A highly experienced team with a strong network and in-depth investment experience

The key component of the company's success is the quality of its professionals, with extensive experience in the sector.

All Incus offices are led by locally based investment partners who follow local market trends and originate investment opportunities. Local offices are supported with staff in the regional offices, plus the larger teams based in Madrid and Lisbon, who help in the investment process, asset management, KYC procedures and legal support.

THE PARTNERS

Incus Capital is fully owned and operated by the partners, with more than 150 years of combined experience working in the financial, debt and equity markets.

The energetic, collaborative core leadership team has a proven track record of successful partnerships, business building, theme development, sourcing, investment and risk management.

Andrew Newton

Managing Partner and CIO

Andrew Newton

Managing Partner and CIO

Andrew is the founder and Chief Investment Officer of Incus Capital. Andrew leads the Investment Team and the Investment Committee at Incus Capital. Since 2012, he has overseen Incus Capital and helped grow the company from a niche player to an established multi-strategy real assets mid-market investment advisor covering multiple European jurisdictions.

Prior to Incus Capital, Andrew co-founded and was CEO of Hipoges Iberia. Hipoges Iberia is a Madrid based pan European servicer with more than €20 billion of loans and real estate assets under management. Under his stewardship, Hipoges became a servicer of reference in Spain, Portugal and Greece. In 2014, the founders sold a 40% equity stake to Cerberus Capital. Following the sale, Andrew and the management team continued to grow the company and the geographic footprint. Finally, in 2018, Andrew and the rest of the shareholders sold the company to KKR. Andrew has no further involvement with the company today.

From 2000 to 2008, Andrew was at Lehman Brothers in the Principal Finance Group. During his time at Lehman Brothers, Andrew was involved in transactions across several jurisdictions and asset classes, including: the UK (pubs, cinemas, car parks, and natural gas infrastructure), Italy (Telecom, NPLs), Germany (residential real estate, SME, and telecom), Portugal (NPLs, RE) and Spain (NPLs).

Prior to Lehman Brothers, from 1996 to 1999, Andrew worked in the Commodities group at Morgan Stanley making principal investments in electricity markets. This involved the long-term asset management of electricity and gas generation facilities in the Southern US.

Andrew is a CFA holder and received an MBA from the London Business School (UK) and an honours degree from University of Western Ontario (Canada).
Estanislao Carvajal

Partner

Estanislao Carvajal

Partner

Estanislao is a partner at Incus Capital with 25 years of experience in the financial services industry. Estanislao joined Incus in 2013 and focuses on origination and execution of transactions having closed transactions in the water utility, toll road, port concession, food, agriculture and energy industries.

Prior to Incus, Estanislao worked at Natixis, Rabobank and JPMorgan Chase in the Leverage Buy Out, Structured Finance and M&A departments respectively and has participated in multiple cross-border transactions across European jurisdictions.

Estanislao holds a BA in Law from the Complutense University of Madrid and a BA in Business Administration from San Pablo CEU University (Madrid).
Alejandro Moya

Partner and Head of Real Estate

Alejandro Moya

Partner and Head of Real Estate

Alejandro is Head of the Real Estate team and is a partner and co-founder of Incus Capital. He has 25 years of experience in the real estate sector. Before joining Incus, Alejandro was the Head of Commercial Real Estate at Hipoges Iberia.

Prior to that, he worked on the Morgan Stanley Real Estate Funds platform in Madrid, where he participated in the acquisition, management, financing and disposal of a broad array of real estate assets in different jurisdictions, including Spain, Portugal, Germany and France. Previously, he worked as an asset manager for ING Real Estate Investment Management and as a real estate corporate finance consultant for IREA and Arthur Andersen.

Alejandro holds a double BA in both Law and Business Administration from ICADE, and a Real Estate Degree from Instituto de Empresa, where he currently is a lecturer for several Real Estate Programs (Madrid).
Álvaro Rivera

Partner

Álvaro Rivera

Partner

Álvaro is a partner at Incus with 25 years of experience in the financial services industry. His focus is on the origination and execution of capital solutions opportunities having closed transactions in the infrastructure, alternative assets, and real estate industries.

