have over 75 years of combined experience investing, managing and advising on real estate assets in Iberia, during which they have developed significant hands-on expertise in sourcing and executing opportunistic investments across a wide range of asset classes, geographies and capital structures.
Members of FS Capital’s investment team have directly acquired around €1.3bn of Iberian real estate assets across more than 70 transactions in the last 4 years, including investments in commercial real estate, residential and land & development assets. Additionally, while working as buy side advisors for Tier 1 investment firms, FS Capital’s team members have worked on most of the transactions that have come to the market in the last 5 years, having underwritten more than €100bn of value across 200+ transactions.
Based on the experience accumulated over the years, the sourcing capabilities developed along the way and the team’s local presence and footprint, FS Capital’s in a strong position to identify and execute transactions on an opportunistic basis that can deliver attractive risk-adjusted returns.
Nuno ES Silva
Managing Partner
MADRID - LISBOA
Nuno has more than 20 years of experience and is the founding partner of Finsolutia. Throughout his career, Nuno has gained valuable experience and exposure to credit and real estate across Southern Europe. Nuno started his career in investment banking Capital Markets, debt and equity markets, followed by a top strategy consulting firm, and then banking with focus in non-core asset management, leading the first NPL deal in Iberia among other very relevant transactions. Nuno attended the OPM at Harvard Business School, the Inter-Alpha program at INSEAD, holds an MBA with honors (Beta Gamma Sigma) from SDSU-California State University, a Post Graduate degree in Corporate Finance (ISCTE) and a business degree.
Nuno Ravara
Partner & Managing Director
MADRID - LISBOA
Nuno joined Finsolutia in June 2014 as Managing Director of the commercial real estate business for captive funds Currently, he is the Principal of the real estate funds advised by FS Capital, having executed +€700mn of transactions to date. He came from Norfin, a leading Investment Manager, where he worked 8 years as a fund manager of real estate equity investments and where he led equity funds (c. €1bn AUM) across several sectors (offices, logistics, retail and residential) in Portugal and Spain. Previously he spent 8 years at GPA (Project Managers and Real Estate Appraisals) having gained valuable experience and exposure to real estate development projects and valuations. Nuno holds an MBA and Master in Finance from Católica Lisbon SBE and a Mechanical Engineering degree from the Technical University of Lisbon.
Francisco Jonet
Partner & Managing Director
MADRID - LISBOA
Francisco joined FS Capital in 2017 as Head of Special Situations and is currently the Principal of the opportunistic funds advised by FS Capital. Throughout his career, Francisco has been working with non-core real estate assets for nearly ten years, gaining a valuable experience in a wide range of asset classes, capital structures and geographies with roles at Castlelake, Sareb and Finsolutia. At Castlelake, Francisco worked as a Director, being involved in investments in non-core real estate assets (both asset and loan formats) across several sectors (residential, CRE, land & development) with a Pan-European exposure (Portugal, Spain, Italy and the UK), with combined transaction values of more than €1.0bn. Before joining Castlelake, Francisco was a member of Sareb’s financial assets team, being responsible for the divestment of several non-performing loan portfolios and single tickets to international investors. Francisco participated in a Corporate Finance Programme at London Business School and holds a Master in Finance at UCP – Lisbon School of Business and Economics and a BSc in Business Administration from Nova – School of Business and Economics.
Asier Uriarte, CFA
Director
MADRID
Asier joined FS Capital in 2020 as investment Associate in Special Situations and opportunistic funds advised by FS Capital. Throughout his career, Asier has been working with opportunistic and value-add assets for nearly five years, gaining valuable experience in CRE, residential and development at Aedas Homes and Azora. At Aedas Homes, Asier worked as an Invesment Analyst in the Strategy and Investment team, where he was involved in Real Estate transactions (land and residential) of about € 250 million through Spain. Before joining Aedas Homes, Asier was an Analyst in the Corporate Development and in the Hospitality teams, being involved in Real Estate transactions of Hotels, Offices, Residential and repositioning projects. Asier is a CFA Charterholder, holds an MBA for ICADE/Strathclyde Business School and a Masters’ Degree in Architecture from Escuela Técnica Superior de Arquitectura in San Sebastian.
