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José Carlos Díez surrounds himself with ‘former’ Ibex to create a venture capital fund in the midst of a pandemic

The Economist Jose Carlos DÃez It has surrounded itself with a group of former senior business executives, some with a presence in the large Ibex groups, to create an investment fund and venture capital in the midst of the coronavirus storm.

The objective of the new financial vehicle, which will have the name of Lua Fund and has already been approved by the CNMV, is to invest in emerging companies focused on what is considered “new economy”, taking advantage of changes in consumer habits that has accelerated the pandemic.

These sectors include digital transformation, artificial intelligence, aerospace, cybersecurity, circular economy, sustainability, and sustainable food.

The former economic guru of the PSOE has surrounded himself in this new adventure with several former leaders of large business groups. Will count as ‘partners’ with Francisco Lombardo, former director of the listed Laboratorios Rovi; Paulina Beato, former president of Red Elà ctrica and former director of Repsol; and the financiers Javier García Sergio Belza.

On the other hand, the fund has hired the former general director of Vodafone as advisers, Antonio Alemán, an expert in investments related to technology, as EL MUNDO has learned. It will also have the support of other former CEOs of groups such as Carrefour, IBM and Metro, as well as the president of the Alastria digital economy association, María Parga.

Start-up companies that need financing to establish their projects will be on the Lua Fund’s radar. After a first survey, the fund management team has identified a total of 5.000 compas.

DÃez and his team will look for Spanish and Portuguese companies with experienced managers, innovative products and the potential to be scalable, that is, to expand the business to new markets.

DÃez was Intermoney’s chief economist for nine years. He is a professor of economics at the University of Alcalá and at Icade. During the year 2017 he was in charge of the economic presentation of the PSOE during the 39th Congress of the party, a position that he left shortly before the presentation due to his confrontation with Pedro Sánchez.

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