Variously praised for their ‘strong analytical skills, attention to detail‘ and ‘ability to understand the commercial interests of their clients‘, Clifford Chance‘s private equity specialists in Spain act for global PE firms, infrastructure and pension funds along the entire spectrum of matters, from high-end M&A to leveraged finance and fund structuring. The practice has been particularly busy handling sell-side mandates, but is also well placed to assist bidders in big-ticket transactions across a multitude of sectors, including telecoms, healthcare, sports, business services, infrastructure and energy. A renowned figure in the Spanish PE market, Javier Amantegui is at the forefront of the firm’s financial investors’ strategy in Europe. ‘Hands-on leader‘ Samir Azzouzi continues to play a key role in major deals (both domestic and cross-border) in this space. Ildefonso Alier, who joined from King & Wood Mallesons in May 2022, is the go-to adviser for fundraisings, secondary deals and fund formation issues. Recently promoted counsel Javier Hermosilla and associate Patricia Puertas are other key members of the practice.

A go-to destination for some of the leading domestic and international PE houses, alternative asset managers, real estate and specialist infrastructure and energy funds, Linklaters continues to advise on a number of high-end, cross-border transactions in the private equity space, notably leveraged buyouts (LBOs) and distressed deals. With a wealth of experience in LBOs, Víctor Manchado ‘possesses deep and broad knowledge of all corporate and contractual matters‘, and is adept at assisting with the setting up and restructuring of PE funds. Lara Hemzaoui specialises in infrastructure and energy-related transactions, while Carmen Burgos is often engaged in matters within the TMT and consumer goods sectors. Other noteworthy practitioners include Esteban Arza and Jose María López, the latter of whom has been particularly active in renewables. Sebastián Albella returned to the firm at the end of 2022, following a 4-year stint as Chairman of the Spanish Securities and Exchange Commission (CNMV); clients rate his ‘deep knowledge, practical approach, dedication and empathy‘.

Offering ‘a unique blend of local expertise and European reach‘, Uría Menéndez maintains a top-tier position in the Spanish private equity market. With ‘a wide coverage of the financial sponsors sector‘, the firm handles the gamut of PE transactions, ranging from fund formation and fundraising to equity deals, debt financing and divestments. Drawing on its presence in London, New York and Brussels, and solid working relationships with international firms, the group excels in cross-border mandates, showcasing particular strength in deals with a Latin American component. Manuel Echenique, the main point of contact for several major global PE firms, and Francisco San Miguel, who handles both large-scale and mid-market transactions in this space, jointly oversee the department. Other ‘industry-leading experts‘ include Christian Hoedl, who regularly acts for PE funds in big-ticket private and public-to-private (P2P) transactions.

The private equity team at A&O Shearman works on a considerable volume of high-value deals for many leading PE and asset management firms. Recognised as a leading figure in the Spanish PE market, Iñigo del Val draws on more than two decades’ experience in this space; his expertise covers traditional PE investments, LBOs, venture capital deals, as well as energy and infrastructure-related transactions. The latter is a key area of activity for Ignacio Hornedo, noted for his proficiency in both domestic and cross-border matters. Reka Palla stands out at senior associate level for her involvement in multijurisdictional deals.

Major PE firms and an increasing number of venture capital funds turn to Cuatrecasas for advice on sophisticated transactions, both domestic and cross-border. Private equity veteran Francisco José Martínez Maroto demonstrates particular proficiency in transactions involving the infrastructure and renewable energy segments. Javier Villasante and Javier Martí-Fluxá, who possess substantial experience in cross-border mandates with ties to Europe, the US and Latin America, are other noteworthy private equity specialists. Diana Rivera and Isabel Gandoy lead on venture capital transactions, with a notable focus on the technology and financial services sectors.

Steered by renowned PE specialist José Manuel Martín, Garrigues‘ practice handles a steady volume of transactions for international and Spanish funds investing in a variety of sectors, including consumer products, healthcare and natural resources, among others. Covering advice on LBOs, carve-outs, minority and secondary deals as well as P2P transactions, the practice excels in the mid-market segment, but is equally adept at handling large-cap mandates. Demonstrating strength in the technology and infrastructure sectors, José Luis Ortín is routinely instructed in fund formation and transactional matters. Also part of the core team, María Fernández-Picazo focuses on PE investments, leveraged finance and management buyouts, and senior associate Beatriz Gimeno advises several PE funds and industry operators on sophisticated transactions.

