Firms To Watch: Private equity

Andersen delivers a comprehensive array of venture capital and private equity-based services; examples include financial rounds, fundraising, investment operations and corporate venturing. The team caters to a number of funds though real estate and agri-food deals have been especially prevalent of late.

Private equity in Spain

Clifford Chance

One of the illustrious Magic Circle firms, Clifford Chance is coveted by private equity houses, in addition to infrastructure and pension funds, for headline deals across the telecommunications, energy, healthcare, consumer, infrastructure and industrial sectors. Javier Amantegui leads the practice, routinely acting on big-ticket MBOs and LBOs, and is supported by Samir Azzouzi who provides the team with an in-depth knowledge of banking and natural resourced-related deals. Beyond partner level, Javier Hermosilla made counsel in May 2022, and is particularly accomplished within the retail and financial services sectors, meanwhile associate Patricia Puertas has accumulated significant exposure to major deals, domestic and cross-border alike. Jorge Martín left the firm in September 2023.

Practice head(s):

Javier Amantegui

Other key lawyers:

Samir Azzouzi; Javier Hermosilla; Luis Alonso; Patricia Puertas


‘They are very commercial and understand the strategy and priorities of the clients.’

‘All team members are very well-prepared and contribute.’

Key clients

Allianz Capital Partners (ACP)

Altamar Capital Partners


Arjun Infrastructure

Artá Capital





Caisse de Dépôt et Placement du Québec (CDPQ)


Corporación Financiera Alba



Key Capital Partners



Partners Group

Sixth Street

Stirling Square Capital Partners

Swiss Life

Värde Partners

Vauban Infrastructure

Work highlights

  • Advised Cinven’s portfolio company RB Iberia on its the purchase of 158 Burger King restaurants located in Portugal and Spain from Ibersol; and, previously, advised Cinven on the agreement reached with RB Iberia’ shareholders for its EUR 1 billion acquisition of a majority stake in RB Iberia’s share capital.
  • Advised Masmovil, which is controlled by Cinven, KKR and Providence, on the friendly takeover bid over Euskatel, with an enterprise value of EUR 3.4 billion and equity value of EUR 2 billion. This has been the most significant transaction in the Spanish telecommunications market in 2021.
  • Advised Mubadala and Trafigura on the sale of Minas de Aguas Teñidas (MATSA) to Australian mining and exploration company Sandfire Resources, for USD 1.9 billion. This was the 8th largest global mining M&A deal globally in 2021.


Linklaters leverages its Magic Circle status and far-reaching international footprint to support on big-ticket fund transaction, debt and equity investment, LBO and distressed deals, among other matters. Víctor Manchado is a formidable name on both the transactional and fund set-up and restructuring fronts, honing his focus on energy and finance deals; he is supported by Carmen Burgos who is especially well-regarded within the consumer, media, technology and telecoms sectors, as well as Lara Hemzaoui who is a go-to for multi-billion energy sector deals. Esteban Arza who made partner in May 2022 and is an integral name for all-manner of transactions, including private equity, corporate M&A and capital markets.

Practice head(s):

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

Work highlights

Uría Menéndez

In addition to its expansive footprint throughout Spain, Uría Menéndez has expanded to New York, Brussels, Lisbon, London and Latin America; its private equity team operates at the forefront of colossal investment, distressed M&A, turnarounds and divestment transactions, in addition to fund formation, fundraising, debt financing and management incentives. Manuel Echenique  co-leads the team alongside Francisco San Miguel with both lawyers excelling on big-ticket transactions, from both a corporate and private equity firm perspective. Christian Hoedl is sought by leading domestic and multinational funds, for both private and P2Ps transactions.

Practice head(s):

Manuel Echenique; Francisco San Miguel

Other key lawyers:

Christian Hoedl; Jaime Pereda; Eduardo Bagaría; Pedro Ravina


‘Availability is absolute. That for me, as a client, is basic. The average response time is the lowest I have seen compared to other firms. In addition to the quality of the response. In addition, they are distinguished by the permanent dialogue with very senior staff of the organization (practically always, with the partner). In other offices, that does not happen.’

‘Technically they are the most brilliant and imaginative. Faced with a complicated situation, they always come up with creative solutions. They provide a 360 service, with specialists in all matters that make the client feel in good hands.’

‘Pedro Ravina in particular is excellent.’

‘All the members of the URIA team are very solvent, they take great care in dealing with the client and the other lawyers with whom they collaborate/negotiate. Adapted to the latest developments in terms of technology tools.’

‘They have technical qualities of the highest level in Spain.’

