Private Equity AgriFood

Accelerating the growth of AgriFood SMEs through sustainability.

IB Sustainable AgriFood Fund I — FCR & SCR

Supporting Spanish SMEs in the AgriFood transition

IB SAF I invests in the equity of small but fast-growing Spanish AgriFood SMEs to accelerate growth through sustainability.

  • 2025

    Launch year

  • €164m

    AuM committed

  • Open

    Commercialisation

  • Dec 2026

    Date final closing

Investment strategy

  • Target size€150m (Hard cap €170m)
  • Diversification8–12 portfolio companies, Average ticket €10–15m (range €5–25m)
  • Target companiesLower SME market (€1–5m EBITDA) and occasionally middle-market (€6–10m)
  • GeographySpain (≥85%), Southern Europe (≤15%)
  • ParticipationProactive ownership. Majorities and relevant minorities
  • PartnershipsPartnership with families and founders
  • Target net IRR15%
  • SFDRArticle 9

Target sectors

  • Farming

  • Transformation

  • Enabling industries

Impact objectives

  • SME competitiveness

    • Digitalisation
    • Innovation
    • Consolidation
    • Governance
  • Social impact in Spain

    • Rural development
    • Decent work
    • Vulnerable groups
    • Nutritional wellness
  • Climate & environment

    • CO₂ reduction
    • Circular economy
    • Climate adaptation
    • Biodiversity

Portfolio

  • Private Equity AgriFood2026

    Airos

    Leading Spanish group specialized in gluten-free products, including complementary players Airos (bakery and pastries) and Esgir (value-added cereals).

    Nutritional wellness

  • Private Equity AgriFood2026

    Ikos Advanced

    Spanish AgTech company using proprietary AI solutions to optimise resources and develop an agri-marketplace. Market leader in Almería.

    DigitalisationClimate adaptation

Governance

Investment team

The Impact Bridge professionals leading origination, execution and portfolio management for this strategy.

  • Managing Partner, Co-Head of Private Equity AgriFood

    Carlos de Abajo, DBA

    Managing Partner, Co-Head of Private Equity AgriFood

    • DBA: "Africa electrification"
    • Professor at Comillas University

    Former:

    • MD M&A Iberia BoAML
    • MD M&A Iberia Morgan Stanley

    Portfolio Manager at Impact Bridge, Doctor Business Administration in Management and Technology, professor of Corporate Finance at Instituto de Empresa (IE) and professor of M&A at ICADE. Before, he was Managing Director and Head of M&A for Spain and Portugal at Bank of America (2014-2021) where he led private M&A deals (Gransolar, GALP gas distribution network, Gestamp solar energy business, Memora, Eolia, Tecnocom or Aktua among others) and public transactions (NH Hotels, DIA, Telepizza's IPO and KKR's subsequent tender offer or El Corte Inglés capital restructuring and high yield bond offering). Previously, he spent thirteen years at Morgan Stanley as Head of M&A for Spain and Portugal and Head of cross-border Europe/LATAM (2000-13). Carlos collaborates with the Global Commission to End Energy Poverty (led by the MIT/Comillas Universal Energy Access Laboratory with funding from the Rockefeller foundation). Carlos has a Double Degree in Business Administration and Spanish Law from ICADE.

    LinkedIn
  • Managing Partner, Co-Head of Private Equity AgriFood

    Fernando Sanz-Pastor

    Managing Partner, Co-Head of Private Equity AgriFood

    Former:

    • MD Alantra Private Equity: Food, Agri & ESG
    • Investor in the agribusiness, education, health and industrial sectors

    Previously, he was a Managing Director at Alantra Private Equity, where he worked for most of his professional career, specializing in the agri-food sector and leading the firm's ESG strategy. During his 16 years at the firm, Fernando has been involved throughout the lifecycle of three funds, gaining experience in acquisitions, monitoring, and divestments in various companies. As a member of the Board of Directors, he has managed investments in companies in the agri-food (Panasa, Mivisa, Frías Nutrición, Betapack), education (Laude Schools), healthcare (Xanit), and industrial (ZIV, MD Group) sectors. Before joining Alantra Private Equity, Fernando worked at Arthur D. Little and The Royal Bank of Scotland. He holds a degree in International Business Administration from ICADE.