Noted for providing ‘a holistic service covering all potential angles in a transaction', Latham & Watkins LLP‘s Madrid-based private equity practice acts for a stellar client roster comprised of leading global investment funds, PE houses and multinational corporations. With extensive expertise in both sale and buy-side mandates, the team handles big-ticket investments in a wide range of sectors, including manufacturing, real estate, technology and financial services. Department head Ignacio Pallarés, a key point of contact for several of the firm’s most significant PE clients, leverages his international experience to advise on high-end divestments and acquisitions across Europe, North America, Asia and Latin America. In addition to his solid credentials in the PE market, Jose Antonio Sánchez Dafos is a reference for venture capital deals in Iberia. Alejandro Ortiz, who joined from Linklaters in September 2022, has a proven track record in leveraged buyouts and exits.

Working in close collaboration with the firm’s regulatory, tax, labour, antitrust and disputes experts, Pérez-Llorca‘s private equity department ‘provides comprehensive advice covering all potential areas of a transaction‘ to PE funds and other financial sponsors active in Spain. Typical mandates for the group range from investments and exits, to P2P deals, LBOs, distressed matters, alternative divestment strategies and NPL portfolio acquisitions. Chairing the department, Pablo González Mosqueira, a ‘go-to choice in Spain for complex transactions‘, handles major deals on behalf of global and domestic PE financial sponsors. Francisco Iso, whose broad experience encompasses LBOs, disposals and buy-and-build strategies, is regularly retained in cross-border mandates, while Julio Lujambio, a dual qualified M&A and PE specialist (Spain and Mexico), is recommended for his ‘strong technical skills‘ and ‘commercial judgement‘. José Luis Romeu is another key contact.

Addleshaw Goddard is home to a team of ‘experts in all areas linked to the activity of private equity and venture capital funds‘. One of the first ports of call in the Spanish market for fund structuring matters, the firm is also skilled in fund raisings, disposals, equity investments, and secondary transactions, including high-end and mid-cap deals with a multijurisdictional component. Leading the practice is Isabel Rodríguez, a reference in the market for the structuring and establishment of domestic and international investment funds. Counsel María de Orueta offers key support in fund formation and secondary deals.

Led by Pedro Ester, the Madrid-based multidisciplinary private equity practice at Ashurst LLP is well versed in fund formation, LBOs, distressed deals, exits, acquisition finance and tax structuring. Its broad service offering is matched by an equally diverse client base, where buyout players, including specialist infrastructure funds and investment banks, feature alongside institutional investors. Jorge Vázquez, the global co-head of the corporate department and managing partner of the Madrid office, acts for leading private equity funds in M&A, special situations and insolvency matters.

Characterised by clients as ‘a unique team in terms of level of coordination, efficiency and commercial acumen‘, Baker McKenzie‘s private equity practice in Spain handles the entire scope of fund-related mandates, bringing together strong credentials in transactional, financing, regulatory and tax matters. With the ability to assist throughout the entire life cycle of investments, the group manages a busy workload on behalf of bidders and sellers, showcasing notable proficiency in the healthcare, pharmaceuticals, education and consumer goods sectors. Praised for his ‘affable but direct, commercial style‘ and ‘ease in leading negotiations‘, Javier Menor is the key contact in Madrid. Trusted by several PE funds, infrastructure funds and corporations, Barcelona-based Luis Casals specialises in LBOs, acquisitions and divestments.

The private equity team at DLA Piper attracts instructions from PE investors, hedge funds, management teams, debt providers and portfolio companies in relation to various matters, ranging from financing to cross-border M&A. Department head Jose Maria Gil-Robles, who possesses a wealth of experience in both domestic and multijurisdictional mandates, advises on the tax and legal structuring of investments, including LBOs, capitalisations and disposals. A reference for deals involving Latin America, Enrique Chamorro handles a mix of M&A, PE and venture capital work.

At Gómez-Acebo & Pombo, the ‘dynamic‘ private equity and venture capital practice is adept at advising all types of funds and their managers on the entire spectrum of related matters, including fund formation, financings, investments and special situations. Recently appointed co-head Álvaro Mateo is skilled in domestic and cross-border M&A, VC and PE deals; he jointly oversees the practice with managing partner Iñigo Erláiz, who has a wealth of experience acting for sponsors and target companies in high-end transactions. Noted for his ‘excellent knowledge‘ of the PE market, Pablo Fernández Cortijo is often engaged by sponsors and international players in multijurisdictional matters. The practice was reinforced in September 2023 by the addition of Jorge Martín, a reference for financial investors and listed companies; he joined from Clifford Chance as of counsel.

