óscar and Marcos. This makes HSF unique.’

‘Óscar Cabezuela stands out for his creativity in counseling. He has an exquisite technical capacity and the ability to analyse matters globally, avoiding possible risks for the client. Marcos Fernández-Rico has the ability to understand complex legal problems applying simple solutions. Marcos stands out for finding solutions and not problems. A great lawyer to have on your side in complicated negotiations.’

Key clients

Pamplona Capital Management

Antin Infrastructure Partners

PAI Partners

Magnum Industrial Partners

Cristian Lay

Asterion Industrial Partners

BD Capital Limited

Abac Capital

DeA Capital Alternative Funds

Nazca Capital

Peninsula Capital Partners

Work highlights

  • Advised Antin Infrastructure Partners on the acquisition of a majority interest in Miya Group from Bridgepoint.
  • Advised PAI Partners on the acquisition of a majority stake in Angulas Aguinaga Group.
  • Advised DeA Capital on the acquisition of 60% of Alimentación y Nutrición Familiar (Alnut), a Spanish company specialising in family and infant nutrition, owned by Foodiverse.

Hogan Lovells International LLP

Multinational firm Hogan Lovells International LLP is engaged by a broad range of industry players including private equity houses and alternative asset managers in addition to international, real estate, debt, pension and infrastructure funds. Graciela Llaneza helms the practice and is especially accomplished in the consumer, financial services, healthcare and energy fields; the wider team is also well versed in a number of other regulated industries such as TMT, transport, insurance and education.

Practice head(s):

Graciela Llaneza

Other key lawyers:

José María Balañá


‘The team has broad capabilities and a great depth of resources. The quality of advice is also very high. I would also highlight the efficiency of lawyers, with excellent management and negotiation skills, providing a very accessible and personalized service. From a technical point of view, it’s clear that lawyers have a lot of experience in international matters, as demonstrated by their interlocutory skills.’

‘Graciela Llaneza is a real deal-maker. What I really like about Graciela is that you can always trust her to do a good job, from the beginning until the end. She is also extremely responsive. Graciela focuses on the relevant things without getting lost in the details. She is very efficient at solving problems. You really feel you’re the only client she has.’

‘Extraordinarily delivered, brilliant and responsive at any moment during the execution of the deal. Helping clients has always been an inestimable value for clients since they have always been able to detect critical points throughout the negotiation, as well as get their advice right.’

‘My experience in transactions with Hogan Lovells has been spectacular. The splendid legal defense and the availability of the entire team has been critical in the execution.’

Key clients

Acon Investments

Tresmares Private Equity

Oquendo Capital

H.I.G. Capital

Stellex Capital Management

Alantra Private Equity

Gala Capital

Firmum Capital

Tikehau Capital

Cranemere Group Limited

Korelya Capital

Work highlights

  • Advising Acon Investments on its acquisition of a majority stake in Formación Alcalá, an e-learning platform for health professionals.
  • Advising Korelya Capital on the signing of an investment agreement worth $840m in used goods marketplace Wallapop.
  • Advising Alantra on its acquisition of a majority stake of Surexport.

King & Wood Mallesons

King & Wood Mallesons fields a dedicated team for fund structuring work, an area in which the firm enjoys a first-rate reputation. The team is also knowledgeable of equity investments, fund raising, disposals, fund due diligence and secondary transactions, catering to a client roster which includes venture, energy, real estate and private equity funds, among others. Isabel Rodríguez is a go-to name for the structuring and establishment of a range of domestic and international funds; she leads the local practice and serves as coordinator of the European arm of the firm’s global investment funds group.

