Moira Capital Partners
Moira Capital Partners is a Madrid-based private equity firm that backs innovative, high-growth Spanish companies, not a water specialist. Its all-equity, innovation-led thesis drew it into water twice, backing treatment companies Geodesic Innovation and Cimico, and it led both deals. As of 2026 the firm has committed over 300 million euros since launching in 2017.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Moira Capital Partners is the rare Spanish growth investor that writes all-equity cheques with no leverage, meaning it buys in with its own capital rather than loading companies with debt, and it builds its portfolio one deal at a time instead of from a single pre-raised fund. Moira was founded in 2017 by Javier Loizaga, who chaired the buyout firm Mercapital and then both the Spanish and the European private-equity associations before going independent, and by the firm's own account it has committed more than 300 million euros since then, putting 5 to 25 million euros into each company.
Moira Capital Partners has no water mandate, yet it keeps turning up in water. It has backed two Spanish water-treatment companies and led both rounds: Geodesic Innovation, whose electroporation and advanced-oxidation process disinfects water without chemicals, and Cimico, which treats wastewater biologically. Two deals is a small slice of the book, but leading both, rather than following another investor in, is the tell: from a generalist, a lead cheque is a real vote of conviction.
Moira is drawn to water for the same reason it backs frozen fruit or insect protein, a company whose edge is genuine innovation in a large, slow-moving market. Water treatment passes that test cleanly, and Moira has framed its water bets around growing scarcity and the UN's clean-water goal. For a newcomer the read is simple: Moira is not a water fund, but when an innovative Spanish water company needs a lead investor, it is one of the few writing the cheque.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
Portfolio · 2 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does Moira Capital Partners invest in?
- Moira Capital Partners backs innovative, high-growth Spanish companies across many sectors, from food and energy to health and agtech. It writes all-equity cheques of 5 to 25 million euros, with no debt, and looks for businesses whose competitive edge is genuine innovation in a large market. Water is one small thread inside that broad mandate.
- Is Moira Capital Partners a water fund?
- No. Moira Capital Partners is a generalist Spanish private equity firm, not a water specialist. Water shows up as two investments inside a much wider book of innovative companies. Those two water bets matter because Moira led both rounds, but the firm's thesis is innovation-led growth equity across sectors, not a dedicated water strategy.
- What water companies has Moira Capital Partners backed?
- Moira Capital Partners has backed two Spanish water-treatment companies, and it led both deals: Geodesic Innovation, which disinfects water using a chemical-free electroporation and advanced-oxidation process, and Cimico, which treats wastewater biologically. Both sit inside Moira's broader portfolio of innovative, high-growth Spanish businesses rather than a separate water fund.
- Who runs Moira Capital Partners?
- Moira Capital Partners was founded in 2017 by Javier Loizaga, its Chairman, who previously chaired the buyout firm Mercapital and both the Spanish and European private-equity associations. The investment team includes partners Sebastián Cerezo and Javier Elosua, who together build and oversee the firm's concentrated portfolio of Spanish companies.
- Where is Moira Capital Partners based?
- Moira Capital Partners is based in Madrid, Spain, and invests almost entirely in Spanish companies. That domestic focus is deliberate: the firm sets out to back innovative businesses capable of leading change in their sectors at home, including the two Spanish water-treatment companies it has financed as lead investor.