Gana Energía — Seed (estimated) · €950K

Bewater Funds invested €950,000 in Gana Energía through two vehicles, Bewater Gana Energía FICC and Renta 4 Bewater I FCR (co-managed with Renta 4), making it one of the company's first two outside investors. Bewater sold out when Repsol took its majority stake in March 2021 and reported a 158% annualised net IRR. The stage is not stated in the sources; Seed is inferred because this was the first outside money.