Key clients





GPF Capital



bd-capital Partners Limited

SLP Beethoven (Silver Lake – USA)

Asterion Industrial Partners

Work highlights

Allen & Overy

Allen & Overy, a Magic Circle firm, is home to Iñigo del Val, a private equity specialist who thrives on energy, venture capital and infrastructure investments, in addition to those of a more traditional nature; he and the team cater to both private equity houses and fund investors also come acclaimed for their public and private M&A, LBO and venture capital prowess. Ignacio Hornedo is also active in this space, providing a wealth of experience in overseeing infrastructure and energy-related deals.


Practice head(s):

Íñigo del Val; Fernado Torrente; Ignacio Hornedo; Bosco de Checa


‘A&O’s private equity team in Spain participates in the largest operations in Spain and knows, like few firms in Spain, the structures and operation of the deals carried out by the large PE funds. They are well coordinated with their A&O colleagues in other jurisdictions and provide world-class multi-jurisdictional services. I would highlight the personal involvement of the partners and the technical quality of the team as a whole. The team is always available and it is a diverse team, with many female lawyers with high technical and personal capacity.’

‘Iñigo del Val stands out for his participation in large operations, knowledge of the PE market like few others, involvement and great negotiation skills, he is THE lawyer to go to to close operations’


Key clients

Intermediate Capital Group


AMP Capital


Aurica Capital

QMI Fonciere

Sinia Renovables




Work highlights

  • Advised ICG in the creation of a global giant CX and BPO as a result of the combination of Comdata and Konecta for a deal value of 2 billion Euros. The transaction involves the acquisition by ICG Fund VIII of Kronosnet, which will own 100% of the share capital of Konecta, and the simultaneous acquisition by Konecta of Comdata from its shareholders and SFPs holders. As part of the transaction certain managers of Konecta and Comdata will reinvest part of their proceeds in the Group.
  • Advising EQT on all the aspects of the auction sale of Adamo Telecom and its group companies, one of the fastest growing fibre optic operators and platforms in the Spanish FTTH market, focused on rural areas and supported by an open access wholesale business model with more than 1.8 million homes passed and having wholesale agreements with the main ISPs in Spain and with multiple local operators.
  • Acted for QMI Fonciere and the managerson the sale of 100% of the shares of Restaurant Brands Iberia, S.A. to Civen and the corresponding Management Incentive Package. Restaurant Brands Iberia, is the company that controls the franchise exploitation rights of Burger King, Popeyes and Tim Hortons in Spain and Portugal. Deal value of 1 billion Euros.


Cuatrecasas’s offices in London, New York and Brussels, in addition to sites across Portugal, Latin America, Africa, the Middle East and China, render it a stellar option for both domestic and cross-border private equity mandates. The practice is especially acclaimed for its venture capital work and is home to Francisco José Martínez Maroto and Javier Villasante who are both acclaimed for their knowledge of the infrastructure and energy sectors. Moroto co-leads the team alongside Isabel Gandoy, a technology, media, entertainment, retail and financial services industry expert and Diana Rivera, noted for her work within the banking and pharmaceuticals fields. Javier Martí-Fluxá is a younger partner who has already forged a track record in multi-billion-euro transactions.

Practice head(s):

Francisco Maroto; Diana Rivera; Isabel Gandoy

Other key lawyers:

Javier Villasante; Javier Martí-Fluxá;

Key clients






























Work highlights

  • Advising the US-based private equity firm PLATINUM EQUITY on acquiring URBASER, a Spain-based company engaged in providing waste management and treatment services from China Tianying Inc. Value: €3.5 billion
  • Advising KPS CAPITAL PARTNERS on acquiring the European Tinplate Business of Crown Holdings, which comprises 44 manufacturing facilities in 17 countries in the EMEA region. Value: €2.25 billion
  • Advising BAIN CAPITAL, the investment holding company, leading a consortium of companies including SAPA and JB Capital, on acquiring ITP Aero (Industria de Turbo Propulsores), a supplier of critical engine components to key civil aviation and defense aircraft platforms, from Rolls-Royce the British luxury automobile firm. Value: €1.7 billion.