Jacobo Diaz de Bustamante
Director
MADRID
Jacobo joined FS Capital in 2022 as investment Senior Associate in Special Situations and opportunistic funds advised by FS Capital. Prior to FS Capital, Jacobo was part of the investment team of Globe Iberia, taking part in the acquisition of a portfolio of more than €200mn of residential, tourism and granular portfolios. Previously, Jacobo worked in the business development department at Lemon Promociones (Mexico and Spain), investing over €120mn in residential projects. Jacobo holds a BA in Business Administration from Dublin Business School. During his university years he worked as an intern at GBM Banco Santander and as analyst at Magallanes Value Investors.
Javier Albert
Senior Associate
MADRID
Javier joined FS Capital in 2022 as investment Associate. Prior to FS Capital, Javier worked as an analyst in the Valuations, Business Modeling and Economics team of Strategy and Transactions at EY, actively participating in numerous transactions from a valuation, due diligence, M&A or corporate development point of view. Previously, Javier worked in Baker McKenzie's tax team. Javier holds a degree in Law and Economics from Universidad Carlos III de Madrid and collaborates weekly with the NGO “Proyecto Capicua”.
Gerardo Cinelli
Associate
MADRID
Gerardo joined FS Capital in 2023 as investment Associate. Prior to FS Capital, Gerardo worked as an investment banking analyst in Alantra Corporate Finance, participating in several Real Estate transactions (M&A and debt advisory). Previously in his career, Gerardo worked in financial advisory departments in Altum Faithful Investing, Grant Thornton and Squire Patton Boggs. Gerardo holds a double degree in Business & Law from Universidad Francisco de Vitoria.
Gonçalo Branco
Associate
LISBOA
Gonçalo joined FS Capital in 2022 as Investment Analyst, covering the entire investment cycle for commercial real estate across various asset classes (offices, logistics, hospitality, and residential) in Iberia. Gonçalo has been actively sourcing, analysing, and presenting attractive investment opportunities to tier 1 investors and contributing to their active management and successful exit. Before joining FS Capital, Gonçalo was part of Finsolutia’s Advisory team, where he participated in several buy-side processes for distressed asset portfolios, including non-performing loans (NPLs) and real estate owned (REOs). Gonçalo holds a Master’s in Finance and a Bachelor’s in Management from NOVA School of Business and Economics.
Javier Porras Herce
Associate
MADRID
Prior to FS Capital, Javier worked as an investment manager of Crandon Private Equity Real Estate, investing over €40mn in secured debt transactions, and participated in various residential direct investments. Previously, Javier worked at Orinoquia Real Estate SOCIMI participating in various real estate acquisitions, and was part of the listing procces of the company to Euronext Paris. During his university years Javier worked at Queka Real Partners and Numulae SOCIMI. Javier holds a BA in Business Administration from IE University.
Alfonso Gallego de Chaves
Analyst
MADRID
Alfonso joined FS Capital in 2024 as investment Analyst. Prior to FS Capital, Alfonso was an Analyst in the sales department of LOOM by Merlin Properties SOCIMI, participating in different operations in the real estate sector (Co-working). Previously, during his time at university Alfonso worked at Inspiring Benefits by AON where he was part of the sales team and collaborated with the finance and marketing departments. Alfonso holds a BBA degree from the Questrom School of Business at Boston University.
Maria Alvim
Architect/Property Manager
LISBOA
Maria joined FS Capital in August 2023 as a Portfolio Manager in the Commercial Real Estate (CRE) group. Maria brings strong technical skills and experience in real estate development to all asset classes. She excels in feasibility studies, licensing, and due diligence. Prior to joining FSC, Maria held the position of Project Leader at Openbook where she managed projects across all stages, from initial plans to completion, encompassing workplace, residential, healthcare, and retail sectors. Maria holds an Architectural degree from the Technical University of Lisbon.
Nadine
Property Manager
LISBOA
Nadine joined FS Capital in the beginning of 2023 as a Property Manager in CRE & Special Situations. Previously Nadine integrated the Property Management team of Finsolutia. She came from UON Consulting SA, where she worked for 12 years as Real Estate Manager with a focus on residential and retail properties. Nadine has a bachelor’s degree in communication, from the Independent University, and a graduate degree in Human Resources Management from the Higher Institute of Economics and Management (ISEG).