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Itaca Capital Partners is doubling down on the SF market and, in partnership with Raset Ventures (Jaume Oliu), has launched Harvest Capital Management, a management company behind the new vehicle: Itaca Search Fund Partners II. The fund aims to raise approximately €30M (with a hard cap of €40M), to support the acquisition of European SMEs. In 2024, Harvest Capital Management also launched Harvest Hospitality FCRE, a fund focused on hotel management.
The new fund will invest, either directly or indirectly through SFs, in SMEs with high growth potential, primarily located in Spain and across the European Union, with a particular focus on the Iberian Peninsula, France, Italy, Germany, and Poland. Sector-wise, the fund will target iIndustrial support services (e.g., logistics, industrial automation, customs services), technology-enabled services (e.g., software for industrial process control, customer management), and manufacturing and wholesale distribution of inputs for industry and other sectors (e.g., machinery, consumables for industry, healthcare, and food). Given their hands-on approach, the fund aims to take board seats in portfolio companies. Itaca will support searchers from the early stages, invest in their acquisitions, assess equity gaps, and remain open to secondary opportunities.
Founded in 2020 by Franc Gómez-Landero, Paz Ambrosy, and Michel Welters, three experienced investors and operators specializing in SFs, Itaca has been very active over the past five years. The firm has participated in approximately 30 SFs and around a dozen acquisitions, including Moneta (Mexico), TDI, Cinergia, Iesmat, Crop Salsa, Recambio Fácil or Cartonajes Limousin in Spain, as well as GHS and Actibio in France. Before founding Itaca, the team individually invested in companies such as Tethys, NortConsulting, Vozitel, Bike Ocasión, and DSD System. In 2025, they backed several searchers including JCTC Transmission & Croissance (France), Targos Capital (Spain), Norte Partners (UK), Lakeview Partners (Italy), and Vericor Capital (UK), and participated in the acquisition of Junsoft Sistemas in Brazil, among others. Several recent exits over the past 18 months have strengthened their track record and are expected to significantly support the fundraising of this new fund.
Legal: Lexcrea / Auditor: BDO
