Key Takeaways
- • DC Advisory anticipates venture capital portfolio exits will accelerate in Spain during 2026, signaling a shift from the prolonged exit drought that constrained VC activity since 2020.
- • The firm strengthened its Spanish technology advisory capabilities by hiring Ana Segurado as Managing Director in April 2025, bringing 20+ years of experience in venture capital, M&A, and technology exits to support anticipated deal flow.
- • Ana Segurado's track record includes leadership of more than 50 investments and 15 exits, positioning DC Advisory to capitalize on VC exit activity in the Spanish market as conditions improve.
- • DC Advisory's global Technology & Software practice completed 24 transactions over the preceding 12 months, demonstrating operational readiness to execute portfolio exits across its platform.
- • Spain's venture capital ecosystem showed strong sentiment in 2023, with nearly 90% of surveyed VCs expressing positive outlooks, providing foundational momentum for exit activity anticipated in 2026.
Summary
DC Advisory is positioning itself to capitalize on an anticipated wave of venture capital portfolio exits in Spain during 2026, following years of constrained exit activity across private markets. The investment bank signaled this strategic focus through the appointment of Ana Segurado as Managing Director in its Madrid office in April 2025, a senior hire that underscores management's conviction that exit conditions are normalizing in the Spanish venture market.
Segurado brings substantial pedigree to the mandate. Over two decades in technology investment advisory, she has led more than 50 investments and orchestrated 15 exits, previously serving as head of the Venture Capital advisory unit at Alantra where she managed M&A, secondary transactions, and fundraising activities for startup and VC fund clients. Her prior roles included managing multiple investment vehicles at Telefonica Group and a decade-long tenure as Investment Director at Inversiones Ibersuizas (now Portobello Capital). Her appointment signals DC Advisory's readiness to serve venture-backed companies and funds seeking liquidity as market conditions improve.
The timing reflects broader market expectations. After years of depressed exit activity—particularly in the IPO market, which most venture participants expected to remain weak through 2024-2025—there is growing optimism that M&A exits will become more viable in 2026. DC Advisory's move is consistent with this thesis, positioning the firm to advise on secondary transactions, management buyouts, and corporate acquisitions of venture-backed assets.
DC Advisory's global Technology & Software practice, comprising 40 senior bankers across Europe, the US, and Asia, demonstrates operational capacity to execute this strategy. Over the prior 12 months, the practice completed 24 transactions, including acquisitions across digital services, industrial technology, and software sectors. The Spanish operation, led by seven Managing Directors and comprising 22 professionals, has a documented track record across debt facilities, M&A advisory, and corporate venture activity.
Spain's venture ecosystem provides a favorable backdrop. A 2023 survey of over 20 Spanish venture capital firms found that nearly 90% expressed positive sentiment regarding the state of venture capital in Spain, suggesting both supply-side readiness and entrepreneur confidence to pursue liquidity events as markets stabilize.
Segurado brings substantial pedigree to the mandate. Over two decades in technology investment advisory, she has led more than 50 investments and orchestrated 15 exits, previously serving as head of the Venture Capital advisory unit at Alantra where she managed M&A, secondary transactions, and fundraising activities for startup and VC fund clients. Her prior roles included managing multiple investment vehicles at Telefonica Group and a decade-long tenure as Investment Director at Inversiones Ibersuizas (now Portobello Capital). Her appointment signals DC Advisory's readiness to serve venture-backed companies and funds seeking liquidity as market conditions improve.
The timing reflects broader market expectations. After years of depressed exit activity—particularly in the IPO market, which most venture participants expected to remain weak through 2024-2025—there is growing optimism that M&A exits will become more viable in 2026. DC Advisory's move is consistent with this thesis, positioning the firm to advise on secondary transactions, management buyouts, and corporate acquisitions of venture-backed assets.
DC Advisory's global Technology & Software practice, comprising 40 senior bankers across Europe, the US, and Asia, demonstrates operational capacity to execute this strategy. Over the prior 12 months, the practice completed 24 transactions, including acquisitions across digital services, industrial technology, and software sectors. The Spanish operation, led by seven Managing Directors and comprising 22 professionals, has a documented track record across debt facilities, M&A advisory, and corporate venture activity.
Spain's venture ecosystem provides a favorable backdrop. A 2023 survey of over 20 Spanish venture capital firms found that nearly 90% expressed positive sentiment regarding the state of venture capital in Spain, suggesting both supply-side readiness and entrepreneur confidence to pursue liquidity events as markets stabilize.
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