A household name for big deals, Garrigues bolsters its domestic offering through a plethora of European and South American offices in addition to its presence in China, New York and Morocco. Its private equity team caters to a broad spectrum of clients, from mid-market domestic funds through to renowned multinational sponsors and is headed by José Manuel Martín, one of the market’s foremost names for all-manner of major deals, including LBOs. Àlvaro López-Jorrín is distinctly well-versed in regulated acquisitions, including those within the finance industry, meanwhile María Fernández-Picazo disperses leverage finance, MBI and MBO know-how. José Luis Ortín is yet another star partner with a track record in large buyouts, infrastructure-related deals, growth equity transactions and sustainable investments, meanwhile Félix Ferreño excels at all stages of the investment cycle and has recently overseen a number of significant transactions. Senior associate Beatriz Gimeno is a standout beyond partner level and extremely active in this space.

Practice head(s):

José Manuel Martín

Other key lawyers:

Àlvaro López-Jorrín; María Fernández-Picazo; José Luis Ortín; Ildefonso Polo; José Luis Ortín; Félix Ferreño; Beatriz Gimeno


‘Technical knowledge, experience, flexibility’

‘Passion, commitment, technical knowledge Outstanding partner: Jose Manuel Martin.’

‘The Garrigues point of contact (Jose Luis Ortin) is a one-stop shop for all our Spanish legal questions. He is very knowledgeable on corporate, and also knows a lot about labour, funds, finance etc.’

‘They know us well so make our life much easier by thinking about advice holistically, taking into account our past practices.’

‘I have experience mainly with the commercial and tax team. They are distinguished by their client orientation, their attention to detail and their theoretical and practical knowledge of the matter, giving relevant and adapted recommendations based on both legal and fiscal technical concepts and extensive experience in the sector.’

‘They have a wide knowledge in different practices thanks to their size, allowing a unique specialization. Despite this size, they continue to have a close relationship and an exceptional involvement, which I have not found in other offices. Highlights include Ildefonso Polo and Beatriz Gimeno.’

Key clients

Planet First Partners

Platinum Equity

Magnum Capital

Metric Capital

Plenium Partners

Advent International


Arcano Partners


Artá Capital

Blackstone Group, The

Carlyle Group, The

Corpfin Capital


Diana Capital

Ergon Capital

Everwood Capital

GED Iberian Private Equity

H.I.G. Capital


Keensight Capital



MCH Capital

Meridia Capital

Miura Private Equity

Nazca Capital

Oakley Capital

Oceanwood Capital

One Rock Capital Partners


Oquendo Capital

PAI Partners

Portobello Capital

ProA Capital

PSG Equity

Q Energy

Realza Capital


Sherpa Capital

Sunridge Partners

Torreal Private Equity

Warburg Pincus

Work highlights

  • Advised Plenium Partners on the €1.06 billion sale to Northland of a whole portfolio of renewable energy operating assets for a total capacity of 540MW.
  • Advised Diana Capital on the €425 million sale of a 60% stake in Gransolar to Trilantic.
  • Advised Ergon Capital on the €200 million acquisition of a majority stake in Satlink with Arta Capital and the founder reinvesting alongside Ergon Capital.

Latham & Watkins LLP

In a headline move, Latham & Watkins LLP recently welcomed Alejandro Ortiz from Linklaters; he arrives with a reputation as one of the market’s go-to names for blockbuster deals, having overseen some of the market’s largest takeover bid, LBO and exit transactions. The practice, which was already home to a number of seasoned practitioners, is especially accomplished within sectors such as real estate, technology, financial services, manufacturing, infrastructure and retail and is co-headed by Ignacio Pallarés  and María José Descalzo; the former leverages a track record of having overseen large deals throughout Europe, Asia and the Americas while the latter hones her focus on IPOs, project finance, joint ventures and M&A within the energy field.

Practice head(s):

Ignacio Pallarés; María José Descalzo

Other key lawyers:

Ignacio Gómez-Sancha; José Antonio Sánchez Dafos; Rafael Molina


‘What makes this practice unique is their ability to work with their US counterparts in a fairly seamless fashion. This was incredibly important for our process. Level of professionalism, responsiveness and ability to communicate local business process requirements and Spain specific protocols was extremely helpful.’

‘Each of these folks were incredibly on point, timely and really push the opposing counsel to move on an expedited timeline.’

Work highlights


Pedro Pérez-Llorca is present in both Barcelona and Madrid, along with international offices in London, New York and Brussels. The practice, which is naturally coveted by national and international clients, excels in all-manner of private equity transactions, from LBOs, MBOs and MBIs through to divestments, public-to-private deals and competitive tender processes. The practice also carries out an abundance of fund investment and fund raising work, particularly in the context of hedge funds and distressed transactions, and is led by Pablo González Mosqueira  whose workload spans public and private M&A, special situations and restructuring processes. Francisco Iso  is well-placed to support on deals with a US component, whereas Pedro Marques da Gama  serves as a distressed acquisition and special situation specialist. Beyond the partnership,  José Luis Romeu is an associate who is able to provide an international outlook, having previously practised at the London office.

