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.

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.

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.

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.

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.