Held on 22 and 23 October at the Beatriz Madrid Auditorio, this year’s congress marked a milestone — a quarter of a century consolidating CAPCorp as the reference event for Spain’s corporate finance ecosystem. The agenda captured the pulse of an industry that continues to mature, innovate and adapt to the demands of investors and global capital flows.
The Private Debt panel revealed a more dynamic and flexible market, where borrower-friendly structures are returning and competition among lenders coexists with strong collaboration. “Flexibility is the key,” participants agreed, pointing to the emergence of more tailored solutions and co-investment strategies between LPs, GPs and funds. While fundraising remains demanding, discipline and track record are fundamental differentiators, with institutional investors showing growing emphasis on sustainability criteria. Spain’s macroeconomic stability and regulatory predictability were repeatedly cited as reasons for increased international appetite for Spanish debt opportunities.
In the Private Equity session, discussions focused on governance and succession. Most transactions still arise from generational transitions within family-owned businesses, making alignment between shareholders and management critical. “Shareholder pacts are essential to avoid conflicts and ensure clarity,” panellists noted. The human factor was also central: effective due diligence on people, cultural fit and adaptability were seen as crucial for successful investments. Funds were urged to accompany management teams throughout the investment cycle, fostering transparency and emotional engagement. At exit, independent directors play a vital role in steering the process — preparation, they stressed, begins the day the fund enters.
A particularly lively real estate panel, moderated by Rafael Bou of CBRE España, highlighted Spain’s solid fundamentals and renewed investor confidence. Sergio Criado, Director at Crea Madrid Nuevo Norte, underlined that financing for development is gradually improving, especially for experienced developers, while José Ignacio Morales, Managing Director at Terrano Capital, warned that the shortage of ready-to-build land remains a critical bottleneck. Javier Quintela, Head of Iberia at Cheyne Capital, described Spain as “the pretty girl of Europe”, noting its stable yields and limited distress compared to other markets, while Alejandro Roca, General Manager at Sercotel Hotel Group, pointed to the hospitality sector’s resilience and growth potential, despite the challenges of mass tourism.
Across panels, a consistent message emerged: Spain’s private markets stand out for resilience, creativity and a strong reputation among global investors. The country’s ability to combine governance discipline, flexible financing, and a diversified real estate base positions it as one of Europe’s most balanced and attractive investment destinations.