Named after a Galician river, they are attracting a multi-million dollar flow of investment from many of Spain’s leading estates. These are what we call “free investment companies” (SIL), which are quietly establishing themselves as an alternative to the famous SICAVs after the tightening of the legal regime for these collective investment vehicles.
The number of registered SICAVs has fallen in recent years, after controls on them were strengthened. At the end of the first quarter, there remained 442, compared to more than 2,300 in 2021, according to the latest available data from the National Securities Market Commission (CNMV). Many billionaires have chosen to open SICAVs in Luxembourg and some have opted for SILs. The numbers are still modest (until March they were 61, according to the latest official data), but they have almost tripled in just two years.
These companies allow you to invest in any asset or derivative financial instrument: shares, public debt, real estate or even works of art. They have the advantage of paying 1% corporate tax. They require a minimum investment of 100,000 euros (reserved for professional investors) and at least 25 participants, while SICAVs required 100 participants with a minimum of 2,500 euros each to pay taxes at 1%, which encouraged the use of so-called mariachis (investor straw). By having their own legal personality (they are limited companies), SILs can borrow up to five times their assets.
These vehicles have been in service for many years. But their growth only began in parallel with the decline of SICAVs. In some cases, the figures they have invested are already in the hundreds of millions. One of the latest arrivals stands out from afar, Turqueta Gestión, owned by Leopoldo del Pino, shareholder of Ferrovial (he retains around 4%), son of the founder of the construction company and who already owned a SICAV in February 2021 . Luxembourg, an approach that his brother and president of Ferrovial, Rafael del Pino, has just imitated, having transferred his Dutch holding company to the Grand Duchy after transferring the headquarters of the construction company there.
Turqueta was registered in December 2023 and had accumulated 482.6 million in assets as of June. Leopoldo del Pino owns 99.89% of this SIL through his Siemprelara property. On January 5, it injected 295.4 million, according to its latest accounts, available via Insight View. As of June, Turqueta did not meet this requirement of having at least 25 shareholders. There were only two, although it was on time to comply with regulations.
The second SIL with the most assets, 230.8 million, is Austral Capital, SIL, owned by the Abelló family. Chaired by Miguel Abelló Gamazo, son of octogenarian tycoon Juan Abelló. “Austral Capital SIL currently has two significant shareholders who represent 67.25% and 29.65% (96.90% in total) of SIL’s assets,” it explains in its latest quarterly report. Registered in July 2021, it is integrated into the Grupo Nueva Compañía de Inversiones, it indicates in its 2022 accounts, the latest available to the CNMV.
In third position is Boysep Investiment SIL, SA, owned by the Catalan José Llorens Torrá, owner of the construction company Epsa and the Llotor holding company, owner of more than 80 companies in several countries. Llorens is the first fortune in Lleida, according to Forbes, with a net worth of 900 million. The latest El Mundo ranking places him 37th among the richest people in Spain. Its SIL has accumulated over 137 million till June.
Next, another of the latest arrivals, Masira Inversión, linked to the Medina family, owner of the Sevillian technological and agricultural holding Medina Garvey and the Duchy of Santisteban. It was created on March 8 and had 113.13 million assets as of June. It is the successor to his old sicav, which had the same name, Masira (like an atoll of 650 square kilometers on the coast of Oman) and which was the most profitable in Spain, as he said. Five days in February.
That month, RHO Investments, SIL, was launched, which by June managed almost 90 million. It is managed by the managers of the management company Auriga, headed by Rodrigo Hernando (owner of 58.27%), alongside the two other partners of this company, the famous Valencian fruit and vegetable entrepreneur Enrique Martinavarro and Íñigo Resusta.
Hernando, who was involved in the Malaya corruption case in Marbella (he was even accused of money laundering and was acquitted), worked many years ago at Intermoney, the securities agency whose was from, among others, the vice-president of the CNMV at the time. Carlos Arenillas. The latter chairs the oldest SIL registered in the regulator’s records, Equilibria Investments, which dates back to 2011 and had 6.5 million assets in June.
Another name closely linked to the financial world is Fernando Gumuzio, founder of the Azora real estate fund, one of the largest holders of real estate in Spain. His company Berango Viento SL is behind the SIL Plaza de Colón Inversiones, created in November 2022 and endowed with 37.4 million. Another example is that of José María Echarri, mastermind of the venture capital company Inveready. His company The Nimos Holding SL controls Prestige Inversiones, registered in December 2022 and with 21.3 million assets.
