ASTERION INDUSTRIAL PARTNERS, SGEIC, S.A.

Asterion relies heavily on proprietary origination through the founding team's deep network in Spanish and Southern European industrial sectors, built over decades at KKR, Endesa, and other large energy groups. The firm targets corporate carve-outs, family-owned industrial assets with no natural succession, and privatizations where bidders are scarce. It rarely participates in broad auctions, preferring negotiated bilateral processes.

Founder Jesús Olmos Clavijo previously co-headed KKR's European infrastructure business. Asterion is entirely independent of KKR and has no preferential co-investment rights or economic ties to the firm. Some Asterion investment professionals previously worked at KKR, and the firm's operational playbook reflects that background, but the two firms are separate legal and economic entities.

Asterion strongly prefers majority or full-control equity stakes, which allow it to install its own operational management and governance structures. The firm has occasionally taken minority positions alongside other infrastructure GPs, but only when it can negotiate substantive governance rights equivalent to control. Passive minority investing is not part of the core strategy.

Asterion avoids pure technology or venture-stage infrastructure, social infrastructure such as hospitals and schools, and greenfield development projects unless fully contracted with creditworthy off-takers. The firm does not invest in emerging markets and has no mandate for real estate, operating businesses outside regulated or contracted infrastructure, or assets requiring construction risk.

The investor base consists largely of European pension funds, insurance companies, and sovereign wealth funds, with a minority of North American and Asian LPs. Asterion's second fund attracted capital from institutions seeking Southern European exposure with a hard-asset yield component. Many investors were repeat commitments from the first fund.