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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 4 SOURCES

Alter Capital

Also known as Alter Capital Desarrollo, SGEIC, S.A., Alter Capital Desarrollo

Seville private equity manager for the Spanish lower middle market (EBITDA €1–5M); €1–10M tickets via Alter Cap III Ventures (€48M) and Andalusian regional funds.

HEADQUARTERS
Seville, Spain
FOUNDED
—
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
5 people

Focus

STAGES
GrowthBuyout
SECTORS
HealthTechConsumer & E-commerceFood & AgricultureSoftware & SaaSClimate & EnergyEducationIndustrial & Manufacturing
ASSET MIX
Private equity
GEOGRAPHY
Spain

Overview

Alter Capital Desarrollo, SGEIC, S.A. is an independent Seville-based private equity manager, registered with the CNMV (no. 21, 15 November 2000), with offices in Seville, Madrid and Málaga. It invests €1M–€10M per deal, as growth capital (cash-in) or shareholder liquidity (cash-out), in Spanish companies with EBITDA of €1M–€5M, holding 8–12 companies per fund. Its main fund is Alter Cap III Ventures FCR (€48M, launched 2022); it also manages Andalusian regional vehicles backed by the Junta de Andalucía through Andalucía Trade. In April 2025 it reported over €80M invested in SMEs over ten years.

Investment thesis

Spanish lower-middle-market companies with EBITDA of €1M–€5M, a sustainable competitive advantage and management that keeps equity; health, technology, consumer, food, renewable energy and specialised services; cash-in and cash-out deals of €1M–€10M.

PORTFOLIO (12)

People

  • Ángel González Bravo
    Managing Partner · source
  • Juan Martínez de Tejada
    Founder Partner · source
  • Ángel Hernández Rodríguez
    Partner · source
  • Faustino Valdés Gallardo
    Partner · source
  • Rafael Susillo González
    Investment Director · source

Links

Frequently asked questions

Alter Capital is a private equity fund based in Seville, Spain.

Yes. Alter Capital invests its own capital in private companies.

Alter Capital invests at Growth and Buyout stages in HealthTech, Consumer & E-commerce, Food & Agriculture, Software & SaaS, Climate & Energy, Education and Industrial & Manufacturing.

Alter Capital's stated ticket size is €1M–€10M.

Key people at Alter Capital include Ángel González Bravo (Managing Partner), Juan Martínez de Tejada (Founder Partner), Ángel Hernández Rodríguez (Partner) and Faustino Valdés Gallardo (Partner).

Alter Capital's investments include Educrea Home, MRO, Dental Company, Vilagallo, Wifit Gym, Business Software Group, Ecofruits Guadalquivir and Global Coffee Industries, among others.

The most recent publicly reported investment by Alter Capital is Kampaoh (€4M capital increase; Alter Capital and Axon take control), announced in Jun 2026.

Yes. Alter Capital manages capital from outside investors.