Tresmares Capital

Founding managing partners Borja Oyarzabal and Guillermo Castellanos make all investment decisions jointly. Both spent over a decade at J.P. Morgan's Madrid investment banking division before launching Tresmares in 2016. The firm has a flat partnership structure with no external investment committee disclosed.

Tresmares sources deals through its founders' deep Iberian private-banking network, cultivated during their tenure at J.P. Morgan. The firm also benefits from referral relationships with Spanish family offices and European venture funds seeking co-investors for late-stage rounds. This origin-based sourcing gives it visibility into companies that international growth funds often overlook until Series D or later.

Tresmares is neither a single family office nor a traditional VC fund. It is structured as an independent asset manager that raises committed capital from institutional LPs and family offices on a fund basis. The firm directly deploys structured equity into growth-stage companies, operating more like a European growth-equity platform than a family-office vehicle.

Tresmares focuses on late-stage venture and growth equity, typically investing in Series B through pre-IPO rounds across Southern Europe. The firm targets companies with proven revenue traction that need €10–50 million to bridge toward a liquidity event. It explicitly avoids early-stage and seed investments.

Based on its public deal record, Tresmares concentrates on enterprise software, fintech, digital health, and the energy transition. The firm does not appear to invest in hardware-intensive deep tech, biotech requiring FDA approval pathways, or consumer goods companies outside technology-enabled delivery platforms.