The start of the year has brought relevant movements at Nazca Capital, one of the most active private equity managers in the Spanish market, which is entering a new phase marked by the growth of its portfolio, sector specialization, and the professionalization of its management structure following strategic operations such as its entry into Grupo JSV in 2025. JSV is technically a Canary Island shipping company.
In a similar operation to others such as Alantra’s entry into Unión Martín in Las Palmas, the Herzog family maintains control of management, while Nazca provides financial strength and experience in organic and inorganic growth. JSV has consolidated its position in the Canary Islands and Turkey and has made significant investments in its own infrastructure, such as its port terminal in Alicante, its rail terminal, and dry port in Miranda de Ebro, in addition to entering a new phase as a shipowner with the acquisition of a state-of-the-art container ship. The transaction was advised by Mesana Corporate, Pérez-Llorca, KPMG, and Roland Berger on behalf of Nazca, and by Banco Santander, Uría Menéndez, and PwC on behalf of JSV.
The firm announced this Thursday the promotion of David Bedoya and Javier Allende to the partner level, thus strengthening its decision-making core at a time when Nazca is managing nearly 500 million euros and has a portfolio of 19 companies. Both professionals have established careers within the firm and have been linked to key participations in industrial, healthcare, and service sectors. The internal reorganization is completed with the promotion of Diego Carbó, who moves from analyst to associate after a career that combines internal experience and tenure at firms such as Azora and Arcano Partners. With these moves, Nazca surpasses a dozen partners—excluding its founders—and consolidates a structure designed to manage long investment cycles.
A manager in a maturity phase
The changes in management come after a particularly intense year. Nazca has made a strong entry into the defense sector through a thematic fund that aims to become one of the largest private equity vehicles in the country, with commitments reaching 600 million euros, in a context of European rearmament and strong investment traction. In this endeavor, it has had the support of the European Investment Fund (EIF), Airbus, and the Centre for the Development of Technology and Innovation (CDTI), and has begun to deploy capital in assets such as Teltronic and Ravenloop. At the same time, the manager faces the challenge of divestments. Processes such as Filmin—co-participated with Seaya Ventures or Herbex remain open, while the exit of Grupo IDP, acquired by Bureau Veritas, has so far been the only formally accounted divestment.
JSV: multimodal logistics with international ambition
In this context, Nazca’s entry into the capital of Grupo JSV, a multimodal logistics and transportation operator founded over three decades ago by Antonio Herzog and currently led by Sonia Herzog as CEO, is framed. From Nazca’s perspective, the operation aligns with its commitment to sustainable multimodal logistics, a sector considered strategic due to its role in supply chains, territorial connectivity, and economic resilience. This is underscored by Ignacio Portela, the partner responsible for the investment, highlighting JSV’s ability to grow in an increasingly demanding market.
News written by José Luis Jiménez. Edited and verified by Pedro Marrero. Information cross-checked without institutional filters. This analysis has not been financed by official advertising nor conditioned by lobby interests.