Practice head(s):

Pablo González Mosqueira

Other key lawyers:

Francisco Iso; Julio Lujambio; Carmen Reyna; Pedro Marques da Gama; José Luis Romeu 

Key clients

White Summit Capital


CVC Capital Partners


DE Shaw

Rhône Capital





Work highlights

  • Advised Carlyle on all M&A legal aspects in connection with its acquisition of the Altadia Group from Lone Star
  • Advised SAPA Placencia on its entry into the Spanish consortium that has been formed to acquire up to 30% of ITP Aero’s shares, in the context of Rolls-Royce’s sale of 100% of its shares.
  • Advised the U.S. fund TCV on its acquisition of a minority stake in the leading cloud security and data analytics company Devo, Inc.

Ashurst LLP

A Silver Circle firm, Ashurst LLP is home to a comprehensive array of private equity-based services including investment structuring, fund formation, capital raising, LBOs, MBOs, MBIs, acquisition finance and exits. The practice caters to the full range of investment funds, in addition to institutional investors and investment banks and is complemented by a dedicated Madrid-based English law finance team. Jorge Vázquez serves as practice head, supplementing his core knowledge of M&A and private equity with special situation, restructuring and insolvency know-how.

Practice head(s):

Jorge Vázquez

Other key lawyers:

Jose Christian Bertram; Pedro Ester; Eduardo Gracia; Javier Hernández Galante


‘Ashurst’s Spanish practice is very client-oriented, always looking for personalized and immediate attention.’

‘José Chrstian Bertram is a great and experienced attorney who understands his clients’ concerns and provides dynamic and virtually instant solutions.’

Key clients


Elliott Advisors


Goldman sachs

KKR Credit Advisors (EMEA)


Lighthouse Properties Plc (South African fund)

PIB Group (a portfolio company of Apax and Carlyle)

Sonnedix (a portfolio company of JP Morgan Infrastructure funds)


Corsair Capital

Alantra Private Equity

HIG Capital

Artá Capital S.G.E.I.C.

Nazca Capital S.G.E.I.C.

Work highlights

  • Advised Apollo Infrastructure Opportunities on the acquisition of a 49,99% stake in Primafrio, a Spanish cold chain road transport and logistics company. This is the first investment by Apollo’s infrastructure fund in Spain.
  • Advised funds managed by Artá Capital and Favelma Investments, S.L.U., on the sale of Satlink S.L. to funds managed by Ergon Capital, together with the partial reinvestment by the Artá funds and Favelma Investments, which have kept an indirect minority stake in Satlink S.L.
  • Advising Nazca Capital on the sale of Distribuciones Juan Luna (European leader in sliced meats and snacks) to Grupo Costa.

Baker McKenzie

Baker McKenzie fields a global network of private equity lawyers with the capability to provide integrated support at all stages of an investment’s lifecycle, its team in Spain caters to the entire array of fund entities, from debt, mixed and sovereign through to private equity, hedge and alternative investment funds. Luis Casals  is routinely involved in acquisitions, disposals and LBOs, as is Javier Menor  who brings to bear an in-depth knowledge of the food and beverage, tourism, retail, IT and pharmaceutical sectors; the duo co-lead the team which is home to a dedicated funds task force, adept in all-manner of matters, from formation through to regulatory affairs.

Practice head(s):

Javier Menor; Luis Casals

Other key lawyers:

Jorge Adell; Juanjo Corral; Luis Fuster; Paula De Biase


‘The team was always very professional, pragmatic and willing resolve issues.’

‘Jorge Adell – a true professional and highly experienced. Look forward to working with him again.’

‘The team perfectly combines local proximity and global reach or accompaniment. During 2022 we have worked together in four European geographies with great success.’

Key clients

Abac Capital







Colony Capital

Corus (Careventures PE Fund)

Exponential Renewables, S.L.

Finalbion, S.L.U.


Global X

Healthcare Activos Yield SOCIMI, S.A.

HI Partners

Inspired Education Group


JB Capital Management Iberia Advisors S.L.U.



Miura Private Equity



Proclinic – Miura Private Equity



Rolnik Capital




Takeda Ventures, Inc.

