At Crescenta, we manage private equity funds portfolios (VCF, Venture Capital Funds), with an investment commitment ranging from the legal minimum of 10,000 euros to millions, to be disbursed gradually over the first 5 years.

Our portfolios invest in a very exhaustive selection of 5-7 underlying funds, resulting in a diversified investment product without compromising returns. These underlying funds invest in private companies, that is, companies that are not publicly traded.

Providing access to private equity funds with a minimum investment of €10,000 requires a digitalization process and technological infrastructure that not all management companies have access to.

Crescenta has been a pioneer in digitalizing the entire investment process, which allows us to provide retail investors with access to high-quality funds, starting from the lowest possible amount and with competitive fees.

With a fund portfolio, you invest in a single vehicle that invests in multiple funds, providing a high degree of diversification to the investor and allowing risk to be spread. Additionally, this selection is made by an expert team.

In this article, you can find more information about what a fund of funds is and what advantages and disadvantages it has.

Returns in Private Equity Funds are measured primarily through two ratios: the IRR, which reflects the annualized return for the investor, and the MOIC, which measures how many times the investor's initial investment multiplies. The latter is not an annual ratio.

For example, if we say that a fund has a target (based on the historical net returns of the underlying funds that make up the portfolio) of an annualized net IRR of 18%, it means that, on average, the fund's return (after deducting costs and fees) is equivalent to 18% annually.

The returns we set for Crescenta funds are not guaranteed, as is the case with any investment in private markets. It is a target based on the simulated historical net returns obtained by the selected underlying funds, under a conservative scenario.

All returns are net, meaning they are the returns we expect to give you once Crescenta's fees and the underlying funds' fees have been deducted.

We analyze only top-tier funds, selecting funds with returns far above the average of the private equity market. The process is divided into three phases:

1. Dealflow phase: we work on accessing the best international firms that have traditionally been reserved for high-net-worth individuals or institutional investors.

2. Due Diligence: we conduct a quantitative analysis (analyzing track record, consistency in returns, distribution and liquidation timing, loss ratio...), qualitative analysis (analyzing the team, their experience, the percentage of the fund held by the management team, value proposition…), and legal analysis (analyzing the characteristics of the fund, contracts, taxation, and structures… supported by prestigious firms such as Cuatrecasas and FinReg).

3. Portfolio creation after the Investment Committee: after this analysis, only 3% of the funds we analyze become part of our portfolios.

The returns we offer to the participant are net of the double commission (those of the underlying funds in which we invest and those of Crescenta).

1. Signing up and completing the onboarding process will take you less than 10 minutes, and it is a 100% online process in which we will ask for personal information and analyze if private equity is an investment that suits your investor profile and goals.

2. Once you have created your account, you can access your private area and select the fund you want to invest in. You can also go to the advisory section, and according to your preferences, the advisory tool will recommend the fund that best fits your profile and objectives.

If you need additional help to start building your portfolio, you can contact our Investor Relations team at ir@crescenta.com.

Yes, our expatriates can enjoy the benefits of Crescenta by completing the necessary documentation for non-resident Spaniards (for example, FATCA, for Spaniards residing in the USA). Furthermore, even if you do not reside in Spain, you can invest in private equity funds that, until now, were reserved for a select few.

The minimum commitment to invest in Crescenta portfolios is 10,000 euros, which must be disbursed gradually through capital calls.

This minimum is set by law, as regulations indicate that to invest in private equity funds you must have a minimum financial wealth of 100,000 euros, and your investment should not represent more than 10%. If you are a retail investor, you must invest through our financial advisory service.

If your wealth is above 500,000 euros, there are no limits on the percentage of investment.

Private equity funds do not work the same way as traditional investment funds. When you invest in a traditional fund, you invest in an already established portfolio, which is why you make a 100% disbursement of your investment at the beginning.

In a private equity fund, you commit capital to a fund that will build its portfolio over a period of 4-5 years. Therefore, it will gradually request the committed capital as opportunities are identified, through capital calls.

Private Equity Funds are illiquid products and you must consider this aspect before making your investment.

Predicting the exact capital that will be requested each year is very difficult. Capital calls are made when funds identify good opportunities, and this can always vary.

We will request the amount you have committed over the first 4-5 years, so the average will be 20%-25% per year. For example, if you commit 10,000 euros, we estimate making capital calls of around 2,000 euros per year during the first 5 years.

From the moment you sign the subscription agreement, we will send you the details to your email within the next 30 days so that you can address the first capital call. Once you receive this document, you will have 10 days to make the transfer to the investment fund's account, which is deposited with Inversis.

You can meet the capital call through a transfer or via the Crescenta portal within your profile.

Generally, we will notify you one month in advance. In your investor area, you can see a projection of the cash flows. It is an estimate of when we will make the capital calls, which will help you plan accordingly.

