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Institutional LPPuts its own capital into companiesLAST VERIFIED Oct 2026 · 2 SOURCES

Geroa Pentsioak

Also known as Geroa, Geroa Pentsioak EPSV de Empleo Preferente, Geroa Pentsioak, Entidad de Previsión Social Voluntaria de Empleo Preferente

Gipuzkoa sector-wide occupational pension fund (EPSV, 1996) with €3.4bn under management, €238M committed to private equity and venture funds and direct stakes in Basque companies.

HEADQUARTERS
Donostia-San Sebastián, Spain
FOUNDED
1996
AUM
€3.4B (2025)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
4 people

Focus

STAGES
—
SECTORS
—
ASSET MIX
Funds (as LP)Direct investments
GEOGRAPHY
GlobalSpain

Investment arms & vehicles

  • Orza, Gestión y Tenencia de Patrimonios, A.I.E.
    Economic interest grouping, 50% attributed to Geroa, that invests in Basque companies (€113M invested in the Basque Country)

Overview

Geroa Pentsioak is a preferential employment voluntary social welfare entity (EPSV) set up in 1996 jointly by the Gipuzkoa employers' association ADEGI and the unions ELA, LAB, CC.OO and UGT to supplement the public pensions of workers in the sectors that joined. It managed €3,445M at the end of 2025. Its accounts show €143.4M in private equity and venture fund holdings (€238.0M committed, €53.8M uncalled), and it makes direct investments in Basque companies, partly through ORZA AIE, which it owns 50% of.

PORTFOLIO (3)

  • Bidasoa Metal 78
    Industrial & Manufacturing · since 2025
  • Futboltek Technology for training
    Software & SaaS · since 2025
  • Modfie
    since 2025

People

  • Joseba Villarreal
    President of the Governing Board (ELA representative) · source
  • Nerea Zamacola
    Vice-President of the Governing Board (ADEGI representative) · source
  • Francisco Javier Sasigain
    Treasurer (ADEGI representative) · source
  • Ángel Ramos
    Secretary (UGT representative) · source

Links

Frequently asked questions

Geroa Pentsioak is a institutional investor based in Donostia-San Sebastián, Spain, founded in 1996.

Yes. Geroa Pentsioak invests its own capital in private companies. It also commits capital to third-party funds as an LP.

Key people at Geroa Pentsioak include Joseba Villarreal (President of the Governing Board (ELA representative)), Nerea Zamacola (Vice-President of the Governing Board (ADEGI representative)), Francisco Javier Sasigain (Treasurer (ADEGI representative)) and Ángel Ramos (Secretary (UGT representative)).

Geroa Pentsioak's investments include Bidasoa Metal 78, Futboltek Technology for training and Modfie.

No. Geroa Pentsioak invests its own capital and does not raise money from outside investors.