The Carlyle Group

Tinicum Capital Partners

Westfort Capital

Work highlights

  • Advise and coordination of the various legal teams and principals in the exit of the 102 shareholders of Healthcare Activos Yield SOCIMI, S.A. (“SOCIMI”), a real estate Spanish company listed in Euronext Paris and the investment in the company by Mubadala and CBRE IMI (including various investment funds managed by CBRE).
  • Advice to JB Capital Management Iberia Advisors regarding the co-investment alongside Bain Capital and Sapa Plasencia on the Spanish entity Industria de Turbo Propulsores, S.A.U.
  • Advised on the M&A and refinancing areas of the transaction which involved the acquisition by Miura Private Equity of a majority stake in TVC Group, a leading group of companies engaged with visual merchandising, specially, within the retail sector.

DLA Piper

DLA Piper, one of the globe’s largest firms, is coveted by private equity investors, hedge funds, debt providers and portfolio companies to oversee a variety of local and multi-jurisdictional deals. The team has transacted across France, the US, Japan and Mexico, among other jurisdictions, of late and is led by Jose Maria Gil-Robles; his 25 years of practice has seen him amass expertise in investments, LBOs, lending transactions, distressed M&A and special situations.

Practice head(s):

José María Gil-Robles

Other key lawyers:

Joaquín Echánove; Enrique Chamorro


‘Enrique Chamorro: Knowledge of the sector, ability to relate to the counterpart, availability and closeness.’


Key clients

Cube Infrastructure Fund


Infravia Capital Partners

Navega Capital

GED Iberian Private Equity

Nazca Capital

Tilden Investments

Further Underwiting

Signatus Capital

Arista Partners

D’Ella Capital

Sotavento Capital

Taurus Capital

Eon Partners




Oaktree Capital

Work highlights

  • Advised Cube Infrastructure Fund on the multi-jurisdictional sale of a 100 MW diversified renewables portfolio composed by Spanish and Portuguese hydro and wind assets to a consortium backed by White Summit Capital, IST3 Investment Foundation, and Reichmuth & Co.
  • Advised Waterland Private Equity on the acquisition of a majority stake in Spanish Celestia; and on the acquisition, through its participated entity Celestia Technologies Group, of the outstanding share capital in the Spanish company Wireless Innovative MMIC, S.L
  • Advised Infravia Capital Partners on the €200 million funding round (new shares) in Paack, a transport and home-delivery startup. The funding round was also subscribed by SoftBank Vision Fund, First Bridge Ventures, Big Sur and Kibo, among others.


DWF-RCD acts on a mixture of venture capital and private equity matters, supporting on a mixture of financing, structuring, SOPs and funding negotiation matters, among others. Ignasi Costas  represents high0tech, internet, biotech and e-commerce players from inception through to growth and financing; he co-leads the team alongside Adolf Rousaud  whose expertise encompasses project finance, M&A and corporate restructuring.

Practice head(s):

Ignasi Costas; Adolf Rousaud

Other key lawyers:

Iñigo Montesino-Espartero; Javier Olmos; Carles Ros; David Villa; Oscar Alegre; Iñaki Frías


‘Speed, professionalism, knowledge, availability, simple in search of better solutions, collaborators.’

‘Ignasi Costas, Iñaki Frías and the team extraordinary people and professionals. Empathy with the client, availability, adaptation to circumstances, better solutions, knowledge of our sector and our services.’

‘It is a team with a very balanced mix of talent where everyone complements very well the knowledge necessary to be able to offer good service. They are young and highly trained, very useful in the technological field in which we work. I would like to see more diversity in your teams, although I now feel that I have a highly trained team to meet our needs.’

Work highlights

Gómez-Acebo & Pombo

A go-to for private equity, venture capital, distressed, alternative investment and hedge funds, services provided by Gómez-Acebo & Pombo range from fund formation through to transactions and related financing. The practice counts the technology, manufacturing, retail, energy and food industries among its keystones and is led by recently elected managing partner, Iñigo Erláiz; his workload encompasses LBOs, PIPEs and MBOs, among other deal types, with both target companies and sponsors coveting his expertise. Álvaro Mateo and David González  co-head the dedicated venture capital department, while Pablo Fernández Cortijo is a more junior partner who is forging a reputation as a prolific dealmaker, having handled an abundance of cross-border deals of late. Jorge Martín, who joined from Clifford Chance in September 2023, is now co-heading the practice.

Practice head(s):

Álvaro Mateo; Íñigo Erláiz; David González; Jorge Martín

Other key lawyers:

Pablo Fernández Cortijo


‘Excellent involvement of various areas of the firm to be able to attack problems from a multilateral approach, covering the complexity of certain transactional legal matters from the experience and contribution of a good number of internal partners. A partner/employee ratio much higher than the industry average, with what that entails of professionalism and knowledge. An exceptionally motivated and cohesive human team at all levels with whom it is very easy to work.’

