# Tresmares Capital

Tresmares Capital is an Asset Manager based in Madrid, Spain.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Madrid, Spain
- **Region:** Europe
- **Address:** Madrid, Spain
- **Founded:** 2016
- **Assets under management:** Undisclosed
- **Website:** tresmarescapital.com
- **LinkedIn:** https://www.linkedin.com/company/tresmarescapital

## Regulatory record

- **Reports private funds:** No

## About

Tresmares Capital is a pan-European alternative investment firm focused on driving the growth of SMEs. Founded in 2014, it has a team of more than 60 people across offices in Madrid, London and Frankfurt, with the capacity to operate throughout Europe. Its four strategies offer tailored financing solutions across the capital structure: Private Equity, Direct Lending, Fund of Funds and Fund Financing.

## Sectors

- Enterprise Software
- FinTech
- Digital Health
- Energy Transition & Renewables

## People

- Borja Oyarzabal — Founder & Managing Partner
- Guillermo Castellanos — Founder & Managing Partner

## Questions

### Who runs investment decisions at 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.

### How does Tresmares Capital source proprietary deal flow?

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.

### Which sectors does Tresmares Capital explicitly avoid?

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.

## Related profiles

- [Treo Ventures](https://altss.com/profile/treo-ventures)
- [Tress Capital](https://altss.com/profile/tress-capital)

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Last updated: 2026-08-11T15:08:22.057Z

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