Representing Qualitas Funds, Sergio García Huertas, Founding Partner, participated in the roundtable titled “Pricing”, which addressed the main challenges faced by buyers and sellers in a context of economic and geopolitical uncertainty. The panel also featured Miguel Moreno (MARSH), Josep Bono Guerrero (Buenavista Equity Partners), Javier Casado (Sherpa Capital), and Ricardo Mateos (Miranza).
During the session, the panelists discussed key topics such as the tightening of legal negotiations to mitigate risks, the acceleration of deal closings driven by portfolio rotation needs, and the performance of high-quality assets in an environment of more conservative valuation multiples.
Sergio shared Qualitas Funds’ perspective on the current challenges and future of the private equity industry, emphasizing the importance of returning to the fundamentals that have long made this asset class attractive: “The mid-market continues to offer the best opportunities to create value, with specialized managers investing in a diversified way in mid-sized companies at reasonable prices and with low leverage, particularly in sectors such as healthcare, fintech, and technology.”
He also highlighted that, although volatility remains a factor, the fundamentals of the industry remain strong: “What has changed is not the fundamentals, but the cost of capital and price expectations. We are witnessing a natural adjustment after years of elevated multiples: distributions have declined, and fundraising processes are taking longer.”
For Sergio, the future of private equity lies in “returning to its essence: active management, fundamental growth, and sustainable value creation in companies that consolidate and expand efficiently.”
At Qualitas Funds, we would like to thank Capital & Corporate, organizers of the event, as well as all participants, for the insightful discussion during such an inspiring day alongside the leading voices in this sector in Spain.
See you at CAPCorp 2026, with new ideas and more opportunities to explore the key trends shaping the market.