Key Takeaways
- • Inveready and Terram Capital have formed a joint venture, Terram Inveready Credit Partners, targeting a €200 million inaugural private debt fund launch in 2026, expanding Inveready's €2.5 billion AUM portfolio into the high-growth private credit segment.
- • Andbank has committed to a co-investment agreement with the new fund vehicle, subject to internal approval, signaling institutional confidence and providing a capital co-investment partner for transactions led by Terram Inveready Credit Partners.
- • The partnership enables Terram Capital to scale beyond its 2023 debut €100 million fund (backed by Atitlan group, which remains involved), positioning the firm for growth consolidation in Spain's alternative investment market.
- • Inveready expands its alternatives offering across venture capital, life sciences, venture debt, strategic public equity, private equity, and infrastructure—establishing private debt as a core product line alongside existing capabilities.
- • The collaboration targets institutional investor access and differentiated value positioning in private debt, a sustained-growth asset class now embedded as a cornerstone component within alternative investment allocations.
Summary
Inveready and Terram Capital have announced a strategic partnership to establish Terram Inveready Credit Partners, a dedicated private debt platform designed to capture growth opportunities in Spain's alternative investment market. The joint venture targets an inaugural fund of up to €200 million for launch during 2026. This partnership represents a significant capacity expansion for both firms and reflects broader institutional appetite for private credit solutions across European alternatives portfolios.
The agreement expands Inveready's alternatives platform considerably. The firm currently manages over €2.5 billion in assets under management and operates across venture capital, life sciences, venture debt, strategic public equity, private equity, and infrastructure. The addition of private debt as a dedicated asset class strengthens Inveready's product depth within the high-conviction Spanish alternative investment ecosystem. According to Josep María Echarri, CEO of Inveready, the partnership aligns with the firm's strategy of "broadening our value proposition and product offering, continuing to grow in attractive niches within the alternative investment market in Spain."
Terram Capital, founded by Ignacio Novela, launched its initial €100 million fund in 2023 with backing from the Atitlan group, which will continue as a financial investor in the new vehicle. The Inveready partnership provides Terram Capital with enhanced institutional distribution and scaled access to new capital sources. Novela emphasized that "the agreement with Inveready will provide access to new institutional investors," a critical competitive advantage for the emerging platform.
Structurally, Andbank has entered into a co-investment agreement with Terram Inveready Credit Partners, contingent on internal committee approvals. This partnership positions Andbank as a co-investment vehicle for transactions sourced and led by the new platform, providing transaction-level capital support and institutional participation. The arrangement underscores confidence in the fund's investment thesis and operational execution capability.
The timing reflects private debt's maturation as a core alternative asset class. Both firms recognize sustained growth momentum and institutional demand for differentiated credit solutions, particularly in the Spanish market where private debt penetration remains below Northern European benchmarks, presenting significant whitespace for first-mover positioning.
The agreement expands Inveready's alternatives platform considerably. The firm currently manages over €2.5 billion in assets under management and operates across venture capital, life sciences, venture debt, strategic public equity, private equity, and infrastructure. The addition of private debt as a dedicated asset class strengthens Inveready's product depth within the high-conviction Spanish alternative investment ecosystem. According to Josep María Echarri, CEO of Inveready, the partnership aligns with the firm's strategy of "broadening our value proposition and product offering, continuing to grow in attractive niches within the alternative investment market in Spain."
Terram Capital, founded by Ignacio Novela, launched its initial €100 million fund in 2023 with backing from the Atitlan group, which will continue as a financial investor in the new vehicle. The Inveready partnership provides Terram Capital with enhanced institutional distribution and scaled access to new capital sources. Novela emphasized that "the agreement with Inveready will provide access to new institutional investors," a critical competitive advantage for the emerging platform.
Structurally, Andbank has entered into a co-investment agreement with Terram Inveready Credit Partners, contingent on internal committee approvals. This partnership positions Andbank as a co-investment vehicle for transactions sourced and led by the new platform, providing transaction-level capital support and institutional participation. The arrangement underscores confidence in the fund's investment thesis and operational execution capability.
The timing reflects private debt's maturation as a core alternative asset class. Both firms recognize sustained growth momentum and institutional demand for differentiated credit solutions, particularly in the Spanish market where private debt penetration remains below Northern European benchmarks, presenting significant whitespace for first-mover positioning.
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