Business · Companies · 3 hrs ago
Alejandro Ormazabal expands Whitehole with a new hedge fund
Alejandro Ormazabal is expanding Whitehole Investment, the asset manager he set up in 2024 to handle alternative investments.
Its existing €30 million private-equity fund takes minority stakes in small and medium-sized businesses in Spain, Portugal and southern France.
Whitehole is now marketing a global macro hedge fund, with Ormazabal contributing €10 million and a maximum fund size of €100 million.
Led by former Bank of America executives Ronan Curran and Mario Graf, it will invest in stocks, bonds, commodities and volatility.
Ormazabal says the fund will make its investment approach available to family wealth managers and similar investors seeking steadier returns amid uncertainty.
Whitehole is also considering an infrastructure investment strategy after buying a 5% stake in Ezo, an Irish electric-vehicle charging-point operator, last September.
The firm has around 12 employees and manages about €50 million in alternative assets, initially funded by Velatia and the Ormazabal family’s Careche company.
Alejandro Ormazabal is launching a hedge fund under Whitehole Investment, the asset manager he founded in 2024.
Ormazabal is contributing €10 million to the Whitehole Global Macro FIL, which has a maximum size of €100 million.
The fund invests in equities, fixed income, commodities and volatility, and is led by former Bank of America employees Ronan Curran and Mario Graf.
Whitehole also runs a €30 million private equity fund investing in small and medium-sized companies in Spain, Portugal and southern France.
The firm manages around €50 million in alternative assets and is considering a third strategy focused on infrastructure.
- Who
- Alejandro Ormazabal and Whitehole Investment. The new fund is led by Ronan Curran and Mario Graf.
- What
- Whitehole is beginning to market a hedge fund, Whitehole Global Macro FIL.
- When
- The article was published on 4 November 2026. Whitehole was founded in 2024.
- Where
- Whitehole invests in financial markets; its private equity fund targets companies in Spain, Portugal and southern France.
- Why
- Ormazabal says the hedge fund will make Whitehole’s capabilities available to family wealth and similar structures, and offer sources of returns amid uncertainty.
This story does not have two clearly opposing sides.
Javier Ormazabal Ocerín founded Grupo Ormazabal.
Ormazabal established Whitehole Investment to channel his investments in alternative assets.
Whitehole acquired a 5% stake in Ezo, Ireland’s largest operator of electric-vehicle charging points.
Expansión reported that Whitehole was beginning to market its hedge fund.
- Ormazabal's contribution
- €10 million
- Hedge fund maximum size
- €100 million
- Existing private equity fund
- €30 million
- Whitehole assets under management
- Around €50 million
- Ezo stake
- 5%
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