Ibersuizas cedes two funds to Portobello

The move comes after Ibersuizas' institutional investors – which include Goldman Sachs – voted with a two-thirds majority for ex-director Iñigo Sánchez-Asiaín to continue managing their commitments in Ibersuizas Capital Funds I and II. The vote was called at a meeting last December following months of bitter legal battles between the management company and Ramón Cerdeiras Checa, Fernando Chinchurreta Bollaín, Juan Luis Ramirez Belaustegui and Iñigo Sánchez-Asiaín Mardones.

Ibersuizas will continue to advise the €130m Inversiones Ibersuizas Sociedad Anónima vehicle, which owns stakes in Inova Capital, the Nordkapp Group, production company Vértice 360 and nutritional specialist Natraceutical.

The biggest jewels in Ibersuizas' crown – among them Angulas Aguinaga, Maxam, Mediterranea de Cátering, Indas and Hoffman – are now in the hands of Portobello, however. Portobello I, as it will now be known, closed on €141m in December 2005, while Portobello II closed on €331m in July 2006.

Iñigo Sanchez-Asiaín said: "Portobello has a clear vocation for the future, based on the fundamental principle of management independence. We have a cohesive team who will strive to repay the confidence invested in them."

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• Topics
• Southern Europe
• Goldman Sachs
• Spain