José Luis Curbelo

What is your experience?

I am an economist with a Ph.D. from the University of California, Berkeley, and a master’s degree from the University of Wisconsin, Madison. My education is complemented by specialized studies in economics and finance at Harvard, Oxford, UCLA, the Amsterdam Institute of Finance, and the World Bank.

Currently, I am the Non-Executive Chairman of AESC-Battery Spain, a Japanese multinational developing a state-of-the-art battery gigafactory in Spain (Navalmoral, Cáceres). Previously, I was the President and CEO of COFIDES (Spanish Development Finance Company), managing various public funds dedicated to investing in Spanish companies aligned with public policy priorities. Under my leadership, COFIDES quintupled the funds under management, reaching approximately 6 billion euros, and became established as Spain’s Sovereign Fund. Currently, through its various funds (FIEX, FONPYME, FIS, FOCO, FONREC, among others), the company leads strategic investments in climate projects, impact investing, attracting foreign direct investment (FDI), and the internationalization of Spanish companies.

For a decade, I worked in multilateral banking, where I was Vice President and Chief Economist of the Latin American Development Bank (CAF), as well as Head of the SME Development Unit at the Multilateral Investment Fund of the Inter-American Development Bank (FOMIN-IDB) in Washington, D.C. In this latter role, I oversaw the financing of the first generation of private equity funds in Latin America and the development of the first microfinance projects.

In parallel to my work in finance, I have always maintained ties with the academic world. I have been a Senior Researcher at the Institute of Public Policy of the Spanish National Research Council (CSIC), Dean of the Faculty of Economics and Law at Camilo José Cela University, and Director General of the Basque Institute of Competitiveness (Orkestra) at the University of Deusto. Additionally, I have taught economics, finance, and strategy at several Spanish and international universities.

What do you see as different about Nazca?

Nazca has a human team that has demonstrated exceptional results for more than two decades, successfully navigating various phases of the economic cycle. I particularly highlight the ability of its management team to identify long-term business trends and structure portfolios that maximize value creation.

I greatly value Nazca’s leadership in exploring new sectors aligned with the future growth of the economy, such as biotechnology, health and medicine; deep tech, digitalization, and artificial intelligence; renewable energy and sustainability; as well as in the aerospace, security, and defense sectors. I also emphasize its commitment to the highest ESG standards.

What can you contribute to Nazca from your experience?

The emerging economic model is characterized by increasing complementarity between the public and private sectors. Companies, ecosystems, and supply chains, technology and educational centers, private investors, public institutions and funders, regulators, and other stakeholders are compelled, in these times of accelerated change, to align not only to minimize uncertainties but also to drive the competitive and sustainable transformation of the economy and businesses.

In this process, in addition to identifying emerging trends, it is crucial to efficiently mobilize and combine financial and institutional resources, both public and private, at national and international levels, to foster investments in the companies that will lead the economy in the coming years. Private equity funds play a key role in this context, identifying companies with growth potential, promoting a results-oriented business culture and improving efficiency, and strengthening competitiveness through the optimization of synergies.

My experience and profile combine elements of the public and private sectors, research and execution, finance and policy, as well as national and international perspectives, which makes me optimistic about my ability to effectively contribute to Nazca’s success in this complex, changing, and multidimensional environment.

What challenges should entrepreneurs consider when incorporating a private equity fund?

The entry of a private equity fund into a company’s shareholding offers significant opportunities, such as professionalizing management, improving transparency, gaining access to capital for sustainable growth strategies, and providing strategic guidance focused on competitiveness. However, it also involves significant changes that must be assimilated by shareholders and management teams to avoid friction that could hinder value creation. Strategic alignment over the medium and long term, the redefinition of leadership, and the professionalization of management are some of the key challenges.

Therefore, the entry of a private equity fund into a company should not be seen as a merely financial transaction, but rather as the result of a well-analyzed and consensual process, where the parties involved have identified strengths, weaknesses, and opportunities for the company in the future.