Explora Capital

Ricardo de la Serna, the founder, leads investment decisions at Explora Capital. He concurrently holds a Managing Director role at AlTi Global, the wealth and asset management platform formed through the merger of Alvarium and Tiedemann. This dual role means deal origination may draw on networks from both organizations.

Explora's mandate covers full buyout transactions, management buy-ins, corporate spin-offs, and structured real-asset positions. The firm uses SOCIMI vehicles — Spain's publicly-traded REIT equivalents — for its property portfolio, which requires a focus on income-generating, stabilized commercial and mixed-use assets rather than early-stage or greenfield development.

Explora Capital's founder Ricardo de la Serna serves as a Managing Director at AlTi Global. Explora and AlTi are separate legal entities, but de la Serna's dual role creates an operational bridge that may facilitate co-investment opportunities, deal referrals, and access to AlTi's multi-family office client base for Explora's investment strategies.

Explora Capital maintains its headquarters in Ho Chi Minh City, Vietnam, while a significant portion of its known portfolio is concentrated in Spain through SOCIMI vehicles. The firm pursues buyout strategies across Southeast Asia, and its co-investment partnerships with Inbest Partners and All Iron anchor the European real estate activity.

A SOCIMI is the Spanish equivalent of a Real Estate Investment Trust — a publicly-listed corporation that owns and operates income-producing property. SOCIMIs must distribute a high percentage of profits as dividends and maintain minimum share capital. Explora uses this vehicle type for its Spanish commercial and mixed-use real estate, providing a regulated, transparent structure for co-investors such as Inbest Partners and All Iron.

Based on its disclosed strategy — buyouts, management buy-ins, spin-offs, and direct SOCIMI co-investments — Explora Capital operates primarily through direct principal investments and co-investment structures rather than as a fund-of-funds. The firm's visible portfolio vehicles (Inbest Prime I–IV, All Iron RE I) are direct property-company investments developed with specific operating partners.

Public disclosure on explicit negative screens is not available. However, the firm's visible portfolio — concentrated in commercial and mixed-use real estate and buyout transactions — suggests it avoids early-stage venture capital, speculative development, and sectors requiring heavy R&D infrastructure. The SOCIMI structure itself mandates a near-exclusive focus on income-producing real assets.