Investors, sponsors, sellers, financiers and managers regularly turn to Herbert Smith Freehills LLP for assistance with private equity transactions, including distressed deals. Bringing together PE, finance, infrastructure, energy and real estate practitioners, the team is a popular choice for funds investing in the TMT, healthcare, education, retail, energy and manufacturing sectors in Spain. Alberto Frasquet is at the helm of the practice, where PE and tax specialist Nicolás Martín and structured finance expert Armando García-Mendoza are other names to note for international and domestic PE houses.

Best known for its strong credentials in the energy sector, Watson Farley & Williams LLP advises large private equity, pension and infrastructure funds on a range of mid-market and high-cap transactions. Recent highlights have seen the firm handle numerous acquisitions of renewable assets portfolios on behalf of large PE clients. Typical mandates also include LBOs, disposal processes, financings and venture capital matters – often with an international component. María Pilar García Guijarro, who assists major international and Spanish funds with different risk profiles, chairs the practice. Ana Lorenzo is also proficient in PE investments in the energy and infrastructure segments.

Combining extensive expertise in fund formation with strong transactional capabilities, Dentons is well placed to advise on the structuring of acquisitions, secondary deals and exits, with a particular focus on the infrastructure, energy and real estate sectors. Jesús Durán, a prolific adviser who regularly handles fund structuring issues and PE transactions in the financial services, energy, retail, real estate and communications segments, heads up the practice alongside Fernando Gutiérrez, a specialist in fund formation.

A popular choice for mid-market investment firms and emerging growth companies, Barcelona-based DWF-RCD fields a department devoted to the full range of venture capital and private equity matters. The group possesses extensive experience in funding rounds in the healthcare, biotech, high-tech and e-commerce segments. Ignasi Costas, who specialises in VC and mid-market PE investments, jointly heads up the department with Adolf Rousau, who focuses on M&A, corporate restructuring and compliance.

Drawing on the firm’s wider capabilities in M&A, tax, employment, competition and litigation, Eversheds Sutherland offers support to private equity houses and venture capital funds in a wide range of investments and disposals in Spain. The group has been particularly active in the acquisition, financing and sale of assets of different natures, namely real estate and renewable energy projects. Asset deals, LBOs, MBOs and VC investments are among Sixto De la Calle‘s legal specialisms; he oversees the practice with Ignacio Balañá.

Working with a diverse roster of private equity players with a presence in Spain, EY Abogados‘ varied mid-market capabilities include investment deals, exits, buy-ous and portfolio company sell-side processes. Following the departure of former practice head Francisco Aldavero in October 2022, the practice is now under the joint leadership of  Susana Gómez Badiola, whose expertise is concentrated in the TMT and energy sectors, and Francisco Silván.

Working in close collaboration with the corporate department and the firm’s international offices, Hogan Lovells Spain‘s Madrid-based private equity team provides legal support to PE houses, alternative asset managers, as well as debt, real estate, pension and infrastructure funds. The group excels in the structuring of high-end and mid-cap deals in regulated sectors, such as TMT, life sciences and energy. Graciela Llaneza is a recognised leader in this space, advising funds and PE houses on a host of domestic and cross-border transactions.

The arrival of highly regarded partner Francisco Aldavero from EY Abogados in October 2022 significantly strengthened Pinsent Masons LLP‘s position in the Spanish private equity market. The firm is increasingly called upon by PE houses, management teams and PE-backed companies seeking advice on the entire spectrum of transactional matters, from large buy-outs to venture capital deals. Aldavero, who is now at the helm of the practice, brings a wealth of experience in the retail, telecoms, pharmaceutical, transport and natural resources sectors. Antonio Sánchez Montero is regularly instructed in domestic and cross-border PE deals.

Operating as a subset of the wider corporate practice, Squire Patton Boggs‘ private equity team handles mid-market deals across the healthcare, real estate, TMT, energy and infrastructure sectors. Regarded for her ‘knowledge and experience‘ in the corporate, M&A and private equity spaces, Teresa Zueco (dual qualified in Spain and France) spearheads the department. Carlos Blanco, the former managing partner of RocaJunyent, joined in November 2022, further strengthening the firm’s service offering in regulated sectors, namely TMT and energy.