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Entrepreneurs Fidel García-Guzmán and Pablo Penichet have officially announced the launch of Iberia NCA NFII, the second fund linked to the investment program developed in Iberia in partnership with Novastone Capital Advisors and supported by the Valencia-based fund manager Draper B1.
This second vehicle aims to raise €25M in commitments and follows the same philosophy that inspired the first fund: providing Spanish investors with access to an international portfolio of SMEs—primarily family-owned, profitable, and well-established businesses—facing unresolved succession challenges. The fund will focus on European and North American companies, following an operator-led investment model designed to support business continuity, professionalization, and the next stage of growth. The objective is to build a portfolio of 15–20 companies over a 24-month period, deploying larger investment tickets than in the first fund.
The launch of Iberia NCA NFII follows the positive performance of the first fund, launched in 2024 with €6M in capital commitments and backed primarily by prominent family offices and entrepreneurs from Valencia, as well as several international investors. The fund was fully deployed in less than two years, investing in 10 companies—Mecavit, Garner Osborne Circuits, Extended Power, UMECC, Cronus Technology, Total Sales & Marketing, Paul Mathew Transport Ltd., Horizon Underground, Omega Moulding Company, and Savaria Ipartechnika—across the United States, Canada, the United Kingdom, Italy, Spain, Portugal, Hungary, and Germany, with initial investments ranging from €250k to €500k per company. It currently has a pipeline of seven potential new transactions under signed LOIs.
“Launching this second fund is a natural consequence of the evolution of the first one. We have confirmed that there is a genuine opportunity for Spanish investors to access solid, profitable businesses facing a very specific challenge: succession. These companies require continuity, professional management, and patient capital,” said Fidel García-Guzmán and Pablo Penichet.
The Novastone Capital Advisors program has already completed two successful exits, generating IRRs exceeding 40%.
“We believe this model is particularly well suited to the Spanish market. Many family investors clearly understand the value of a well-managed, profitable company with a long track record. What we do is give them access to an international strategy built precisely around these types of businesses,” the founders added.