    LinkedIn
  • Senior Director

    Cristiano Bartolini

    Senior Director

    Former:

    • Private Equity at Alantra (Agri, Food & Industrial Tech)
    • M&A at BNP Paribas

    Cristiano Bartolini has 15 years of experience in finance, developed in the areas of M&A and Private Equity. He joins Impact Bridge in 2026 from Alantra Private Equity, where he served as Investment Director. During his time at Alantra he specialized in the food sector, taking part in notable transactions such as Frías Nutrición -a leading plant-based drinks company, sold to Grupo Refresco in 2024- and Surexport, a global group specializing in the production and marketing of high-quality berries. Previously, he was part of the M&A team at BNP Paribas in Milan and Madrid. He holds a BA in Business Administration from the Università di Bologna and a master's in Finance from Università Bocconi in Milan. He is currently a member of SpainCap's "Under40" Committee, which aims to promote Private Equity in Spain.

    LinkedIn
  • Investment Principal

    Juan Mazarrasa

    Investment Principal

    Former:

    • Vice-President Iberia M&A at Bank of America
    • Iberia M&A at Mediobanca
    • Double Master: Industrial Engineering + MBA (ICAI)

    Juan joined Impact Bridge in 2025 as an Associate Investment Analyst. Previously he was Vice-President in Bank of America's Iberia M&A team. Previously he worked at Mediobanca in the Iberia M&A team. He holds a double Master's degree in Industrial Engineering and MBA from ICAI and a Bachelor's degree in Industrial Technologies from Universidad Carlos III de Madrid.

    LinkedIn
  • Investment Associate

    Ricardo Giménez-Arnau

    Investment Associate

    Former:

    • M&A at Société Générale
    • Double Degree: BBA and International Relations (ICADE)

    Investment Analyst at Impact Bridge since September 2020. Previously, Ricardo completed two summer internships at Impact Bridge in 2019 and 2020, in which he provided support to the investment team, and wrote his final thesis in conjunction with the firm. He studied an undergraduate double degree in Business Administration and International Relations at ICADE (Comillas Pontifical University) between September 2015 and May 2020, a period during which he received the Academic Excellence Grant by CAM for four consecutive years and two scholarships from ICADE (one from university itself and another from the "Club Empresarial", an association of alumni) that rewarded academic performance. Additionally, he has completed two semesters abroad, one in McGill University (Montreal, Canada) and another one in Singapore Management University (Singapore), and has worked as an investment banking off-cycle analyst at Société Générale. Lastly, he has been involved in several volunteering experiences in Madrid (Spain), such as Bokatas, that involves homeless people, or Suorine, that helps children in risk of exclusion.

    LinkedIn
  • Investment Analyst

    Aitor Ortiz

    Investment Analyst

    Former:

    • M&A at AZ Capital
    • Lawyer at Uría Menéndez
    • BBA at Universidad de Deusto

    Aitor joined Impact Bridge in 2026 as an Investment Analyst. Prior to that, he was an Investment Banking Analyst at AZ Capital. Previously, he worked as an Associate in the Corporate / M&A team at Uría Menéndez. On the academic side, he completed the Dual Master's in International Business Law at Centro de Estudios Garrigues, and holds a dual degree in Business Administration and Law from the University of the Basque Country (UPV/EHU).

    LinkedIn
  • Investment Analyst

    Isabela Lantero

    Investment Analyst

    Former:

    • Investment Accounting at BlackRock
    • Double Degree: BBA and Business Analytics (ICADE)

    After an internship at Impact Bridge, Isabela joined Impact Bridge as an Investment Analyst in September 2024. She studied a double degree in Business Administration and Business Analytics at ICADE (Universidad Pontificia Comillas) between September 2019 and May 2024. In addition, she completed two exchange semesters abroad, one at the University of San Diego (San Diego, USA) and another at WHU - Otto Beisheim School of Management (Germany), and an internship at BlackRock in the Investment Accounting department.

    LinkedIn

Impact Committee

Independent experts who validate the impact thesis of every investment and oversee fund-level impact reporting.