With almost 82 million euros is one of the oldest SILs, Belona Inversiones Financieras. Registered in 2014, it belongs to the Isidro Rincón family, former owners of the Europac paper mill and owners of the Ibervalles real estate company, whose advisor was Judge Vicente Gilarte until his appointment as president of the General Council of the Judiciary (CGPJ) .
Semi-unknown
With 74.47 million is All You Need Is Love Tech Capital, registered in March 2022. At the end of 2023, its main shareholder was Axpe Cartera SL, owned by businessman Manuel Revuelta, founder of the Madrid technology consultancy Axpe. Revuelta is one of dozens of little-known millionaires who have opted for SIL in recent years.
Polo Capital, from the Polo family, owner of the Sevillian real estate company Viapol, stands out for its volume of assets, which closed the month of June with almost 70 million. Or Finlar Inversión, registered in May 2022, with almost 50 million assets. At the end of 2023, it held 94.32% of its shares in the hands of Inverlasa, owned by the couple formed by Víctor Ruiz and Rosario Lafita.
Ruiz, the main shareholder of Azkoyen, founder of the bankrupt engineering company Eurofinsa and with strong interests in Madrid bricks, is a director with, among others, Javier Fernández-Lasquetty, of Civismo, an ultraliberal think tank which celebrates “tax liberation day”, compares Pedro Sánchez to a Nazi and finances ultra-rich people like Abelló, Ruiz or Helena Revoredo. The owner of Prosegur also has his own SIL, Freecap Investment, SIL. It was created in March 2021 and currently manages around 12 million.
Much less known are the Martínez, named after the Canarian group Martínez Abolafio, linked to construction or tourism and having an intense relationship with Equatorial Guinea. They have two SILs registered in July 2014, Majestic Inversiones Financieras and Infimar Inversiones Financieras. As of June, they had assets of almost 41 million.
Several families created SIL with the capital gains obtained after the sale of their business. This is the case of Roberto Ayuso, former owner of several Seur franchises, now owned by the French group Geopost. His company Cansevi SL owned 98.65% of SIL Invercansevi at the end of 2023, with 23.7 million in assets as of June. Registered in December 2022.
Another case is that of Néstor Oller, heir to the Catalan pharmaceutical company Prodesfarma, now owned by Almirall, and owner of 8% of AC Hoteles, with a fortune of 205 million, according to El Mundo. This is after Jungleland Value SIL, with 20.3 million in assets. Alejandro Guerrero Kandler is also closely linked to Catalonia, one of the businessmen under investigation for alleged money laundering in the Pujol affair. He is the sole director of Agi Hotels, which at the end of 2023 held 88.9% of Patkanga Quality Investments SIL, registered in October 2023 and with 14.7 million assets as of June.
There are several SILs linked to the Basque business aristocracy. 24.2 million are held by one of the most recent, Txiluagi SIL. Registered in February, it is chaired by Jorge Aguirre, brother-in-law of the industrialist Cosme Delclaux, kidnapped by ETA in 1996 and released after 232 days of captivity. Another case is that of Euskadi Inversiones Selectivas, SIL, managed by four children of the Basque industrialist José María Egaña, founder of Krafft lubricants, kidnapped by ETA in 1986 and died in 2020. It was registered in February 2023 and has a net worth of 14.7 million. .
About 10 million is Tormes Inversiones 2019, chaired by Francisca Orozco, who, according to CNMV archives, is linked to Óscar Fanjul, new non-executive president of Cellnex, vice president of Ferrovial and former president of Repsol. In this SIL, a natural person held 75.14% at the end of 2023, according to information available to the CNMV.
With 9.8 million euros, Rank Inversiones, owned by the Colomer family, owner of the real estate company Pryconsa, occupies 35th place in the ranking of rich Spaniards, with an estimated net worth of 1,560 million euros. With 7.1 million euros is Terra Blava Global, created in 2023 and managed by the companies of the brothers Antonio and David Sánchez Sotillos, entrepreneurs in the music festival sector, and Enrique Selva, founder and CEO of the Valencian renewable group Umbrella Solar.
Last month alone, four such companies were registered with the CNMV. Azahar Inversiones Capital stands out, chaired by Juan Ignacio Conesa Alcaraz, co-owner of the Murcian road transport group Primafrío and with a family fortune estimated at around 1.5 billion. Registered on September 20, it started with an initial capital of 100 million. The maximum was set at 1 billion.
