Worldwide Search Fund Investors

We back people,
not just deals.

Ibérica is a search fund investment firm built by people who have done exactly what you are about to do. We have searched, acquired, scaled, and exited. That experience is what we put to work alongside every searcher we back — from first conversation to final exit.

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4Founding partners
20+Active investments
13Countries & regions
5xcompany growth experience
Surfers from above
Our origin As operators, we started investing in our peers' projects. That personal accountability to the people we back has never changed.

Built from the
inside out.

We didn't start Ibérica because we saw an attractive asset class. We started it because we had already done it ourselves — searched, acquired, grown, and exited. One of our founders delivered five-fold company growth in under five years before exiting to a top-tier growth equity firm, delivering above-average returns to investors. Having gone through every company phase — building the board, running M&A, scaling operations, and leading an exit process — we know what those calls feel like because we made them. That origin shapes everything about how we work with the searchers we back.

Operators first — and still operating
One of our founders is currently working inside an operating company. When you call about a management hire, a board seat, or a difficult seller, you are talking to someone who faced the same decision last quarter — not last decade.
Backing outstanding entrepreneurial talent
We invest in people before we invest in businesses. But we also invest with them — actively, throughout the search, the acquisition, and the years that follow. The right operator in the right company changes everything. So does having the right investor alongside them.
Protecting searcher ownership
We are sized to have real weight in your cap table without dominating it. You will not find yourself reporting to a committee or losing autonomy to an investor who owns the room. This is your project. We are here to help you build it.

The investor
you actually want.

Searchers will have plenty of investors who demand, monitor, and pressure. That tension is healthy. But you will also need someone you can call at the end of a difficult week to think through a problem without it becoming a board issue. That is what we are here for.

"We're not here to catch operators out. We're here because we want this to work for everyone."
01
We answer every message
Even if we can't help. We don't leave people on read. We know how it feels to be on the other side.
02
We share solutions, not opinions
Need a reporting deck? We've got one. Bank intro? Done. Legal question? We'll point searchers to the right person. Don't start from zero.
03
Smart capital, not just money
Our investor pool is full of executives willing to get involved. Buying a factory in a small city? We can find that someone who can guide you through the operation.
04
We analyze all the variables before investing
The best thing we can do sometimes is say: this deal isn't worth your time. We'd rather miss a good deal than send you into a bad one.
05
We build for the long term
We're not optimising for a quick exit. We invest in businesses built to last, and we measure success by the sustainable value they create over time.

Active investments
across continents.

We focus on solid, cash-generative SMEs.

Current investment presence
Operator investments
Packaging · Spain
Letro / Trelaco / Cartondis
Corrugated cardboard packaging group comprising Letro, Cartondis and Trelaco, acquired by Targos Capital. Operates in high-value segments including pharma, cosmetics and automotive. Over 40 years of operating history.
Portfolio
Industrial Laundry · Italy
Napolillo Industry
Industrial laundry services for hotels, resorts and spas. Founded in 1988, based near Rome, part of Napolillo Holding.
Portfolio
Telecoms · Mexico
Vialterna Comunicaciones
B2B managed connectivity provider — SD-WAN, IoT and last-mile solutions for banking, retail and energy clients. Acquired via Ascenda Capital Partners.
Portfolio
Fire & Security · UK
BWS Standfast
Leading independent fire and security systems provider in the South West of England. Founded 1988, NSI Gold certified, 15,000+ customers.
Portfolio
Construction · Portugal
Effisus
Weatherproofing and building envelope solutions for facades, roofing and waterproofing. Founded 2005, present in UK, MENA and Spain. Backed by Viriato Capital.
Portfolio
MedTech · Germany
Apoplex Medical Technologies
Cloud-based ECG analysis software for early stroke risk detection via atrial fibrillation. Used by 40% of stroke units in Germany. Founded 2004.
Portfolio
PropTech · France
J2DM
Online accounting platform for furnished rental landlords (LMNP/LMP tax declarations). 170,000+ filings, 96% client renewal rate. Paris-based.
Portfolio
Enterprise Content · Colombia
Giga Uno
Master reseller of OnBase, a leading enterprise content management platform for document, case and process automation. Present in Colombia, Ecuador and El Salvador.
Portfolio
Sports Tech · Finland
Golf Game Book
Leading golf social scoring app with 2M+ users in 100+ countries. Digital scorecard replacing paper, supporting 25 game formats. HQ in Espoo, Finland.
Portfolio
IT Services · Peru
Canvia
IT services and digital transformation company founded in Lima, 1984. Cloud, cybersecurity and data analytics for large corporates. 1,600+ employees. Acquired by Colca Capital.
Portfolio
Search fund investments
Origin40 Fund
India
Active search
Palette Capital
Spain
Active search
Adarve Capital
Spain
Active search
Intuito Capital
Spain
Active search
Galileo Capital
Italy
Active search
Wildlynx Capital
Spain
Active search
Scala Capital
Brazil
Active search
Etrus Capital
Italy
Active search
Apiana Partners
UK
Active search
Continuum Capital
Portugal
Active search
13A
France
Active search
Candelaria
Chile
Active search
Sor Capital
Brazil
Active search
Denia Capital
Mexico
Active search
Drita Capital Partners
Italy
Active search

