Spanish Private Debt

Debt financing to underserved Iberian SMEs with clear impact goals.

IB Deuda Impacto España, FESE

High-quality impact in the Iberian real economy

IB Deuda Impacto España is a high-impact flexible private senior debt fund focused on underserved Iberian SMEs. With over €147m in AuM and 300+ clients, the strategy combines capital preservation with measurable social and environmental outcomes.

  • 2023

    Launch year

  • €147m

    AuM committed

  • Closed

    Commercialisation

  • 2025

    Date final closing

Investment strategy

  • StrategyHigh-impact flexible private senior debt
  • Target borrowersSMEs (40–60%), Small Mid-Caps (30–40%), Mid-Caps (0–15%)
  • Type of financingSenior secured loans (60%), Senior unsecured (25%), Subordinated (10%), Equity-like (5%)
  • DiversificationTarget 40 multi-sector investments, Maximum 4.0% per investment
  • GeographySpain (≥85%) and Portugal
  • Duration3 years investment + 4 years harvesting
  • Target net IRRBenchmarked to eligible private debt comparables (EUR)
  • SFDRArticle 9

Impact objectives

  • Challenges in Spain

    • Rural development
    • Decent work
    • Vulnerable groups
    • Women empowerment
  • Basic services

    • Financial inclusion
    • Education
    • Energy
    • Healthcare
  • Climate & environment

    • Circular economy
    • Sustainable agriculture
    • Environmental transition
    • Energy efficiency

Select portfolio companies

  • Spanish Private Debt2024

    Moda Re-

    Cáritas social enterprise collecting, reusing and recycling used clothing while integrating socially excluded individuals into the workforce.

    Circular economyVulnerable groups

  • Spanish Private Debt2023

    Ilunion

    Social economy group employing people with disabilities across laundry, hospitality and facilities sectors in Spain.

    Vulnerable groupsDecent work

  • Spanish Private Debt2025

    tuTecho

    Affordable housing platform supporting families and individuals in accessing dignified homes through a social-economic model.

    Rural developmentVulnerable groups

  • Spanish Private Debt2025

    Ecoalf

    Fashion brand producing garments from recycled marine and post-consumer waste - pioneering the Upcycling the Oceans project.

    Circular economyClimate

  • Spanish Private Debt2026

    Fundación Secretariado Gitano

    Spain's leading organisation supporting Roma community integration through employment, education and equal opportunity programmes.

    Vulnerable groups

  • Spanish Private Debt2026

    Desconecta

    Platform supporting workplace mental health and wellbeing across Spanish SMEs through tailored programmes.

    HealthcareDecent work

Governance

Investment team

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

  • Managing Partner, Head of Spanish Private Debt

    Maria Samoilova

    Managing Partner, Head of Spanish Private Debt

    Former:

    • MD & Head of M&A Iberia, J.P. Morgan Madrid
    • M&A industrial coverage, J.P. Morgan London
    • Leveraged Finance, J.P. Morgan New York

    Maria benefits from 18 years experience in Investment Banking at J.P. Morgan, most recently holding the role of Managing Director, Head of Iberia M&A. Maria joined J.P. Morgan in 2006 as a member of the Leveraged Finance team in New York. In 2008, she moved to London to work in the CEEMEA M&A team, and subsequently in the Diversified Industrials sector coverage team. In 2015, Maria joined the Iberia Corporate Finance team in Madrid where she became the head of Iberia M&A. Maria graduated Magna Cum Laude from Tufts University (Massachusetts, USA) with a degree in Economics. Originally from Crimea, Maria speaks English, Russian, Spanish, French and Ukrainian.

    LinkedIn
  • Managing Director

    David Rodríguez

    Managing Director

    David Rodríguez, CFA, has over 20 years of experience in finance, specializing in structured finance and debt restructuring. He joins from Alantra, where he served as Head of Credit Opportunities, focused on Southern Europe. Throughout his career he has held senior positions at firms such as Ben Oldman Partners, CaixaBank and Barclays, where he led the Corporate Restructuring Unit. He has led some of the largest restructuring processes in Spain, taken part in leveraged finance and fundraising transactions, and co-invested alongside institutions such as JPMorgan and Morgan Stanley. He holds a BA in Business Administration and a BA in Law from Universidad Carlos III de Madrid, as well as an Executive MBA from IESE. He combines his professional career with teaching as a guest lecturer in a master's programme at Universidad Carlos III de Madrid.