‘Enormous ability to understand problems in depth, both on the technical-legal side and on the personal side. Immediate or quasi-immediate availability of its partners and lawyers for any urgent need in the project. I especially highlight the work of Íñigo Erláiz as a professional and for his enormous personal and technical skills to be able to coordinate a huge number of people and achieve successful executions.’

‘The corporate team at GA-P is very knowledgeable and well-equipped to deal with international clients.’

Key clients

MCH Private Equity Fund

PAI Partners

Miura Private Equity

Avior Capital

Springwater Capital



Spain Oman

Platinum Equity


Sherpa Capital

GALA Capital

JP Morgan


Qualitas (Q_Energy)


Work highlights

  • Advice to Miura Fund III, F.C.R. on the acquisition of the subsidiaries of Terrats Group, S.L. and the subsequent investment of the executive team of Terrats Group in a newly formed holding company.
  • Advice to PAI Partners on the acquisition of a majority stake in UVESCO (BM Supermercados and Super Amara.
  • Advice to Casa de las Carcasas and its main shareholder on the process being carried out with several potential bidders, all of them being private equity funds.

Herbert Smith Freehills LLP

A Silver Circle firm, Herbert Smith Freehills LLP operates across M&A, private equity and distressed asset trade deals, deploying its cross-border capabilities to support on matters throughout EMEA, APAC and Latin America. The team is noted for its real estate, energy, infrastructure, consumer, retail, healthcare, education and industrials/manufacturing sector knowledge and is led by Alberto Frasquet. Pablo García-Nieto is no longer at the firm.

Practice head(s):

Alberto Frasquet

Other key lawyers:

Nicolás Martín; Armando García-Mendoza

Key clients

DIF Infrastructure

Magnum Industrial Partners

BD Capital

Península Capital

Blantyre Capital

Nazca Capital

Alantra Capital

Plataforma Legal & Private investors

HIG Capital

Q-Energy Private Equity

Quercus Real Assets Limited

BNP Paribas Asset Management UK

Work highlights

  • Acted for DIF Infrastructure on the acquisition of Itevelesa, the second largest private Spanish provider of vehicle periodic technical inspection (PTI) services, with 72 inspection centres and 20 mobile units in 11 regions.
  • Represented Magnum Industrial Partners on the acquisition of a major stake of HLC Skateboard Distribution, a Spanish manufacturer and seller of skateboards based in the North of Spain.
  • Acted for Magnum Industrial Partners on the disposal of the Indiba Group, a world leader in the field of radiofrequency (RF) for the physiotherapy, aesthetic, and veterinary market.

King & Wood Mallesons

At King & Wood Mallesons, the firm is distinctly home to a dedicated funds practice which has structured over 20 funds of late, totalling a staggering €7.5bn. The practice likewise commands a dominant position within Spain’s market for secondary transactions and is also relied upon for fund raising, equity investments and disposals. Isabel Rodríguez leads the practice, which is closely integrated with the firm’s wider network, particularly its lawyers in Asia Pacific, and is relied upon by private equity, venture, energy, infrastructure and real estate funds, among others. Senior associate María de Orueta is regularly involved in the group’s most complex fund structuring activities.

Practice head(s):

Isabel Rodríguez

Other key lawyers:

Pablo Díaz; María de Orueta

Key clients

Artá Capital



All Iron Ventures


Asterion Industrial Partners

Axis Participaciones Empresariales


Capital Dynamics


Cubico Sustainable Investments


EDP Ventures

First Sentier Investors

GED Capital

Glendower Capital

Global Social Impact Investments

Hayfin Capital

Headway Capital

Henko Partners

Impact Bridge


Kibo Ventures

Magnum Industrial Partners

Mago Equity

MAPFRE Energías Renovables I, F.C.R.

MCH Private Equity

Mutua Madrileña

Nazca Capital

Omega Capital

Portobello Capital


Qualitas Equity Funds

Samaipata Ventures

Seaya Ventures

Suma Capital

Teset Capital

Think Bigger Capital

Ysios Capital

Work highlights

  • Advice to Asterion Industrial Partners on the structuring of its second fund, Asterion Industrial Infra Fund II FCR, with a size of €1.8 billion.
  • Advice to the public company Axis Participaciones Empresariales on the fourteenth call of Fond-ICO Global, announced in September 2021, with the selection of 15 funds in which it will invest €750 million, the largest amount allocated to date.
  • Advice to Magnum Industrial Partners on the closed of its Fondo III (€450 million).

