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Rijn Capital
Rafael del Pino runs Rijn Capital to steward infrastructure wealth from Ferrovial, deploying an estimated $10.3B into direct assets.
Rijn Capital
Rijn Capital is the single-family office of Rafael del Pino y Calvo-Sotelo, the controlling shareholder and executive chairman of Ferrovial, the Spanish infrastructure and mobility conglomerate. Established in Amsterdam, the office manages the proceeds from a fortune built on toll roads, airport concessions and construction services across Europe and the Americas. The family's wealth remains closely tied to Ferrovial's public equity, while Rijn Capital operates as the vehicle for diversification beyond the listed entity. The firm deploys capital across private equity, real estate, infrastructure, natural resources and commodities. Its investment geography spans Europe and South America, with a visible tilt toward energy transition assets. Portfolio holdings include the San Pedro III (Solar Jama) photovoltaic plant in Chile's Antofagasta region and a solar PV pipeline across the Atacama and Tarapacá regions. Rijn Capital pursues a mix of direct co-investments, SPVs and commitments to external funds, maintaining a pragmatic structure rather than a rigid allocation model. Operational leadership includes Principal Martin Davalos, while Michiel Boersma served as a non-executive director through 2024, providing external governance. Rafael del Pino's sister, Maria del Pino y Calvo-Sotelo, holds a major Ferrovial stake through Menosmares S.L.U. The family's influence extends into academia and policy through Rafael del Pino's memberships on the MIT Corporation and the Royal Academy of Engineering of Spain, as well as the IESE Business School International Advisory Board. Rijn Capital's structure differs from many European family offices in its direct ownership of operating infrastructure rather than a pure portfolio of fund commitments. The family also channels philanthropic activity through the Fundación Rafael del Pino, which runs independent programming focused on leadership, education and economic development. This separation of investment management from charitable grantmaking is a clear governance boundary.
General information
Firm type
Single Family Office
Year founded
—
AUM
$10.3B (Altss estimate)
Location
Region
Europe
Country
Netherlands
City
Amsterdam
Corporate office
Amsterdam, Netherlands
Principals
Rafael del Pino y Calvo-Sotelo
Founder
Martin Davalos
Principal
Michiel Boersma
Non-executive Director (2018-2024)
Sector focus
Frequently asked questions
Who runs investment decisions at Rijn Capital?
Investment decisions are steered by Principal Martin Davalos, operating under the guidance of founder Rafael del Pino y Calvo-Sotelo. Non-executive oversight was provided by Michiel Boersma through 2024. The structure suggests a tight decision-making loop centered on the founder's direct involvement.
How is Rijn Capital's investment strategy shaped by the Ferrovial connection?
Rijn Capital maintains an industrial posture that aligns with Ferrovial's core competencies in transportation infrastructure and large-scale engineering. This manifests in the office's direct ownership of solar generation assets, preference for hard-asset deployment and comfort with complex jurisdictions such as Chile's Atacama Desert. The office functions as a natural extension of the family's operating knowledge.
Is Rijn Capital structured as a single family office or does it manage external capital?
Rijn Capital is organized as a single-family office exclusively managing the capital of Rafael del Pino y Calvo-Sotelo and related family entities. There is no indication of third-party capital or a multi-family office structure.
Does Rijn Capital participate in fund commitments or only direct deals?
Rijn Capital utilizes a hybrid approach that includes direct co-investments, special purpose vehicles and commitments to external funds. Its asset class coverage spans private equity, real estate, infrastructure, natural resources and commodities, suggesting a broad toolkit rather than a direct-only mandate.
Which sectors does Rijn Capital explicitly avoid?
Confirmed sector focuses include Mobility & Transportation, ClimateTech, Energy Transition & Renewables, and WaterTech. Negatively tagged sectors are not explicitly disclosed, but the portfolio's observable concentration in hard-asset and industrial-oriented themes suggests limited exposure to consumer internet, software and financial services.
How is Rijn Capital related to Ferrovial's operating business?
Rafael del Pino y Calvo-Sotelo maintains clear separation between Ferrovial, the publicly traded parent, and Rijn Capital, the private investment office. His sister Maria del Pino holds a major Ferrovial stake through the holding company Menosmares S.L.U. The office invests across asset classes that complement but do not overlap with Ferrovial's corporate balance sheet.
Does Rijn Capital maintain philanthropic structures?
Yes. The family channels charitable activity through the Fundación Rafael del Pino, which operates with an independent mandate focused on leadership development, education and economic policy. The foundation is structurally separate from the investment office.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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