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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 10 SOURCES

Teset Capital

Also known as Teset Capital, SGEIC, S.A., TESET

Madrid SGEIC investing in mid-market infrastructure companies (telecoms, energy, environmental, social, transport); Teset Infrastructure Fund I targeted €400M.

HEADQUARTERS
Madrid, Spain
FOUNDED
2021
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
8 people

Focus

STAGES
GrowthBuyout
SECTORS
Climate & EnergyIndustrial & ManufacturingMobility & Logistics
ASSET MIX
Private equity
GEOGRAPHY
EuropeSpain

Overview

Teset Capital was founded in 2021 by former GED Capital infrastructure partners Javier Zabala and Ángel Escudero with José Arango; its manager, Teset Capital, SGEIC, S.A., is registered with the CNMV (reg. no. 188, 06/05/2022). Teset Infrastructure Fund I, registered in July 2021 with a €400M target, had €100M of commitments at launch, mostly from a large US pension fund; the founders of ProA Capital took a minority stake in the sponsor. It takes majority stakes in mid-market infrastructure companies in Spain and Europe and has invested in underground gas storage, neutral FTTH fibre, a submarine cable project and a waste-treatment and biomethane plant.

Investment thesis

Majority stakes and partnerships in undervalued, under-managed mid-market infrastructure assets, based in Spain with a pan-European pipeline, across telecoms (fibre, 5G, data centres), energy, environmental (waste, water), social and transport infrastructure, with hands-on operational management.

PORTFOLIO (4)

  • Sologas
    Climate & Energy · since 2025
  • VDPC | Barracuda (Valencia Digital Port Connect)
    since 2024
  • Tricéleris
    since 2023
  • Trinity Energy Storage
    Climate & Energy · since 2022

People

  • Ángel Escudero
    Partner · source
  • Javier Zabala
    Partner · source
  • Noelia González
    CFO · source
  • Pedro López
    Operating Partner · source
  • Miguel Ángel Jiménez
    Operating Director · source
  • Manuel Fernández
    Senior Advisor Energy · source
  • Borja Seoane
    Associate · source
  • Pedro Sîmic
    Associate · source

Links

Frequently asked questions

Teset Capital is a private equity fund based in Madrid, Spain, founded in 2021.

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

Teset Capital invests at Growth and Buyout stages in Climate & Energy, Industrial & Manufacturing and Mobility & Logistics.

Key people at Teset Capital include Ángel Escudero (Partner), Javier Zabala (Partner), Noelia González (CFO) and Pedro López (Operating Partner).

Teset Capital's investments include Sologas, VDPC | Barracuda (Valencia Digital Port Connect), Tricéleris and Trinity Energy Storage.

The most recent publicly reported investment by Teset Capital is Sologas (Acquisition (€20M)), announced in Sep 2025.

Yes. Teset Capital manages capital from outside investors.