    LinkedIn
  • Investment Associate

    Laura Aranguren

    Investment Associate

    Former:

    • Associate at Oquendo Capital
    • Restructuring at KPMG
    • BBA University of Deusto

    Investment Associate since March 2025. Previously, Laura worked as an associate in the investment team of Oquendo Capital between 2022 and 2025 and in the Restructuring department of KPMG (2020-2022). She studied a degree in Business Administration and Management at the University of Deusto between September 2016 and June 2020. In addition, she spent a semester abroad at the University of Stockholm (Sweden) and has worked as an analyst trainee at Deloitte. Finally, she has participated in several volunteering experiences in Spain and Ecuador.

    LinkedIn
  • Investment Associate

    Flavia Bernar

    Investment Associate

    Former:

    • Energy management at Qualitas Energy
    • Renewable DD at G-advisory (Garrigues Group)
    • Business Development at Acciona Generación Renovable
    • Industrial Engineering (Energy Technologies) - ETSII-UPM + IIT

    Flavia joined the energy investments team in April 2025. She has previously worked in the energy sector from various angles. She began her career in 2020 in the business development department at Acciona Generación Renovable; in 2022, she joined the energy management team at Qualitas Energy, and in 2024, she moved to G-advisory (part of the Garrigues Group), where she conducted due diligence on renewable energy projects. She holds a bachelor's degree in Industrial Engineering with a specialization in energy technologies from the Universidad Politécnica de Madrid (ETSII) and completed the corresponding masters degree from the Universidad Politécnica de Madrid (ETSII) and Illinois Institute of Technology (IIT).

    LinkedIn
  • Investment Analyst

    Lía Freire

    Investment Analyst

    Former:

    • Strategy and Transactions at EY
    • Double Degree: BBA and Business Analytics (ICADE)

    After an internship at Impact Bridge, she 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 Gothenburg (Sweden) and another at Marquette University (USA). She was an intern at EY, in the Strategy & Transactions department and at Bolsa Social, as an equity investment analyst.

    LinkedIn
  • Investment Analyst

    Iratxe Ibañez

    Investment Analyst

    Former:

    • Analyst at PwC CMAAS
    • Economics - Universidad Carlos III de Madrid

    Investment analyst since April 2025. Previously, Iratxe worked as an analyst in the CMAAS (Capital Markets & Accounting Advisory Services) team at PricewaterhouseCoopers (PwC) between 2023 and 2025. Previously, she was an intern at Deloitte in the GIOS (Global IFRS and Offerings Services) department from January to May 2023. She studied a degree in Economics at Universidad Carlos III de Madrid between September 2019 and June 2023. In addition, she is currently studying a master's degree in Corporate Finance, M&A and Private Equity at the Isbif School of Finance until June 2025.

    LinkedIn
  • Investment Analyst

    Juan Carlos Miralles

    Investment Analyst

    Former:

    • Investment Analyst at La Bolsa Social
    • Aerospace Engineering - Universitat Politècnica de València

    Investment Analyst since May 2025. Previously, Juan Carlos worked as an Investment Analyst at La Bolsa Social starting in May 2024. He studied Aerospace Engineering at the Universitat Politècnica de València from 2018 to 2024, where he led a team focused on aircraft design and manufacturing, earning several international awards in the SAE Aero Design competition. Additionally, he volunteered for four years as a scout leader in Denia.

    LinkedIn

Impact Committee

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

  • Chair, President of the Impact Committee

    Cristina González Viu

    Chair, President of the Impact Committee

    • General Director of MicroBank
    • Management Programme for Women in Senior Management (ESADE)
    • Transformational Leadership Programme (IESE)

    Former:

    • Territorial Director for Castilla-La Mancha and Extremadura at CaixaBank
    LinkedIn
  • Impact Committee Member

    Saskia Bruysten

    Impact Committee Member

    • Co-founder (with Nobel Peace Laureate M. Yunus) and President of Yunus Social Business
    • Member EC Expert Group on Social Entrepreneurship

    Former:

    • CEO Grameen Lab
    • Boston Consulting Group
    LinkedIn
  • Impact Committee Member

    Isabela del Alcázar

    Impact Committee Member

    • Global Head of Sustainability at IE University
    • PhD Molecular Biology (UAM)

    Former:

    • Founder of PTS (biotech, acquired by Arcline)
    • Madrid MIT Consortium
    LinkedIn
  • Impact Committee Member

    José María Vera

    Impact Committee Member

    • Executive Director UNICEF Spain
    • Professor at Advanscore School of Management

    Former:

    • Executive Director Oxfam International
    • Executive Director Oxfam Intermón
    LinkedIn
  • Impact Committee Member

    Joaquín Garralda

    Impact Committee Member

    • President of Spainsif
    • President of the UN Global Compact Ethics Committee
    • Dean of Academic Ordering at IE Business School

    Former:

    • Secretary of the Spanish Network of the UN Global Compact
    LinkedIn