The private investment landscape has multiple players, from business angels to venture capital, including family offices and investment vehicles driven by companies to enrich their respective sectors. This fabric can provide companies, both emerging and consolidated, with the resources they need to grow, but their contribution can go further, with capabilities and knowledge that companies lack, as highlighted by Carlos Julià, one of the managing partners of Miura Partners.
The private equity firm, specialized in medium-sized companies and impact investment, closed three investment funds for more than 800 million euros in 2024. Born in Barcelona in 2008, Miura has since invested in more than 90 companies —half of them in Catalonia—, in operations with which it has accumulated a total value of 4,000 million euros. Currently, it has more than 1,500 million euros in assets under management.
— What role do management companies and investment funds play in the entrepreneurial and business ecosystem?
— In the investment world, private firms accompany companies in their different phases, from pre-seed startups to consolidated companies.
— How do they accompany them?
— With resources, but not only that. In the end, we are a group of people who have experience in business areas and specific sectors and functions, which is why we can contribute to the companies in which we invest. It's not just money, it's also capabilities that companies would hardly be able to access on their own.
— And these capabilities also evolve in parallel with the development phase of the companies.
— In Miura's case, for example, we focus on the needs that established companies may have. We define ourselves as the best partner for family businesses to carry out transformation or growth projects, which may consist of internationalization, the expansion of a network of establishments, the purchase of a third company or transition processes of family businesses. We provide them, in addition to capital, with a talent network woven through the more than 90 investments we have made since 2008.
— How does a company get to Miura?
— It's bidirectional: we go out looking for them as much as they look for Miura. A large part of it is cultivating this: talking a lot with companies, being close to entrepreneurs, especially in the sectors that are most interesting.
— Is the sector one of Miura's criteria for investing in a particular investment?
— We look for sectors in which we see opportunities and which are strategic and resilient. For example, we invest heavily in food and agriculture, and increasingly in health, and in the business services sector.
— And for the impact?
— We also invest in companies that seek to generate a social or environmental impact. In fact, in 2022 we launched a specific fund for impact investments, focused on themes such as the environment, education and health.
— What other criteria does the firm follow to invest?
— Obviously, we take into account the company and the project, and we bet on those in which we can contribute, beyond simply offering capital. We also pay close attention to the understanding with the company or the founder: it is crucial that you understand each other very well and that there is affinity with the team and the people who lead it.
— Is this factor the most important?
— It is better to invest in a very good human team in a sector that is not so powerful, than to invest in a great sector with a human team with less potential. No matter how spectacular a sector with a great project, if we are not aligned, we are not the right partners.
— And how do you check that this affinity exists?
— The processes can take between six months and a year from the start of conversations until the investment agreement is closed. First you make sure there is a fit with the project and with the people who lead it, and then you have to analyze the company and negotiate the investment agreement.
— Must this affinity also exist between Miura and its investors?
— The relationship is different. The capital managed by Miura comes from external investors who are mostly institutional, that is, those who institutionally manage third-party money, such as pension funds, funds of funds or even universities.
It is better to invest in a very good human team in a sector that is not so powerful, than to invest in a great sector with a human team with less potential
— And what is the typical Miura investor like?
— They tend to be international, especially European, from the United Kingdom and American. This diversification is positive, and at the same time provides complementary points of view and knowledge.
— And Miura builds its investment funds through these actors, through which it makes investments.
— We launched our first fund in 2008, after raising 100 million. Many of our investors reinvest in each fund we launch, and thus they grow, adding new actors to those who reinvest. In 2014 we closed the second fund, of 200 million; in 2018, the third, with 330 million, and in 2024, the fourth, with 475 million. To this is added the impact fund of 2022, with 135 million, and the long-term capital strategy, in which we reinvest in a company in which we see a lot of potential.
— Like what?
— In this long-term strategy we have bet on two companies: Citri&Co, in 2019 with 360 million euros, and Dent&Co, with 200 million last year. In total, we are now actively managing about 1,500 million euros.
— How do consolidated companies and startups interact?
— Companies can contribute to the development of startups through, for example, mentoring and investment in projects. In addition, startups can be born by detecting opportunities that consolidated companies cannot take advantage of, and it is a factor that must be promoted. Startups, moreover, can see large companies as someone to follow, or someone who can buy them. At the same time, companies can see startups as a way to reduce the risk of innovation: a project that interests the company but that it can hardly promote internally, it leaves it to startups if it knows they will do it and, if it works, it buys it.
— How is Barcelona positioned in this whole context?
— Barcelona and Catalonia are very dynamic in terms of entrepreneurship, and not just now; they have been historically. This capacity has always been here, although it may have moved from sectors, from textiles to health. This capacity is an asset, and we can go from being references not only local and national, but also international. We have many reference companies, we must achieve to be international references.
— How can this be achieved?
— Barcelona attracts a lot of talent and the ecosystem is very dynamic. If together we put this component of focusing more on being international references, we will do it.