We charge three types of fees.

1. Subscription fee: This is the only explicit fee, applied to the total commitment and requested with the first capital call.

2. Management fee: This is annual and deducted from the net asset value. It applies to the total committed capital during the investor's investment period and subsequently to the total invested capital (Committed - Distributed in the form of capital).

3. Performance fee: This is only activated when the annualized net return exceeds 8% and is charged on the total investment profit.

In some funds, depending on the timing of your commitment, an equalization premium may apply, a mechanism used in closed-end investment funds to balance or "equalize" the contribution of new investors relative to those who entered the fund at an earlier stage.

It is charged as an additional percentage on the first capital call made by new investors who join the fund after the first closing. The equalization fee or premium is usually around 5% annualized and is calculated daily from the date of the first closing until the new investor joins.

It is charged only once, at the time the new investor makes their first capital call.

At Crescenta, both retail and professional investors can invest, starting from a commitment of 10,000 euros, which will be gradually disbursed over the life of the fund through periodic capital calls.

For financial assets between 100,000-500,000 euros, the law stipulates that the maximum investment in Private Equity can be 10% of your total financial assets and must be under an advisory regime.

For those with financial assets above 500,000 euros, there is no such limitation, and they can opt for financial advice if they request it, but it is not mandatory.

If after taking the test your application has been rejected, you can contact info@crescenta.com to check why you cannot continue with the process.

If you failed questions in the knowledge test, we invite you to visit Learn and Grow, our training academy in private markets.

Although you cannot create a "joint account," you can make a co-ownership investment. Both users must individually pass the suitability test and sign the master account opening contract. Once you have completed the registration and we have verified that you are suitable investors for Private Equity funds, you will be able to establish the co-ownership of the investment. It is necessary to have a joint checking account from which to make contributions and receive capital distributions.

For each friend you bring to Crescenta who invests in one of the funds, you will receive 200 Centas (equivalent to 200 euros), which you can redeem in your next capital call. Your invitees must create their account using the invitation link you will find in your investor area. You can invite up to 10 friends and earn up to 2,000 Centas.

The NAV will be calculated quarterly and will be available within 90 days after the end of each calendar quarter (March 31, June 30, September 30, and December 31). Therefore, you will be able to consult it at the end of the first calendar quarter from the fund's first closing.

Private Equity Funds have the traditional savings taxation (for Spain), meaning that both dividends and capital gains are included in the savings tax base and are taxed at rates between 19% and 28%, depending on a progressive tax scale.

In this masterclass, you can see how the main vehicles for investing in private equity are taxed. You can also consult this guide on taxation for this type of investment.

If investors invest through an SL (limited company) or an SA (public limited company), 95% of the capital gains are exempt from Corporation Tax.

As with any investment, it involves risks. When investing in a private equity fund, it is important to note that its greatest risk is illiquidity. These are typically 10-year investments that may be extended if, in their maturity year, conditions are not favorable for the liquidation of the portfolio companies.

If there is a significant need for liquidity, one would have to resort to the secondary market, and it is very unlikely to liquidate the position at the net asset value of the fund. Typically, a significant discount must be applied to find a buyer.

In this link, you can check the risks and conditions of the investment.

Yes, we will send an annual tax report to our participants.

Crescenta is an SGIIC (Sociedad Gestora de Instituciones de Inversión Colectiva) authorized by the CNMV.

Private Equity Funds, like liquid investment funds in a bank, for example, are not part of the company's balance sheet. This means that if Crescenta were to go bankrupt, it would not affect the participant. What would happen is that the FCR would be administered by the company that buys Crescenta, under the conditions stated in the fund's prospectus registered with the CNMV.

Crescenta is a Management Company of Collective Investment Institutions (SGIIC) approved and supervised by the Comisión Nacional del Mercado de Valores (CNMV).  

Yes, the entire team, including employees, founders, and the advisory board, co-invests in Crescenta funds.

If you don't know much about investing in private markets, you're in the right place. In our  Learn and Grow area, whether it's your first contact with the world of private equity funds or if you're already familiar with this type of investment, you will find various training and entertainment resources.

In Learn and Grow, you will have guides, interviews, articles, and other materials at your disposal to explore the universe of alternative investment.

More than 95% of companies globally are private, so if you only include traditional investments in your portfolio, you're closing the doors to a universe of opportunities. Additionally, private equity investment offers greater diversification and profitability to your portfolio.

Until now, only professionals could access this type of investment, but thanks to Crescenta, retail investors can invest in private equity and benefit from a market that was previously inaccessible.

Crescenta Alpha is an exclusive service for family offices and high-net-worth individuals (HNWI). To become an Alpha user, you must request access in the Crescenta Alpha area.

It is an SCR management service, with which you can professionalize your private equity investments. Alpha users will also benefit from our portfolio consolidation, management, and reporting software.