In an in-depth conversation with BizPulse, the podcast hosted by Diego Subirá and Ignacio Bonet, Qualitas Funds set out to bring private equity closer to university students and young professionals.
Growing in offering, not in size
Sergio looked back on the firm’s journey, from the early days of Qualitas Equity Partners more than two decades ago to the founding of Qualitas Funds alongside Eric Halverson, and explained why the firm has chosen to broaden its range of solutions rather than raise ever-larger vehicles: “Our goal has always been to have a sustainable strategy, and to achieve that, we specialized in the mid-market. Instead of growing in size, as many managers do, we have grown our product offering, always within this same segment.”
Today, that offering spans funds of funds, co-investments, NAV financing and secondaries, across Europe and the United States. Since 2025, Qualitas Funds has been part of Ridgepost Capital (formerly P10), a group listed on the New York Stock Exchange with more than $[50] billion in assets under management.
For Sergio, the difference lies in investment discipline: “The average multiples [enterprise value/EBITDA] in our portfolio are between 7x and 8x, while the market is in double digits, between 11x and 15x. On leverage, we are between one and two times net debt/EBITDA, whereas the market is between five and seven. If instead of leveraging five or seven times you leverage one or two, you are much better protected when a crisis hits.” These entry prices do not mean compromising on quality: “The typical company in our portfolio has an EBITDA margin of between 15% and 20% and grows at around 20% a year.”
Patient capital
Sergio also addressed the debate around liquidity and the opening up of private capital to new types of investors: “I like to say that the illiquidity of alternative assets is not a flaw, but an inherent feature of the product. It is precisely this illiquidity and this long-term approach that gives you the return premium.” He therefore recommended allocating to private equity the portion of one’s wealth that can remain invested over the long term.
The conversation also touched on artificial intelligence, which Sergio sees as a lever that favors mid-sized companies thanks to their agility. He cited Qualitas Funds itself as an example, where AI is already embedded in many processes. In his view, AI “doesn’t replace analysis; it enhances your capabilities.”
Finally, in keeping with BizPulse’s educational mission, Sergio shared his perspective on talent in the industry: “I would say the most important skill today is critical thinking,” along with problem-solving, leadership and interpersonal skills. He also recalled one of Qualitas Funds’ guiding principles: “Culture eats strategy for breakfast. Strategy is all well and good, but culture is what makes a company strong and what truly sets it apart over the long term.”
You can watch the full interview at this link: From McKinsey to managing billions in Private Equity