Dunas Capital has established Dunas Capital Alternatives SGIIC, a management company specialising in unlisted alternative assets that will operate in a manner complementary to its liquid investment platform. The new company was created following the change of name of Gesnorte SGIIC, registered in the Commercial Register on 12 November 2025.
The reorganisation divides the group's activity into two separate management companies. Dunas Capital Alternatives (DCA) will take over the alternative investment strategies launched in 2019 in the aviation and renewable energy sectors and will expand its focus to include infrastructure and real assets. The entity will be headed by Borja de Luis, head of infrastructure investments, while Cristina Moreno will continue to lead the aviation and renewable energy strategies.
Dunas Capital Asset Management (DCAM) will continue to manage liquid strategies, including investment and pension funds, under the direction of Alfonso Benito. In addition, Dunas Capital Real Assets will continue as a specialist financial advisory area, led by Gregorio Herrera.
The group currently manages more than €5.2 billion in assets. With the new structure, it has set itself the goal of reaching €500 million in assets under management in the alternative sector in the short term, through a dedicated platform and a specific offering for private assets.
Within this framework, Dunas Capital Alternatives is working on the launch of two new vehicles in 2026: Dunas Aviation II and a strategic infrastructure fund focused on projects related to energy sovereignty and digitalisation. The creation of the management company consolidates the activity carried out in alternatives since 2019 and strengthens the group's position in the infrastructure and real assets segment.
