# Naropa Capital

Naropa Capital is a Single Family Office based in Madrid, Spain.

## Overview

- **Organization type:** Single Family Office
- **Headquarters:** Madrid, Spain
- **Region:** Europe
- **Address:** Madrid, Spain
- **Founded:** 2020
- **Assets under management:** $400M - $600M (Altss estimate)
- **Website:** naropa.es
- **LinkedIn:** https://www.linkedin.com/company/naropa-capital

## Regulatory record

- **Reports private funds:** No

## About

The firm was formed in 2020 when Marcos, Ángel Luis, Cristina, and Alfonso Fernández Fermoselle monetized their family's real-estate development platform, Parquesol. Rather than divide the proceeds or outsource management entirely, the siblings consolidated control under Naropa Capital, a dedicated single-family office built to preserve and redeploy roughly €1 billion in legacy wealth. CEO Javier de Busturía joined from Morgan Stanley to professionalize the investment process, with CFO Paloma Romero Bueno rounding out a leadership team that blends family governance with external institutional discipline. Naropa's deployment centers on direct commercial real estate — the portfolio spans retail, office, and mixed-use assets concentrated in Madrid and Valencia, including the Icon Building in Majadahonda and the Isban headquarters in Las Rozas. The firm also pursues asset-class diversification through fund commitments, private credit mandates, and infrastructure co-investments. Geographically, the real estate footprint reaches beyond Spain into Portugal, France, and Switzerland via a 33-asset mixed-use portfolio, though Iberia remains the gravitational center. Team-scale details are not publicly disclosed, but the operating model relies heavily on a network of co-investors and service providers rather than a large in-house staff. IBA Capital Partners is a frequent transactional counterparty, having acquired Naropa-originated real estate assets, which keeps capital recycling while maintaining sourcing momentum. The siblings themselves maintain visible individual profiles outside finance — Marcos serves as lead vocalist of the band Red Moon Yard, Ángel Luis is a published author and musician, and both engage with IE University's Master in International Finance. Philanthropic governance runs through the Wisedana Foundation and IE Foundation, with Marcos holding a Wisedana board seat. Naropa's architecture is defined by its tightly held family governance and hybrid investment strategy. Unlike European SFOs that rely almost exclusively on external fund managers, Naropa combines direct property ownership with private-equity-style co-investments and a dedicated Luxembourg fund structure. The four siblings' collective control — each holds a director title — makes succession and alignment central to every allocation decision, creating a decision-making cadence that favors tangible, long-duration assets over liquid-trading mandates.

## Sectors

- Real Estate
- Private Equity
- Private Credit
- Infrastructure
- Energy Transition & Renewables

## People

- Marcos Fernández Fermoselle — Executive President
- Javier de Busturía — CEO
- Ángel Luis Fernández Fermoselle — Director
- Cristina Fernández Fermoselle — Director
- Alfonso Fernández Fermoselle — Director
- Paloma Romero Bueno — CFO

## Questions

### What generated the wealth behind Naropa Capital?

The Fernández-Fermoselle siblings built and ultimately sold Parquesol, a Spanish real-estate developer, in a deal valued at approximately €1 billion in 2020. The full proceeds were directed into Naropa Capital to serve as the family's permanent investment vehicle.

### Who makes investment decisions at Naropa Capital?

CEO Javier de Busturía, who previously worked at Morgan Stanley, leads the investment function alongside CFO Paloma Romero Bueno. The four Fernández-Fermoselle siblings — Marcos, Ángel Luis, Cristina, and Alfonso — each hold director roles and exercise collective governance over major allocation decisions.

### Does Naropa invest directly or through external managers?

Naropa uses a hybrid model. The firm owns Spanish commercial real estate assets directly and holds a 33-property mixed-use portfolio across Spain, Portugal, France, and Switzerland. It also allocates through fund-of-funds commitments, private credit mandates, infrastructure co-investments, and a Luxembourg-domiciled SICAV for liquid strategies.

### How does Naropa source real estate deals?

Naropa operates with a concentrated Iberian sourcing network and maintains a close transactional relationship with IBA Capital Partners, which has purchased assets from Naropa's portfolio. This recycling mechanism frees capital for new acquisitions while preserving sourcing relationships that generate pipeline opportunities.

### What is the governance structure among the siblings?

Each of the four Fernández-Fermoselle siblings holds a director title, creating a framework where strategic decisions require cross-family alignment. The siblings also pursue individual projects — Marcos as a musician, Ángel Luis as an author — but the office consolidates their investment and philanthropic activities under Naropa Capital and the associated Wisedana and IE Foundations.

### Is Naropa Capital open to external co-investors?

Naropa operates as a single-family office and does not publicly solicit external capital. However, its track record of co-investing with IBA Capital Partners and its use of fund structures suggest the firm selectively partners with aligned institutional investors on a deal-by-deal basis.

## Related profiles

- [Athos KG](https://altss.com/profile/athos-kg-strungmann-family-office)
- [Xénia Gestion Privée](https://altss.com/profile/xenia-gestion-privee)

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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/naropa-capital-fernandez-fermoselle-family-office

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