Bewater Funds
Bewater Funds (legally Bewater Asset Management SGEIC de tipo cerrado, S.A.) is a Madrid closed-end fund manager founded in 2018 and part of Indexa Capital Group. It specialises in direct secondaries, buying existing minority stakes of roughly 5 to 25 percent in profitable, cash-flow-positive Spanish and Portuguese technology companies valued below about 15 to 20 million euros, and structures most deals as a dedicated single-asset closed-end fund per company alongside two diversified vehicles, Renta 4 Bewater I FCR and Bewater II FCRE.
Key facts
Recent exits
Coverage notes
5 funds tracked, 25 portfolio companies (21 active · 4 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
25 companiesFunds & portfolio
Every fund Bewater Funds has raised, with its portfolio companies. Hand-checked from public filings.
Bewater II FCREVC2022 · 4yr6 active
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| LegalTech |  Spain | 2022 | |
| PropTech | Spain | 2025 | |
| Consumer | Spain | 2024 | |
| PropTech | Spain | 2025 | |
| E-commerce | Spain | 2025 | |
| IT Services | Spain | 2024 |
Spain· Entry 2022Spain· Entry 2025Spain· Entry 2024Spain· Entry 2025Spain· Entry 2025Spain· Entry 2024Renta 4 Bewater I FCRVCHarvesting2019 · 7yr€5M12 active · 4 realized
Unrealized
12 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer | Spain | 2020 | |
| Real Estate | Spain | 2020 | |
| E-commerce | Spain | 2019 | |
| SaaS |  Portugal | 2021 | |
| Data & Analytics | Spain | 2022 | |
| Telecom | Spain | 2021 | |
| SaaS | Spain | 2019 | |
| SaaS | Spain | 2021 | |
| Business Services | Spain | 2022 | |
| SaaS | Spain | 2022 | |
| E-commerce | Spain | 2020 | |
| FoodTech | Spain | 2019 |
Spain· Entry 2020Spain· Entry 2020Spain· Entry 2019Portugal· Entry 2021Spain· Entry 2022Spain· Entry 2021Spain· Entry 2019Spain· Entry 2021Spain· Entry 2022Spain· Entry 2022Spain· Entry 2020Spain· Entry 2019Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| IT Services | Spain | 2020 | 2025 | Secondary | – | ||
| IT Services | Spain | 2022 | 2025 | Secondary | – | ||
| Energy | Spain | 2020 | 2021 | Trade Sale | |||
| Business Services | Spain | 2019 | 2023 | – | – | – |
Spain· Entry 2019Bewater Traventia FICCVCHarvesting2018 · 8yr1 active
Bewater Zacatrus FICCVCHarvesting2018 · 8yr1 active
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Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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Spain·€300MGet the full picture on Bewater Funds.
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