While Spain’s mergers & acquisitions market is hitting a rough patch, the seven largest Spanish private equity funds have smashed their record for fees: €262 million in 2024.
The driver? Not more deals (quite the opposite), but a surge in assets under management, now close to €15.6 billion. That allowed partners to pocket around €75 million in salaries and dividends.
Here’s the uncomfortable truth:
• Fewer deals, higher fees → a model that rewards fund size more than investment success.
• Disconnect from the real economy → while many businesses struggle for funding, private equity keeps collecting its “fixed toll.”
• Misaligned incentives → are we measuring managers by how much capital they raise, or by how much they generate?
Private equity plays a vital role in the business ecosystem, but these numbers make it clear: the manager’s success doesn’t always match the company’s success.
Maybe the real question isn’t “How did they hit a record?” but rather “Who really wins when the market slows down?”Quizá la pregunta no sea “¿cómo han logrado el récord?”, sino “quién gana realmente cuando el mercado se enfría”.
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