  • Chair, President of the Impact Committee

    Concepción Galdón, PhD

    Chair, President of the Impact Committee

    • Vice-Dean of Business with Purpose at IE Business School
    • Board Member Ashoka Spain
    • Co-founder & CEO of Puentes Global

    Former:

    • Banco Santander
    LinkedIn
  • Impact Committee Member

    Mónica Gil-Casares

    Impact Committee Member

    • Director of Social Impact at CODESPA
    • Director of Projects & Research at the Business Observatory for Inclusive Growth

    Former:

    • Corporate Social Responsibility at Inditex
    LinkedIn
  • Impact Committee Member

    David Pereira

    Impact Committee Member

    • General Director of Cool Farms

    Former:

    • Head of Agro Smart Equity Fund
    • Smart Debt Fund
    • Venture Capital Funds
    • Advance Debt Fund - all at Banco Santander
    LinkedIn
  • Impact Committee Member

    Álvaro Colino

    Impact Committee Member

    • Director of Sustainable Products at CaixaBank

    Former:

    • Director of Large Business Centres Madrid
    • Director Empresa Centres Madrid Castellana - CaixaBank
    LinkedIn
  • Impact Committee Member

    Pilar Martínez

    Impact Committee Member

    • Head of Sustainable Food Programmes at Fundación Daniel y Nina Carasso

    Former:

    • Researcher at Universidad Politécnica de Madrid
    • Agricultural Engineer, Fundación Daniel y Nina Carasso

AgriFood Expert Network

Selected members covering different segments of the value chain and different functions.

  • Agriculture, fishery, regulation

    Isabel García Tejerina

    Agriculture, fishery, regulation

    • EY: Senior advisor in Public Sector and Climate & Sustainability
    • Iberdrola: Board Member

    Former:

    • Minister of Agriculture and Fishery in the Government of Spain
  • Agriculture, sustainability

    Roberto Vitón

    Agriculture, sustainability

    • Valoral Advisors (AgriFood investment advisory): Founder and Managing Director
    • The Yield Lab Latam (AgriFoodTech Venture Capital): Managing Director

    Former:

    • McKinsey & Company
    LinkedIn
  • Agriculture, consulting, sustainability

    Flavio Alzueta

    Agriculture, consulting, sustainability

    • NEOM: Head of Sustainable Food Supply and ESG
    • GLOBAL GAP: Advisory Board

    Former:

    • GLOBAL GAP: VP and Chief Marketing Officer
    LinkedIn
  • Agriculture, finance, biodiversity

    Luis Bolaños

    Agriculture, finance, biodiversity

    • President of Iberhanse Corporate
    • President of Iberhanse Foundation

    Former:

    • Founder of Bio-Inclusive Agriculture
    • CEO and Founder of Naturgreen
    • Andalusia Environmental Award for Biodiversity
  • Finance, packaging, buyouts

    Francisco Noguera

    Finance, packaging, buyouts

    • Entrepreneur and investor

    Former:

    • Mivisa (tinplate can manufacturing for food): CFO
    LinkedIn
  • Dairy, retail, consulting

    Diego Puerta

    Dairy, retail, consulting

    • Guivry Consulting (consulting for AgriFood companies): CEO

    Former:

    • Lactalis: Head of Asia, Oceania & Africa
    • Puleva: General Manager
    • Galbani: CEO
    LinkedIn
  • Drinks, internationalization

    Jacobo Olalla

    Drinks, internationalization

    • Cerveceros de España: General Manager
    • The Brewers of Europe: Board Member

    Former:

    • SAE de Fomento del Lúpulo: General Manager
    LinkedIn
  • Agriculture, IT, M&A

    Miguel López

    Agriculture, IT, M&A

    • Primaflor Group: External advisor and Co-Director of the Chair
    • Almería Chamber of Commerce: Member of the executive committee

    Former:

    • Grupo Jarquil: CEO and External Advisor
    • Fundación Tecnova: Founder
    LinkedIn
  • Biostimulants

    Rafael de Tomás

    Biostimulants

    • Dadelos: CEO

    Former:

    • Agritecno: Co-founder and CEO
    • AEVAE (Spanish Association for the Valorisation of Packaging): President
    LinkedIn

Past performance is not a reliable indicator of future results. Target returns are based on reasonable assumptions and do not constitute a guarantee.