Deals Counterparts
M

Must

company 1 Deal 4 Partners

Madrid-based independent infrastructure fund manager, founded in 2021, with €250M AUM, focusing on mid-market equity investments in energy transition, digital, transport, social infrastructure, and utilities, primarily in Europe.

Get alerts when new deals involving Must are announced — free, no spam.
Founded 2021
Investment FundInvestorAsset Manager

Strategic Overview

  • Focuses on mid-market infrastructure assets, typically with equity tickets between €50M and €200M.
  • Primarily targets brownfield and operating assets with stable cash flows.
  • Seeks to invest in sectors benefiting from long-term trends such as energy transition and digitalization.
  • Currently deploying capital from its inaugural fund, Must Infrastructure Fund I.

Subscribe to access strategic analysis, deal history, and investment focus.

Subscribe from €20/mo →

Investment Focus

Technologies
Storage1
Geography
Brazil1

Key People

Juan Angoitia
CEO & Founding Partner
Borja Acha
CIO & Founding Partner
Antonio de la Vega
CFO & Founding Partner

Track Record

3
Deals Completed
3
Years Active
Notable projects: Opdenergy operating assets, Global Omnium (Grupo Gimeno's water business), Grupo Ortiz concession assets

Detailed Analysis

Sectors
Energy Transition (1 deal)Utilities (1 deal)Transport (1 deal)Social Infrastructure (1 deal)Digital/Telecom
Technologies
Solar PV (1 deal)Onshore Wind (1 deal)Water Infrastructure (1 deal)Roads/Toll Roads (1 deal)
Geographies
Spain (3 deals)Mexico (1 deal)Western Europe
Deal Stage
OperatingBrownfield

Portfolio Companies

Opdenergy — Energy TransitionGlobal Omnium (Grupo Gimeno's water cycle management business) — UtilitiesGrupo Ortiz (concession assets) — Transport, Social Infrastructure

Access the complete profile — deal history, track record, and investment analysis.

Subscribe from €20/mo →
Track Must