Watson Farley & Williams LLP

Watson Farley & Williams LLP, a multinational firm, demonstrates a keen-eye for energy and infrastructure-related deals, catering to a client base which includes private equity, investment, pension and distressed funds. Practice head María Pilar García Guijarro is often involved in MBOs, LBOs and joint ventures, among other transactions, and is noted for her proficiency within the natural gas, electricity and renewable projects fields.

Practice head(s):

Maria Pilar Garcia Guijarro

Other key lawyers:

Ana Lorenzo; Gonzalo Aranzabal

Key clients

Caisse de dépôt et placement du Québec (“CDPQ”)

Cerberus Capital Management

Copenhagen Infrastructure Partners (CIP)

Northleaf Capital Partners

Green Arrow Capital SGR (GAC)

Grupo T-Solar Global

Noy Infrastructure & Energy Investment Fund (“Noy Fund”)



Renewable Power Capital

Vinefield Capital

Vortex Energy

Helios Energy Investment


Plenium Partners

Ventient Energy

Afcon Renewable Energy

R.Green Invest

Falck Renewables




Work highlights

  • Advised CIP on the €1.2bn acquisition, from Forestalia Group, of a portfolio of renewable wind assets under development with an aggregate capacity of c. 1,130 MW, located in the autonomous community of Aragón, Spain.
  • Advised Vortex Energy on its €625 million acquisition of up to 49% stake in Ignis Energy Holdings which has a portfolio of 14 GW renewable energy projects under development in Spain and a further 8 GW across the rest of Europe, North America and the Asia Pacific region.
  • Advised Green Arrow Capital SGR (“GAC”) on the acquisition of a portfolio of solar PV projects under development in Spain with an overall expected capacity of 508 MW and a total value of €400m+ from Progressum Energy Development (PED), through its subsidiary Green Arrow Infrastructure of the Future (“GAIF”) Fund.


A 2020 entrant to the Iberian market, AMBAR PARTNERS has quickly forged a prominent reputation among both domestic and overseas private equity players; the team is particularly focused on the energy and infrastructure industries and is co-led by Rosa Espín and Manuel Deo, both previously of Latham & Watkins LLP.

Practice head(s):

Rosa Espín; Manuel Deo


One of the globe’s largest firms, Dentons’s team in Spain is home to a combination of fund formation and transactional capabilities. Jesús Durán  and Fernando Gutierrez  co-lead the practice which runs a workload spanning secondary sales, acquisition structuring and exit strategies, in addition to transactional insurance (W&I) affairs, and is particularly accomplished in deals within the infrastructure, energy and real estate fields.

Practice head(s):

Jesús Durán; Fernando Gutiérrez


‘I worked with a team of lawyers with a lot of experience and technical knowledge in the matter. The treatment has always been very close and in constant contact, which allowed a better flow of information. Close contact with the regulators, perfectly understanding what they ask for in each part of the process. Open to dialogue in billing negotiations and facilitating face-to-face spaces for joint collaboration, streamlining processes.’

‘Fernando Gutiérrez is the responsible partner with whom I have worked. He has always been very accessible, clarifying any doubts about the process and thus reducing delivery times.’

‘The PE team led by Jesús Durán stands out from others in its deep knowledge of PE investment structures and the quality of service, very personal with high involvement of partners.’

‘Jesús Duran stands out for having technical qualities and a perfect understanding of the needs of clients (both PE funds and companies) that allow him to provide 360º advice. He is one of the best lawyers in operations with PE funds in Spain. I would highlight their availability and ability to provide innovative solutions in complex operations.’

Key clients

Sociedad de Gestión de Activos Procedentes de la Reestructuracion Bancaria (Sareb)


Selenta Hospitality Group

FFC Aqualia

BeAble Capital SGEIC

Cartera Sercoma, S.L. (Eysa)

Affidea Group

Work highlights

  • Advised Sociedad de Gestión de Activos Procedentes de la Reestructuracion Bancaria (as an exclusive legal advisor) in the tender process for the asset managers of Sareb’s €30 billion portfolio of non-performing loans (NPLs) and real estate owned (REOs) and in the negotiation of final, binding contracts with Hipoges (a KKR portfolio company) and a consortium of Anticipa and Aliseda (both portfolio companies of Blackstone).
  • Advised KKR in connection with certain matters related to the closing of the US$15 billion acquisition of data center operator CyrusOne, Inc., as well as the financing by a consortium of lenders led by Goldman Sachs.
  • Advised Selenta Hospitality Group on its management incentive plan (MIP) in connection with the transfer of 13 hotels to Brookfield Asset Management.

