Azora
Also known as Azora Gestión, SGIIC, S.A., Azora Capital, Azora European Climate Solutions Fund
Madrid real-asset manager founded in 2003 that also runs a €250m-target growth-equity fund for European decarbonisation companies (Azora European Climate Solutions Fund FCR).
- HEADQUARTERS
- Madrid, Spain
- FOUNDED
- 2003
- AUM
- —
- OUTSIDE CAPITAL
- Yes
- TEAM LISTED
- 15 people
FOCUS
- STAGES
- Growth
- ASSET MIX
- Real estatePrivate equityImpact
- GEOGRAPHY
- Europe
WHAT IT IS
Private Equity Fund. A fund manager investing limited-partner capital into mature private companies.
ABOUT
Azora was founded in Madrid in 2003 by Concha Osácar and Fernando Gumuzio and invests mainly in real assets — rental housing, hotels, offices, logistics and renewable energy — in Europe and the US. Its company-investing strategy is the Azora European Climate Solutions Fund, FCR, filed with the CNMV in 2023 to invest €250m of growth equity in 10–12 European lower mid-market companies (EBITDA up to €10m) offering decarbonisation solutions in urban solutions, energy and sustainable agriculture. Holdings under this strategy include ISFA (sustainable almond farming), Abatable (carbon procurement software, London) and Mylight150 (solar self-consumption, Lyon). In 2026 ICO committed up to €22.5m to the fund under InvestEU.
INVESTMENT THESIS
Climate Solutions fund: strategic minority or majority stakes of €10–40m in European lower mid-market businesses (EBITDA up to €10m) with proven models in urban solutions, energy solutions and sustainable agriculture; SFDR Article 9.
PORTFOLIO (3)
- ISFAFood & Agriculture
- AbatableClimate & Energy · since 2023
- Mylight150Climate & Energy · since 2023
TEAM
- Concha OsácarFounding Partner · source
- Fernando GumuzioFounding Partner · source
- Javier Rodríguez-HerediaManaging Partner · source
- Santiago OlivaresPartner; Managing Partner of the Energy, Infrastructure and Sustainability practice · source
- Cristina García-PeriPartner · source
- Fernando Pérez-HickmanPartner · source
- Javier ArúsPartner · source
- Javier PicónPartner · source
- Mónica Garay IrizarPartner · source
- Carlos Fernández de AraozPartner · source
- Alfonso AramendíaPartner · source
- Gonzalo García-LagoPartner · source
- José AlonsoPartner · source
- Juan José ZaragozaUS Partner · source
- Ignacio Gil-CasaresUS Partner · source
LINKS
FAQ
Azora is a private equity fund based in Madrid, Spain, founded in 2003.
Yes. Azora invests directly in private companies.
Azora invests at Growth stage in Climate & Energy, Food & Agriculture and Software & SaaS.
Azora's stated ticket size is €10M–€40M.
Key people at Azora include Concha Osácar (Founding Partner), Fernando Gumuzio (Founding Partner), Javier Rodríguez-Heredia (Managing Partner) and Santiago Olivares (Partner; Managing Partner of the Energy, Infrastructure and Sustainability practice).
Azora's investments include ISFA, Abatable and Mylight150.
The most recent publicly reported investment by Azora is Mylight150 (Growth round co-led by Eiffel Investment Group, Azora European Climate Solutions Fund I and Andera Partners), announced in Nov 2023.
Yes. Azora manages capital from outside investors.