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Stoneshield Investments
Stoneshield Investments was founded in 2018 by Juan Antonio Alcaraz de la Maza, formerly a partner at the Spanish law firm Garrigues.
Stoneshield Investments
Stoneshield Investments was founded in 2018 by Juan Antonio Alcaraz de la Maza, formerly a partner at the Spanish law firm Garrigues. The firm manages capital for the families behind Mercadona, the supermarket giant founded by Juan Roig, alongside other Spanish industrial dynasties. Wealth originates from the Roig family's retail fortune, though Stoneshield operates as a multi-family office with multiple unrelated family clients. The firm focuses on three primary asset classes: real estate, private credit, and infrastructure, with a recent expansion into healthcare services and industrial technology. Stoneshield sources directly, often leading consortiums that include institutional partners like AXA IM Alts or Brookfield. Confirmed transactions include the 2023 acquisition of a €100M portfolio of office assets in Madrid (per Cinco Días, 2023) and a €50M senior secured loan to a Spanish logistics developer (per El Economista, 2023). Its geographic focus remains primarily Spain, with selective investments in Portugal and Italy. The firm employs approximately 15 professionals, though exact headcount is not disclosed. Stoneshield does not manage pooled funds; instead, it structures each deal as a dedicated SPV or club vehicle, offering co-investment rights to its family clients. The team includes alumni from Blackstone, Goldman Sachs, and the Spanish banking group BBVA. In November 2023, the firm hired Carlos de la Torre as Managing Partner from Azora Capital, a Madrid-based real estate asset manager, signaling an intensified push into private credit origination. Stoneshield's structural differentiator is its hybrid between a family office and an independent asset manager — it neither raises external third-party capital nor operates as a pure single-family office. This allows the firm to pursue illiquid, long-duration deals without the redemption-pressure typical of open-ended funds. Succession risk is mitigated by a partnership model where multiple principals hold equity.
General information
Firm type
Multi Family Office
Year founded
2018
AUM
€500M–€1B (Altss estimate)
Location
Region
Europe
Country
Spain
City
Madrid
Corporate office
Madrid, Spain
Principals
Juan Antonio Alcaraz de la Maza
Founder & Managing Partner
Javier de Aguirre
Founding Partner
Carlos de la Torre
Managing Partner
Sector focus
Frequently asked questions
Who are the underlying wealth sources for Stoneshield Investments?
The principal wealth originates from the Roig family, founders of Mercadona, Spain's largest supermarket chain by revenue. Stoneshields serves multiple Spanish industrial families, though the Roig connection is the only one publicly confirmed. The firm does not accept capital from unrelated third-party investors.
How does Stoneshield source proprietary deal flow?
The firm originates transactions through its partners' networks in Iberian real estate and corporate finance. Stoneshield also receives direct approaches from Spanish and Portuguese counterparties who value the firm's ability to underwrite and close on balance sheet rather than fundraise. The firm has co-invested with international giants like AXA IM Alts and Brookfield, gaining access to their deal pipelines.
Is Stoneshield structured as a single family office or an independent asset manager?
Stoneshield operates as a multi-family office that functions more like a boutique asset manager. It serves multiple families and structures each investment as a separate vehicle, but it does not raise capital from external institutional investors. The firm retains discretion over allocation decisions and charges a management fee on capital deployed.
What investment stages does Stoneshield typically target?
Stoneshield focuses on private credit and real estate debt at the senior and mezzanine levels, with loan sizes ranging from €20M to €100M. On the equity side, it targets direct control or co-control stakes in operating businesses and real assets, usually in the €50M–€200M enterprise value range. The firm avoids venture capital and early-stage technology.
Which sectors does Stoneshield explicitly avoid?
The firm does not invest in early-stage technology, venture capital, or publicly traded securities. It also avoids speculative development without pre-leasing or pre-sale arrangements, and generally steers clear of highly regulated sectors such as pharmaceuticals or energy trading without operating partners.
How does Stoneshield's partnership model affect succession risk?
The firm is structured with multiple managing partners who hold equity and decision-making authority, reducing dependence on any single individual. Stoneshield has a formal investment committee that includes the founding partner and senior professionals. This partnership model is common among Spanish family offices of a certain scale and provides continuity if a principal leaves.
Does Stoneshield maintain philanthropic structures separate from its investment operations?
Philanthropic activities are managed directly by the underlying families, not by Stoneshield Investments. The Roig family, for instance, runs the Fundación Juan Roig, which supports entrepreneurship in Valencia. Stoneshield's legal structure keeps investment decisions independent of these charitable foundations, though the same family principals are involved.
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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