About This Fund
The Bewater II FCRE fund is a closed‐end European venture capital vehicle managed by Bewater Asset Management, aimed at delivering attractive returns by investing in privately‐held technology companies in Spain and Portugal. The fund targets companies which are already generating revenue, ideally with positive cash flow or clear path to it, and leverages the team’s extensive experience of more than 80 years together in private company investment. Investments are directed both through primary offerings and — with preference — via secondary transactions (that is, acquiring equity stakes from existing shareholders). The fund seeks to invest in companies that grow at least 30% annually, have valuations above €3 million, and typically valuations no more than 10 × sales. The vehicle has a target size of approximately €40 million, and is structured with a ten‐year life (with possible extensions of two years). Management fees are set at 1% on invested capital, and a carried interest (success fee) of 25% with a preferred return of 6% per annum for investors. The fund emphasises alignment of interests: the investment committee, which includes the founders of Bewater and well‑known Spanish investors, will invest c.€2.75 million into the selected companies, approximately half via the fund and half via dedicated single‑investment vehicles. The fund takes minority stakes (typically up to ~30%) and aims for governance structures that align with entrepreneur and investor interests rather than investor‑only protections.