The major milestone of the year came in April, with our definitive integration into P10, a leading global platform in the middle and lower middle market listed on the NYSE. The transaction was successfully completed six months after P10 agreed to acquire 100% of Qualitas Funds, in a strategic alliance that is highly beneficial for both firms: for P10, it represented its entry into Europe; for Qualitas Funds, the opportunity to offer additional strategies and new investment vehicles in global markets.
This close collaboration between P10 and Qualitas Funds quickly delivered its first results: in June we launched our first fund of funds to invest in North America thanks to the collaboration with RCP Advisors, a company under the P10 umbrella. While the fund is managed by Qualitas Funds, RCP Advisors will help us identify and select the best investment opportunities in the North American market.
Qualitas Funds US I was the first of three new funds launched this year. In May, we launched our seventh European private equity fund of funds, Qualitas Funds VII, with a maximum size of €300 million. In December, we announced our third private equity co-investment fund, Qualitas Funds Direct III, with a hard cap of €200 million. Both vehicles reflect the maturity of Qualitas Funds’ strategy: they maintain the same investment approach as their predecessors, but with greater size and investment capacity.
Trusted media investment expert
The growth of Qualitas Funds has been accompanied by an increasingly prominent presence in Spain’s leading media outlets. The country’s main financial newspapers, such as Expansión, El Economista and Cinco Días; general news outlets such as El Confidencial and El Español; and specialised media such as Capital & Corporate, Funds People, Funds Society, Estrategias de Inversión, among others, have all reported on these new milestones.
In addition, our team was interviewed in Estrategias de Inversión, Negocios TV and Finance Community, written columns for El Economista, participated in reports alongside experts on new sector trends, and taken part in digital meetings with Expansión to bring the benefits of private equity investment closer to the general public. These prominent media appearances have helped further consolidate Qualitas Funds as a reference in private markets, with agile private equity programmes, attractive returns and optimal diversification.
Greater international exposure
The integration into P10 is one of the main reasons behind the growing international recognition of Qualitas Funds, but there is another equally important factor. Our team attended some of the most important investment events held in Europe. These include, our participation in IPEM Paris in September, one of the major European private equity gatherings, as well as IPEM Cannes in January. At a global level, our participation in Global Alts 2025 in Miami also stood out.
Additionally, a strategic market for Qualitas Funds is Portugal, where our local team organised a masterclass in March in collaboration with the Portuguese Family Business Association. We have also taken part in national events, including CapCorp, Private Equity Insights, ASEAFI Infrastructure & Debt, and the Leaders League Iberian Summit.
As a result of this increased international presence, several specialised media outlets have recognised us with various awards. Specifically Private Equity Wire European Awards 2025 named Qualitas Funds Direct II as “Emerging Fund Raising of the Year: Co-invest” and highlighted Qualitas Funds III in “Performance of the Year: Fund of Funds”. In addition, the Wealth & Finance International Awards 2025 recognised Qualitas Funds in the category “Investment Excellence Awards: Lower Mid-Market Private Equity Manager of the Year 2025 – Europe”.
A firm in constant growth
The greatest source of pride for Qualitas Funds is that 2025 was filled with milestones that increased the scale of the firm. Among them, the appointment of two new partners, Víctor Romero and Bernardo Marques dos Santos, who joined Eric Halverson, Sergio García and Javier Alemán to face the future challenges of Qualitas Funds.
Without a doubt, the Investor day held in May was the most important day of the year for Qualitas Funds, and the occasion on which we were able to give our investors a clear account of the firm’s growth. On this occasion, we were joined by 200 attendees, who were able to learn first-hand not only about the main developments and results of our funds, but also about the strength and resilience of Qualitas Funds in the face of global uncertainty.
We are already taking the first steps into a challenging 2026 that will bring new milestones and challenges. Thank you, once again, for your trust. We face the new year with the commitment to continue creating value for our investors and partners in an efficient and responsible manner.
We wish you a prosperous New Year, full of shared opportunities.