Investing since 2017

15 investment professionals

> 900 companies screened

> 50 transactions completed, across 17 industries

Impact aligned investment thesis, focusing on the real economy and the genuine SME market

Extensive, diverse channels of origination across Spain

Experienced senior team with a proven track record and an established presence in Spain

Committed to delivering high quality, risk adjusted returns to our investors and flexible solutions to our clients

Investment Strategy

  • We believe that the Spanish market contains a rich and deep ecosystem of high-quality SMEs and MidCaps. Many of the businesses we work with have a distinguished heritage; some have been owned for generations, while others are at the vanguard of innovative technologies and secular trends. As the market has matured, alternative capital has become increasingly important to these companies, as they have strived for growth and outperformance. In the aftermath of the global pandemic, the opportunity to partner and support these companies with strong growth potential is even more profound.
  • Our aim is to identify successful companies and provide flexible long term capital solutions that can facilitate growth. Given our wide reaching and diverse channels of origination, we are able to access and consider a broad array of exciting risk adjusted return opportunities.
  • We believe that this market opportunity has been historically underrepresented in global investment portfolios. However, that paradigm is beginning to change, as investors are becoming aware of the singular opportunity on offer.

Target companies

  • Regional and market leaders with proven track records, competitive business models, resilient cash flows and sustainable leverage profiles.
  • Businesses that have maintained or improved their performance during Covid-19 dislocation or are well positioned to rebound and capture market share.
  • Businesses that have managed to mitigate sector cyclicality risk, via diversification, hedging, integration and / or competitive advantages.

Current areas of opportunity

  • Direct lending: senior lending to performing companies.
  • Hybrid solutions: lending with a component of equity upside including warrants, PIK and subordinated debt.
  • Special opportunities: investing in strong business models, where the opportunity for accelerated recovery is clear following the market dislocation due to Covid-19.
  • Structured portfolios: as a pioneer of SME securitisation in Spain we have the ability to assess and execute esoteric structured transactions.

Investment Philosophy

  • We believe in a collaborative investment process and work closely with our clients in order to become a long-term financing partner.
  • We believe in a personal approach, spending time with key decision makers early in the process in order to find the correct solution for the company.
  • We focus on preserving capital through extensive bottom-up analysis of borrowers with a thorough, multi-stage investment process.
  • Be-Spoke Capital has an impact aligned, ethical and collaborative approach supporting the genuine SME market and real economy within Spain.


  • Our diverse channels of origination provide investors with differentiated market access, deep market capillarity and a broad range of opportunities.
  • The close relationships we build with our clients allow us deliver collaborative, proactive solutions to the companies, which in turn help drive positive investment outcomes.
  • Our experienced credit and origination team on the ground has extensive roots to market and long-term relationships with key local counterparties and institutions.
  • Our market experience, combined with a proprietary quantitative overlay, allows us to thoroughly assess relative value within the context of risk and return.
  • Our dynamic and entrepreneurial investment team has a business owner mindset, which helps us to see the opportunities from our client’s point of view and structure solutions that can be transformational for the business.

Responsible investing

  • We actively support the real economy and the genuine SME market, by providing sustainable alternative sources of long-term capital.
  • Our experience in this space means we understand how important alternative capital can be for generating and delivering sustainable economic growth.
  • We have created a thoughtful, meaningful, and practical approach to responsible investing that is aligned to the UN Sustainable Development Goal framework.
  • All investments must satisfy the standards of our responsible investment policy and we also offer investors access to impact aligned strategies.
  • We are a signatory of the UN Principles for Responsible Investing.