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Private Equity FundAllocates capital directlyLAST VERIFIED Oct 2026 · 8 SOURCES

Istria Capital

Also known as Istria Capital Partners SGEIC, S.A.

Madrid fund of search funds (CNMV SGEIC no. 190) investing since 2016 in search entrepreneurs and the SMEs they acquire across Europe and the Americas; Fund III hard cap €80M.

HEADQUARTERS
Madrid, Spain
FOUNDED
2016
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
7 people

FOCUS

STAGES
Buyout
SECTORS
Software & SaaSIndustrial & ManufacturingHealthTech
ASSET MIX
Private equity
GEOGRAPHY
EuropeNorth AmericaLatin America

WHAT IT IS

Private Equity Fund. A fund manager investing limited-partner capital into mature private companies.

ABOUT

Istria Capital was co-founded in 2016 by Simón Bores and Ignacio Olavarría and in 2018 launched what it describes as the first European fund of search funds. It backs search-fund entrepreneurs from the search phase through acquisition, often as lead investor and board member, and reports more than 190 entrepreneurs backed and more than 65 companies invested. Fund II made 16 acquisitions in 2025–2026 at €900k–€2M each; Fund III, with an €80M hard cap, was opening its subscription period in mid-2026.

PORTFOLIO (12)

  • Emotion MobilityNOTABLE
    Software & SaaS · Exited (PSG Equity, 2025)
  • MotionVFXNOTABLE
    Software & SaaS · Acquired (Apple, 2026)
  • Grupo Logiscenter
    Acquired (Levata, 2025)
  • Water Direct
    Partial exit (Eurazeo, 2025)
  • Grupo CTAIMA
    Software & SaaS · Partial exit (Hg)
  • Mapex
    Software & SaaS · Acquired (Proalpha Group)
  • Tethys
    Industrial & Manufacturing · Exited (Abenex)
  • Lanaccess Telecom
    Software & SaaS
  • Frotcom
    Mobility & Logistics
  • dotCMS
    Software & SaaS
  • Grupo Teclena-Juncor
    Industrial & Manufacturing · Acquired (Dexis Ibérica)
  • Harlow Solutions

TEAM

  • Simón Bores
    Co-founder and Partner · source
  • Ignacio Olavarría
    Co-founder and Partner · source
  • Alba De la Morena Arriba
    CFO · source
  • Lenka Kolarova
    Vice President · source
  • Nicolas Fernandez de Cuevas
    Vice President · source
  • Richard Haymerle
    Vice President · source
  • Andrea Taurelli Salimbeni
    Vice President · source

LINKS

FAQ

Istria Capital is a private equity fund based in Madrid, Spain, founded in 2016.

Yes. Istria Capital invests directly in private companies.

Istria Capital invests at Buyout stage in Software & SaaS, Industrial & Manufacturing and HealthTech.

Istria Capital's stated ticket size is €900K–€2M.

Key people at Istria Capital include Simón Bores (Co-founder and Partner), Ignacio Olavarría (Co-founder and Partner), Alba De la Morena Arriba (CFO) and Lenka Kolarova (Vice President).

Istria Capital's investments include Emotion Mobility, MotionVFX, Grupo Logiscenter, Water Direct, Grupo CTAIMA, Mapex, Tethys and Lanaccess Telecom, among others.

Istria Capital states that it accepts submissions through its official contact page.

Yes. Istria Capital manages capital from outside investors.