A forum convened by CMS Albiñana & Suárez de Lezo brought together investors and searchers who have completed the full cycle. The consensus: the Spanish market has matured, and with maturity has come competition.
The search fund ecosystem in Spain is undergoing a stage of unprecedented maturity and expansion, positioning itself as a real alternative for professionals seeking to combine investment with hands-on operational management of private companies. This was reflected at a recent forum organised by CMS Albiñana & Suárez de Lezo, which brought together some of the country's most prominent investors alongside seasoned searchers who have completed the full investment cycle.
What investors are looking for
The first panel, moderated by Ignacio Zarzalejos, featured Javier Puig (Arada Capital Partners), Ricardo Velilla (Aurica), Esteban Kallay (JB46 Partners) and Ángel Álvarez (Alza Capital). All panellists agreed on a crucial point: the profile of the searcher — this hybrid figure between entrepreneur and investor — must be shaped by energy, humility and long-term commitment. Investors are looking for individuals capable of persevering day after day to find the right target company, aware that the process demands adaptability and resilience. Ambition alone is not enough.
Arada seeks to support teams not only at board level but, when needed, in the operational day-to-day — providing experience, strategic vision and constant backing that enables orderly, sustainable growth.
A more competitive market
The Spanish market, as acknowledged by participants, has seen a significant increase in competition. Whereas a few years ago it was easier to find attractive opportunities, today business owners may receive dozens of proposals from searchers interested in their companies. In this context the differentiated positioning of professional investors is crucial, as is the ability to identify the sectors with greatest potential — software, healthcare and education, favoured for their recurring revenues and lower capital requirements.
Recent successes and setbacks have provided important lessons, from deals won in competitive sale processes to situations where losing key team members presented major challenges. Innovative models, such as hybrid ETA vehicles, are also gaining ground.
The searcher's view
The second panel, focused on personal experience, featured Álvaro de Rivera (Espiral MS), Lorenzo Dávila (Asta Capital), Marcos Durán (Relevian) and Ramón Martín (Albor Capital), moderated by Ignacio Cerrato. Fundraising emerged as a recurrent theme: true leadership, they stressed, means convincing investors not just of a company's potential but of the searcher's own conviction and capability.
The search for the ideal company is not linear. There is no perfect business, and it is critical to rule out sectors with insufficient fit quickly, adapting pragmatically to what the market offers. The real challenge starts after the acquisition: building a strong culture, aligning the team around a shared vision, and growing in an organised way. Learning and resilience matter more, in the end, than the initial negotiation.