Merus Capital
Also known as Merus Equity Partners SGEIC, S.A., Merus Equity Partners, Intermoney Capital SGEIC, S.A.
Madrid manager (ex-Intermoney Capital, MBO 2025–26) with renewable-generation funds Lynx and Ilex and the Langre Tech Growth Fund I (target €50M) for control stakes in tech SMEs.
- HEADQUARTERS
- Madrid, Spain
- FOUNDED
- 2019
- AUM
- —
- OUTSIDE CAPITAL
- Yes
- TEAM LISTED
- 8 people
Focus
- STAGES
- GrowthBuyout
- ASSET MIX
- Private equity
- GEOGRAPHY
- SpainPortugalEurope
Overview
Merus Capital is the brand of Merus Equity Partners SGEIC, S.A., formerly Intermoney Capital SGEIC, the private equity arm set up inside Grupo CIMD (Intermoney) in 2019. In a management buyout announced in February 2026, partners Iñigo Bilbao, Pablo Goizueta and Constantino Sotelo took 80% of the manager, with CIMD keeping 20%. It manages two renewable generation and storage funds, Lynx Renovables Iberia FCR and Ilex Renovables 2 FCR + SCR (about €130M committed), and in February 2026 launched Langre Tech Growth Fund I, which buys majority or controlling minority stakes in established tech companies with EBITDA of up to €3M.
Investment thesis
Energy: operating or under-construction renewable generation and storage assets in Spain, Portugal and the rest of the EU, mainly with regulated revenues, aggregated into larger platforms. Growth equity: majority or controlling minority stakes in established technology or digital companies in southern Europe with EBITDA up to €3M, supporting organic growth, financial professionalisation and selective M&A.
People
Links
Frequently asked questions
Merus Capital is a private equity fund based in Madrid, Spain, founded in 2019.
Yes. Merus Capital invests its own capital in private companies.
Merus Capital invests at Growth and Buyout stages in Climate & Energy and Software & SaaS.
Key people at Merus Capital include Iñigo Bilbao (Managing Partner and CEO), Pablo Goizueta (Managing Partner and CIO), Constantino Sotelo (Partner and COO) and Antonio Giménez de Córdoba (Partner, Langre Tech).
Yes. Merus Capital manages capital from outside investors.