Practice head(s):

Isabel Rodríguez

Other key lawyers:

Ildefonso Alier; Pablo Díaz

Key clients



All Iron

Teset Capital

Hayfin Capital

Danske Private Equity

Kibo Ventures

All Iron Ventures


Glendower Capital

Seaya Ventures

GED Capital

Artá Capital


Ysios Capital

MCH Private Equity

Portobello Capital

Asterion Industrial Partners

Magnum Industrial Partners


Qualitas Equity Partners


First Sentier Investors

Moira Capital Partnes

Altamar Private Equity

Axis Participaciones Empresariales

Work highlights

  • Advised Asterion Industrial Partners on the structuring of its second fund, Asterion Industrial Infra Fund II FCR, with a target size of €1.5bn.
  • Provided advice to Bestinver on the structuring of its infrastructure fund Bestinver Infra FCR.
  • Advised Portobello Capital on the direct transaction of its portfolio companies Angulas Aguinaga and Industrias Alimentarias de Navarra (IAN) to a new fund in Luxembourg whose majority investor is HarbourVest Partners.


Dentons stands out for its combination of fund formation and transactional expertise. With a broad practice, the firm covers acquisition structuring, exit strategy and secondary sale matters, among other matters. Other points of differentiation include Jesús Durán’s specialist knowledge of transactional insurance, as well as the expertise that Fernando Gutierrez has developed on the regulatory front; the pair jointly lead the team, which is especially knowledgeable of the infrastructure, energy and real estate sectors.

Practice head(s):

Jesús Durán; Fernando Gutiérrez


‘They have a very detailed approach but at the same time are aware of the latest market trends and use their time for important negotiations.’

‘Its knowledge of the sector. Jesús Durán and Fernando Gutiérrez.’

‘Extraordinary legal knowledge, client focus, and pro operation.’

‘I would highlight Jesus Duran without a doubt.’

Key clients


Allied Cigars Corporation

Gemstone Investment Holding

BeAble Capital SGEIC, S.A.

Gesconsult, S.A., SGIIC

Horos Asset Management SGIIC, S.A.

Work highlights

  • Advised the management of Idealista on the €1.32bn sale of the company to EQT, a Swedish-based global investment company.
  • Advised Allied Cigar Corporation and Gemstone Investment Holding on the acquisition of Imperial Brands’ premium hand-rolled cigar business for £1.1bn.
  • Advised Gesconsult on the formation of its first private equity fund of funds (an alternative investment fund in accordance with the Spanish implementation of AIFMD).


The team at DWF-RCD possesses detailed knowledge of various industries, including TMT, life sciences and biotechnology. Its lawyers are notably active in multi-jurisdictional deals, operating from both an inbound and outbound perspective, and demonstrate a capacity for start-up-related financing, funding, venture capital, due diligence and structuring mandates, among other areas. Ignasi Costas serves as head of the innovation and entrepreneurship department, while Adolf Rousaud fronts the corporate and commercial team.

Practice head(s):

Ignasi Costas; Adolf Rousaud

Other key lawyers:

Iñigo Montesino-Espartero; Javier Olmos; Eduardo Nebot; David Villa; Carles Ros


‘Very strong team in knowledge in technology-based companies, the digital sector and entrepreneurship. Very proactive in finding solutions. Contact and excellent relationship.’

‘RCD is our partner par excellence thanks to its deep knowledge and understanding of the legislation, which together with the best legal practices, good governance and strict business ethics, offer us better solutions, both to us and to our clients, even in situations very delicate and complex. Both the partners and other members of the RCD team provide us with continuous support in various business areas.’

‘Maximum and absolute confidence. Professionalism, productivity and creativity. Effective and efficient solutions. It is an honor and pleasure to work with professionals of this rank, including Ignasi Costas.’

‘Teams stand out. Precisely the solidity of the whole team is a strong point.’

‘The partners from different areas work as a single team and their quality is multiplied by being as a team. It is extraordinary to see how each one stands out in their area of specialty and also that they have great knowledge of other areas that allows them to provide the appropriate answers and that everything works like clockwork.’

‘Ignasi Costas was the visionary and David Villa the mastermind behind the operation.’

‘I work with David Villa. His main characteristic is that he knows start-ups very well and is very practical.’

