Key Takeaways from the 8th Private Equity Breakfast in Madrid
November 2025
Pedersen & Partners and CMS Albiñana & Suárez de Lezo co-hosted the 8th Private Equity Breakfast Spain in Madrid.
The event brought together representatives from local and international private equity firms for discussions and networking around the latest private equity market trends and strategic insights.
The panel discussion was moderated by Alvaro Arias Echeverría, Partner, Global Head of the Private Equity Practice at Pedersen & Partners and Ignacio Zarzalejos, Partner at CMS Albiñana & Suárez de Lezo.
Panelists included:
- Gonzalo Boada - Director, Andera Partners
- Pierre Buffet - Asset Management Director, Ancala Partners
- Carlos Conti - Managing Partner, Inveready
- Lara Llach - Investment Director, Suma Capital
- Jorge Fernández Miret - Investment Partner, Sherpa Capital
- Jose Tomas Moliner - Partner, CAPZA
- Laura de Palacio Aragón - Vice President, Riverside
Key takeaways from the event:
- Company valuations are adjusting to market conditions, and the investment pipeline remains solid, partly thanks to the increase in exits during 2024 and 2025.
- Spain continues to be an attractive investment destination, despite growing legislative uncertainty.
- The most common exit strategies remain secondary market transactions and sales to industrial buyers, while IPO exit routes remain very scarce.
- Value creation in portfolio companies during the investment cycle mainly stems from team professionalization, talent acquisition, growth, and internationalization.
- ESG criteria remain highly relevant both in deal structuring and in the identification of investment opportunities.
- Overall, the Spanish private equity ecosystem is becoming increasingly sophisticated, with rising levels of competition.
We thank all who attended and contributed to an engaging and thought-provoking morning.