Eversheds Sutherland

Eversheds Sutherland, an international firm headquartered in London, endeavours to provide a one-stop shop service for private equity and venture capital funds, acting on investment and divestment transactions alike. Ignacio Balañá and Sixto De la Calle  jointly lead the team which advises on deals pertaining to shopping centres, car parks, solar plants, wind farms and transport companies, among other assets.

Practice head(s):

Ignacio Balañá; Sixto de la Calle


‘Combination of in depth knowledge with need of resources by the customer.’

‘Very professional, timely and knowledgeable.’

Key clients

Goal Systems

Sherpa Capital

GED Capital Fund

Temprano Capital Partners

MDSR Investments

Work highlights

EY Abogados

The team at EY Abogados delivers an inception to dissolution or disposal service, supporting on funds on everything from investments, buy-outs and portfolio sales through to exit strategies and restructurings. The team is geared to support alternative investment, real estate, crowd funding, debt and infrastructure funds, among others. Former practice head Francisco Aldavero left the firm in October 2022.

Other key lawyers:

Susana Gómez Badiola; Simeón García-Nieto

Key clients




VESA Equity Investments











Work highlights

  • Advised the owner family of Patatas Hijolusa, a Spain-based producer of potatoes, on the sale of a stake of 50% in the company to the Spanish Private Equity firm ProA Capital.
  • Advised private equity firm Nexxus Iberia on the sale of Bienzobas, a leading company in Spain in the provision and management of medical oncology services, in the sale of Bienzobas to Atrys Health, a global company that provides precision medical diagnostic and treatment services.
  • Advised Quaero Capital in relation to the acquisition of a Spain-based company engaged in the integral water cycle management.

Hogan Lovells International LLP

Hogan Lovells International LLP hosts over 130 private equity practitioners throughout Europe, in addition to those throughout its offices in the Americas, Africa and the Middle East; its team in Madrid is spearheaded by Graciela Llaneza  who is a particularly prevalent dealmaker within the energy, financial services, healthcare and consumer industries. The team is relied upon by private equity houses, and an increasing number of alternative managers, in addition to debt, real estate, pension, infrastructure and sovereign wealth funds and is likewise knowledgeable of the TMT, infrastructure and life sciences sectors.

Practice head(s):

Graciela Llaneza

Other key lawyers:

José María Balañá


‘Available at all times. Technically very solid. Excellent in dealing with partners and advisors of the opposing party. Deep knowledge of the sector.’

‘Jose Maria Balaña and the team: Intense and tireless work, but in this case it was their empathy that was differential. In front of them, they had people without much experience in M&A processes and they knew how to defend the interests of the client but also explain things in a very didactic. Without that ease of communication, the negotiations and trust between the parties would not have been the same.’

‘I believe that the Hogan Lovells team, with Graciela Llaneza at the helm, is a partner that goes one step further than just being our legal advisor… they are our legal partner.’

‘They have known how to put themselves in our shoes when it comes to analysing risks and mitigating factors, from a legal perspective.’

Key clients

Acon Investments

Alantra Private Equity

Cranemere Group Limited

H.I.G. Capital

Oquendo Capital

Tikehau Capital

Gala Capital

Korelya Capital

Naxicap Partners

Work highlights

  • Advised Acon Investments on its acquisition of a majority stake in Formación Alcalá, S.L.U., the e-learning platform for health professionals.
  • Advising the founding partners of Pizzerias di Carlo, S.L., on the sale of a majority stake in Pizzerias di Carlo, S.L., a company that heads a group of more than 8 companies dedicated to catering in the pizzeria segment.
  • Advising The Engineered Stone Group on all aspects of the transaction including due diligence, negotiation of all contractual documentation and closing.

Squire Patton Boggs

Squire Patton Boggs was bolstered by the November 2021 arrival of M&A and private equity expert, Teresa Zueco from DLA Piper; she arrives with a track record in mid-market deals and was accompanied by six more junior lawyers. The team is already transacting at a high-level, handling cross-border and local deals within the energy and infrastructure, real estate, telecom, digital and healthcare industries.

Practice head(s):

Teresa Zueco

Other key lawyers:

Pablo García Oliván; Rocío García; Rafael Alonso

Key clients

Groupe Colisée

Bregal Milestone

Corialis Group

Unnox Group

Sherpa Capital

Cube Infrastructure

Globant Group





Incara Lab


Divino Resort




Work highlights