Who we're
looking for.

We back people who want to build something real. Not people running away from something.

Genuine entrepreneurial driveYou're leaving a good salary not because you dislike your day to day tasks, but because you want to own and run a real business for the long term.
Prepared, not perfectCome with a clear plan. We don't mind uncertainty but we mind unprepared. Know your scope, your capital ask, and your thesis before we meet.
Honest under pressureDon't hide red flags. Every deal has problems. The ones who succeed are those who surface issues early and ask for help rather than paper over them.
Active involvement, not passive oversightWe don't just wire the money and wait for quarterly updates. We're in the trenches alongside our searchers and just as involved as they need us to be.
No accelerators. No shortcuts.We don't invest in searches backed by an accelerator, we want to back people that are eager to run their own project with traditional search fund structure.
Not a fit

If you are approaching this as an exit from corporate life, or because the returns sound attractive — that is the wrong starting point. The searchers who succeed do this because they genuinely want to build and lead a business for the long term. It shows in every conversation, and sellers pick up on it immediately.

When you work with us, you have Gonzalo and Jaime's direct contact. Not an associate. Not a relationship manager. The people who have done this.

Surfer
Wave

What searchers
say about us.

The team behind
the fund.

Four partners with different backgrounds, one common thread: we have all been close enough to these businesses to know what actually makes the difference — in the deal, on the board, and in the years that follow.

Jaime Fernández-Lerga
Jaime Fernández-Lerga
Managing Partner · Co-Founder
Former Amazon and venture capital. Runs Ibérica day-to-day. From deal sourcing to investor relations to being the person searchers call when things get complicated.
INSEAD
Gonzalo Carmona
Gonzalo Carmona
Partner · Co-founder
Ran his own search fund, acquired two businesses, and grew the group (Emotion Mobility) five-fold over five years — leading the exit to a top-tier firm. Still operating inside the business.
INSEAD
Blanca Quiralte
Blanca Quiralte
Partner · Co-founder
Former strategy consultant at Oliver Wyman, now Chief of Staff at Allfunds. Brings strategic vision and deep market and industry knowledge to every investment decision.
INSEAD
Nicolás Osorio
Nicolás Osorio
Partner · Co-founder
Six years at Blackstone in London and prior experience at Mediobanca. Brings deep financial expertise and deal structuring experience to every investment.
LBS

Let's talk.

Whether you are a searcher at the beginning of your journey, an investor curious about the asset class, or just want to understand how we work — write to us. Jaime or Gonzalo will reply personally.

Based inMadrid, Spain
Follow us on LinkedIn
A note on response time: We reply to every enquiry usually within 48 hours. If you don't hear back, try LinkedIn.