‘DWF-RCD is an unique blend of Spanish and European expertise, with a global reach.’

Eversheds Sutherland

Eversheds Sutherland draws from its corporate, M&A, tax, employment, litigation and competition practice to deliver a comprehensive private equity service. The team, which is led by Sixto de la Calle, balances a broad caseload, which encompasses asset, company and business unit acquisitions, LBOs, MBOs and financings in addition to advice to start-ups and venture capital firms. One of its key points of differentiation is its proficiency in asset transactions outside of the mainstream classes; examples include car parks, solar plants, testing laboratories, supermarket chains and transport companies.

Practice head(s):

Sixto de la Calle

Key clients

Goal Systems

Baird Capital


GED Capital Fund

Temprano Capital Partners

GenesisCare España Holdings, S.A.

EY Abogados

At EY Abogados, the team is equipped to guide funds from inception all the way through to dissolution or disposal. Its services include advice on alternative investment funds, crowd funding, debt and infrastructure fund and real estate law, in addition to a range of transactions such as MBOs, divestments and buy-outs. Since publication, Francisco Aldavero left the firm.

Other key lawyers:

Susana Gómez Badiola; Simeón García-Nieto; Pablo Tramoyeres

Key clients




VESA Equity Investments









Work highlights

  • Advised Portobello Capital and the rest of the shareholders of Angulas de Aguinaga on the sale of a majority stake in the company to Pai Partners and the partial reinvestment in the vehicle set up by Pai Partners.
  • Advised Czech EP Corporate Group and VESA Equity Investment on the acquisition of a 50% interest in the supermarket and consumer goods chains Caprabo and Cecosa from the Basque retail group Eroski.
  • Advised Miura Partners on the creation of a ceramics group in Europe by integrating Equipe Cerámicas into Italcer, which is backed by Mandarin Capital Partners.

Watson Farley & Williams LLP

The ‘magnificent’ team Watson Farley & Williams LLP focuses the bulk of its attention on the energy sector. Practice head María Pilar García Guijarro is highly experienced in deals within the renewables, natural gas, electricity and infrastructure fields, operating across MBO, LBO, asset, portfolio and divestment transactions, among many others. The client roster is notably varied, encompassing private equity, pension, global infrastructure, investment, closed-end and dedicated funds.

Practice head(s):

María Pilar García Guijarro

Other key lawyers:

Ana Lorenzo; Gonzalo Aranzabal


‘Market knowledge, depth of expertise, quality of team.’

‘Maria Pilar is a force of nature; you want her on your side. Easily one of the best lawyers in Spain.’

‘Magnificent office, adequate size in relation to service / cost, exceptional availability and very proactive when looking for solutions and alternatives to each problem.’

‘María Pilar García Guijarro: excellent skills and closeness in the deal. Exceptional availability and spirit of collaboration at all levels of the organisation.’

Key clients

Bluefield Partners

Cerberus Capital Management

Caisse de dépôt et placement du Québec

Capital Dynamics Ltd

Copenhagen Infrastructure Partners (CIP)

CPPIB (Canada Pension Plan Investment)

Falck Renewables

Helios Energy Investment

Macquarie Capital

Noy Infrastructure & Energy Investment Fund

Octopus Renewables Infrastructure Trust plc

Ontario Pension Trust

Plenium Partners

Predica Enérgies Durables

REEF Development



Work highlights

  • Advised Grupo T-Solar Global, owned by private equity firm I Squared Capital, on the due diligence tasks for the potential sale of Grupo T-Solar Global and its portfolio of renewable assets in Spain and Italy.
  • Advised CIP on the acquisition, from Forestalia Group, of a portfolio of renewable wind assets under development with an aggregate capacity of c. 1,130MW, located in the autonomous community of Aragón.
  • Advised CDPQ on its acquisition from Q-Energy group of a large-scale photovoltaic brownfield operating portfolio.