Prior to Incus he worked at Akerton Partners, a Spanish advisory firm specialized in refinancing and restructuring corporate debt. Previously, Álvaro worked in the Mergers & Acquisitions FIG team at Morgan Stanley (London) and in Corporate Finance group at BCH (Madrid).

Álvaro holds a BA in Economics & Business Administration from ICADE (Madrid).
Martin Pommier

Partner and COO

Martin Pommier

Partner and COO

Martin is a partner and Chief Operating Officer of Incus Capital with 25 years of experience in the financial services industry. Martin manages all business aspects of Incus Capital and Incus Horizon Advisors and oversees all non-investment related efforst, including product development, operations, compliance, finance, IT, human resources, and investor relations.

Prior to joining Incus, Martin was a Managing Director at Macquarie Capital based in New York. He was a member of the European Management Committee responsible for overseeing the European equities platform and Head of EMEA equities in North America. Prior to Macquarie’s acquisition of Fox-Pitt, Kelton (FPK) in 2009, he was a Managing Director serving on the European and Asian equities management committees at FPK. Previously, Martin worked in the corporate finance department of the National Bank of Canada. He also worked at Mirabaud in the private fund-raising group. Martin was a Co-Founder of Expo Holdings, an American real estate fund.

Martin holds an MBA from the Schulich School of Business (Canada).
Sébastien Kessas

Partner and Head of France

Sébastien Kessas

Partner and Head of France

Sébastien is a partner at Incus Capital with 25 years of experience in the financial markets. He is the lead Investment Team member covering the French market based in the Paris office.

Prior to his work for Incus, from 2016 to 2017, Sébastien worked at Natixis Asset Management as a Senior Advisor to the CEO and CIO on the development of a global structured finance platform. Prior to 2016, he was Country Head of France and Managing Director in the Fixed Income department of Morgan Stanley. He has been involved in numerous complex and strategic credit restructuring and deleveraging transactions for French and Benelux institutions.

Sebastien holds a master’s degree in Financial Markets (DESS 203) from University Paris Dauphine and a B.A. in Management from University Paris Dauphine.
Corrado Giovanelli

Partner and Head of Italy

Corrado Giovanelli

Partner and Head of Italy

Corrado is a partner at Incus Capital with 30 years of experience in financial markets. Corrado joined Incus in 2018 and is the lead Investment Team member covering the Italian market based in the Milan office.

From 2010 to 2018 Corrado worked at Credit Suisse as Head of Global Market sales for Italy. Among the many roles performed he has also been Head of Southern Europe for Solution Business and has been part of a European Committee, based in London, that was investing in different asset classes across all Europe. He has worked closely with colleagues specialised in the UK, Nordic region and Germany. During this period Corrado was instrumental in sourcing and structuring several deals of NPLs, Real Estate and Securitized Products. Prior to 2010 he worked in senior positions at Nomura, Lehman Brothers, Merrill Lynch and JP Morgan in London, Milan and New York where he has covered different roles in trading and sales within the fixed income divisions. Corrado has been involved in multiple and complex transaction in Italy with banks, insurance companies, asset managers and government related entities.

Corrado holds a degree in Economics with a major in Finance from Bocconi University (Italy).
Tiago Brandão

MD and Head of Portugal

Tiago Brandão

MD and Head of Portugal

Tiago is a Managing Director at Incus Capital with more than 24 years of experience in the financial markets. Tiago is based in the Lisbon office and as Portugal Country Manager is responsible for originating transactions in the region.

Prior to Incus, Tiago was a Managing Director in the Fixed Income department at Credit Suisse and before that he worked for Merrill Lynch. Based in London, Madrid and Lisbon he led the origination and execution of a number of complex and strategic investment banking transactions for institutions across Europe.

Tiago holds a degree in Economics with a major in Finance from Nova School of Business & Economics (Portugal).