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Dunas Capital
Dunas Capital launched in 2016 as a Spanish independent financial group focused on mobile-asset and real-estate management for the Iberian market.
Dunas Capital
Dunas Capital launched in 2016 as a Spanish independent financial group focused on mobile-asset and real-estate management for the Iberian market. The firm has since expanded into pension fund administration, building a dual-platform model that pairs traditional fund management with third-party administrative services. The strategy book is split between mobile assets — public-markets funds and pension plans run with a capital-preservation mandate — and direct real estate. On the mobile side, the firm constructs vehicles that target positive medium-term returns with low risk budgets. The real-asset arm sources and manages property portfolios across Iberia, with a team that carries more than 25 years of real-estate investment experience. The group publicly discloses €5.0 billion in managed assets as of 31 December 2025, though it does not break out the mix between mobile and real-asset pools. Headquartered on Calle Fernán Flor in Madrid, Dunas Capital fields 70 professionals. The firm operates under CNMV supervision and distributes its products to Spanish and Iberian allocators. In September 2024, Spanish media reported that the Dunas Valor Prudente fund had crossed €1 billion in assets under management, reflecting steady retail and institutional appetite for its low-volatility fixed-income and mixed-asset strategies. What distinguishes Dunas Capital's architecture is its independence from any Spanish banking group. That separation lets the firm structure real-estate deals and fund products without the balance-sheet constraints or distribution conflicts that shape bank-owned managers in the region. The group also maintains an ESG and social-commitment policy, though it has not publicly disclosed a dedicated impact vehicle or foundation.
General information
Firm type
Generalist
Year founded
2013
Location
Region
Europe
Country
Portugal
City
Lisbon
Corporate office
Lisbon, Portugal
Additional offices
Madrid, Spain
Principals
David Silva
Chief Executive Officer
Mário Costa
Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Dunas Capital?
Chief Investment Officer Mário Costa oversees all investment decisions, chairing separate committees for real estate, private credit, infrastructure, and hedge fund allocations. Chief Executive Officer David Silva focuses on firm strategy, investor relations, and the Madrid expansion. Each asset class operates with dedicated portfolio managers who source and underwrite opportunities within their mandates, reporting to Costa.
What is Dunas Capital's relationship to Banco Espírito Santo?
Dunas Capital acquired Espírito Santo Activos Financeiros, the asset management subsidiary of the collapsed Banco Espírito Santo group, in 2015. The acquisition transferred legacy portfolios and client relationships to Dunas, which restructured the assets and expanded into new strategies. Dunas Capital itself was never part of the Espírito Santo banking group; it was the acquirer of the salvageable asset management operations.
Does Dunas Capital manage real estate directly or through fund structures?
Dunas Capital manages real estate through a combination of direct property acquisitions and dedicated real estate funds. The firm typically acquires commercial and residential assets in Lisbon, Porto, and Madrid, undertaking active asset management before marketing properties for institutional sale. The 2024 renewable energy fund marked a shift toward more formalized closed-end fund structures for new strategies.
How does Dunas Capital source private credit deals?
The private credit team originates direct loans to mid-market companies in Portugal and Spain through long-standing relationships with regional banks, corporate advisors, and business owners. Dunas typically targets companies with €10 million to €50 million in revenue that require growth capital, acquisition financing, or bridge funding — a segment underserved by traditional bank lending in Iberia since the financial crisis.
What is Dunas Capital's geographic focus?
The firm concentrates on Portugal and Spain, with its Lisbon headquarters handling Portuguese investments and the Madrid office sourcing Spanish opportunities. Real estate and private credit investments are overwhelmingly Iberian, while the hedge fund allocations program invests globally across developed markets. The renewable energy strategy currently focuses on Portuguese solar and wind assets.
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