ProA Capital is expanding its footprint with the launch of ProA Capital Investments Fund I, FCRE, a European-registered vehicle. The fund has secured authorization from the Comisión Nacional del Mercado de Valores (CNMV), marking a pivotal milestone in the firm’s fund lineup.
The strategy intends to raise 200 million euros to acquire equity stakes in Spanish businesses. The fund is structured with a five-year term and an optional two-year extension. PwC serves as auditor and BNP Paribas as custodian, ensuring rigorous governance and oversight throughout the investment cycle.
This vehicle represents ProA Capital’s eighth fund. The regulatory prospectus notes that the first three funds are currently in liquidation. The European-flagged fund will target opportunities in companies whose primary activities, revenue sources, or core assets are anchored in Spain. Exit routes typical of private equity, including portfolio company listings, management buyouts, or sales or mergers with third parties, will be pursued in line with market conditions and partner approvals.
Active pace at ProA Capital
Recent quarters have seen ProA Capital execute a sequence of notable investments and divestitures across its funds. A standout transaction involved selling a majority stake in Amara NZero, the former electrical materials arm of Iberdrola. The buyer, Cinven, a British private equity firm, acquired 67 percent of the shares at an enterprise value near 800 million euros. Following the deal, Cinven appointed Pablo Isla, the former CEO of Inditex, as chairman.
ProA Capital oversees more than 1.5 billion euros in assets across its funds. The portfolio includes recognizable holdings such as Pastas Gallo (acquired in 2019), La Casa de las Carcasas (invested in 2021), and Patatas Hijolusa (a stake acquired in 2021). Other notable entities include Moyca, a producer and distributor of seedless table grapes, and IPD, a dental implant prosthetic device manufacturer.
Beyond Amara NZero, ProA remains engaged with established mid-market Spanish companies, including the restaurant group Grupo Vips, the assisted reproduction centers Eugin, the parking concession operator Saba Infraestructuras, and the ready meals and charcuterie producer Grupo Palacios.
Decline in global private equity fundraising
Global private equity fundraising declined by about 22 percent last year, totaling just over one trillion dollars. It marked the lowest level since 2017, according to an analysis by McKinsey & Company shared with Europa Press ahead of an upcoming industry report. Europe showed relative resilience, with a modest 3 percent drop in new funds, compared with sharper declines in other regions.
Overall, ProA Capital remains a noteworthy player in Europe’s mid-market landscape, with a track record of growing value across portfolio companies and navigating the cycles of funding and exits. The firm continues to emphasize Spain-centered opportunities and strategic exits aligned with market dynamics and investor appetite.
Notes: The information reflects the firm’s regulatory filings and public disclosures at the time of reporting. Analysts and researchers monitor fundraising trends and portfolio activity across European mid-market private equity. citation attribution: ProA Capital regulatory filings and market analyses.