Spain's Queka Real Partners Closes €194M Fund II

Key Takeaways

Sector: Sector Agnostic.
Geography: Spain.

Analysis

Spanish private equity firm Queka Real Partners has successfully completed the final closing of its second fund, Queka Real Partners Private Equity Fund II, raising a total of €194 million. This figure exceeds its original target of €175 million, underscoring the strong backing from both domestic and international investors.

Founded in 2018 and headquartered in Madrid, Queka Real Partners specializes in the lower mid-market segment in Spain and Portugal, targeting companies with EBITDA ranging from €2 million to €5 million. The firm operates with a sector-agnostic strategy, with prior investments spanning industries such as education, consumer goods, industrials, and technology.

Building on the Success of Fund I

The latest close follows the success of Fund I, which raised €160 million in 2020. That capital was fully deployed across seven platform investments, including notable names such as Cerería Mollá 1899 (a premium candle and fragrance brand), Factory Colchón (a bedding and mattress manufacturer), and Madrid Hifi (a consumer electronics and audio retailer).

Queka’s team demonstrated strong value creation capabilities in Fund I through strategic repositioning, international expansion, and bolt-on acquisitions. The success of these investments and early exits has contributed to a solid track record and high confidence among limited partners heading into Fund II.

Strategy and Deployment Plans for Fund II

With Fund II, Queka plans to maintain its core approach, typically deploying between €10 million and €20 million per transaction. The firm seeks to partner with founders and family-owned businesses undergoing succession or transformation phases, offering hands-on support in operational improvements and scalable growth strategies.

The investment team of 13 professionals brings together over 140 years of combined experience in private equity, consulting, and industry operations. The firm’s entrepreneurial culture and collaborative investment process have been key in identifying off-market deals and fostering long-term partnerships.

Queka Real Partners also integrates ESG considerations into its investment and value-creation process, aligning with best practices in corporate governance and sustainability. Transparency, stewardship, and responsible investment are among the firm’s pillars for portfolio management.

Investor Base and Market Outlook

The fund has attracted capital from a diverse pool of investors, including institutional LPs, family offices, and fund-of-funds across Europe. The strong close of Fund II reflects sustained interest in the Iberian lower mid-market, which continues to offer resilient, high-growth opportunities despite macroeconomic uncertainties.

With Fund II fully operational, Queka Real Partners is positioned to leverage its platform to support the next generation of growing companies in the region, continuing its role as a leading player in Spanish private equity.