Frux Capital Investments is an alternative lender providing a full range of capital solutions
to European SMEs. With over 60 years of combined market experience covering, Frux Capital offers
a full range of solutions from senior debt to whole loan and preferred equity.

Established in Madrid in 2015, Frux Capital has become one of the leading alternative
lenders in Spain and Southern Europe.

The firm prides itself on providing tailor-made corporate solutions to resolve a variety of
complex issues, using a solutions-orientated and a relationship-driven approach,
underwriting asset-based transactions from €10 to €250 million in size.

Frux Capital lives by its core values of professional integrity and full transparency, serving
the best interests of its clients.


Itamar Volkov

Managing Partner

Mr. Volkov, founder of Frux Capital, brings over 15 years of real estate investment expertise in both equity and debt transactions, and has served as Managing Partner of several real estate companies and funds both in the US and Europe, leading and advising on a range of investments. Prior to this, Mr. Volkov was Director at a real estate development company in Los Angeles. Since 2012, Mr. Volkov has served as board member of Airport City Ltd., a publicly traded real estate company (ARPT.TA). Mr. Volkov holds a BA in Economics from Tel Aviv University and an MBA from UCLA Anderson School of Management (USA).

Ori Elan

Co-Founder & Partner

Ori has over 25 years’ experience as entrepreneur, developer, investor, and manager in global real estate markets. In the last 15 years, he has focused his activities in Europe managing investment vehicles for equity and debt transactions regarding a wide variety of asset classes, including residential and offices in high scales. Ori holds a BA in business management, specializing in finance, and a LLB in law from Reichman University, Herzliya, Israel.

Juan Velayos

Chairman & Head of Credit Committee

Juan was previously the CEO of Spanish homebuilder Neinor Homes, a company owned by Lonestar, which he led to a successful IPO in 2017. He also held several other senior executive positions, including Managing Partner at Alantra, Partner at PWC, CEO at homebuilder Mixta Africa, and CEO at Real Estate public company Renta Corporación. Juan started his career at Uría Menéndez Abogados, one of the leading Spanish law firms, where he became Partner at 31. Juan holds a Law Degree from Abat Oliba University and an EMBA from IESE Business School.

Eugenio Molina

Executive Partner

Mr. Molina leads all aspects of Frux Capital’s operations. Prior to joining the company, Mr. Molina worked at Banco Santander’s Project Finance department. Previously, he was Director at Banco Español de Crédito, after starting his career at the Royal Bank of Scotland in the UK. With over 13 years of experience in the financial industry, Mr. Molina has extensive knowledge in structuring and executing real estate and corporate transactions across all asset classes, Spanish jurisdictions and investment products including senior debt, mezzanine, NPLs, and secondary loans. Mr. Molina holds two bachelor’s degrees in business administration and Economics from CUNEF University and Complutense University of Madrid.

Pedro Urquijo

Special Advisor

Mr. Urquijo is one of Frux Capital’s founding partners. With over 25 years of experience in corporate management and business development, he leads Frux Capital’s strategy and growth activities. In addition, Mr. Urquijo is also Managing Director for the Iberian Market and Middle East of AON Insurance. Prior to this, he held senior roles with leading global corporations. Mr. Urquijo is a board member of numerous privately held companies and non-profit organizations in Spain. Mr. Urquijo holds a BA in Agriculture and International Business Management from the Royal Agricultural College (UK) and an MBA from the IE Business School in Spain.

Alvaro Iniguez


Prior to joining Frux, Alvaro was one of the founders of Elba Finance, an alternative lending fund. Before that he worked as Director in the Business Recovery Services (BRS) in PwC, being responsible for some of the most known refinancing and restructuring processes in the real estate and construction arena in Spain. He holds two Bachelor’s degrees in Law and Business Administration from Universidad Complutense de Madrid and CUNEF University.

José María de Nogales

Senior Analyst

Mr. Nogales entered in 2017 and is the lead analyst of the investment department at Frux Capital. Prior to entering the fund, he began his professional career at BBVA as a pension fund manager. Subsequently, he went to Abante Asesores, Financial Planning Department, and a few months later he moved to the Corporate Advice department where he focused on LBOs, Restructuring and M&A operations. He has a joint-honours degree in Law and Business Administration from CUNEF and the Complutense University of Madrid. In addition, he has completed a Real Estate course in Project Viability at the Institute of Business Practice (IPE).

Andrew Cawley

Business Development

Mr. Cawley is in charge of the business development department in Frux Capital. Prior to entering the fund, he began his professional activity at Auric Partners as a real estate consultant and manager of the China Desk (Golden Visa) department. Subsequently, he was managing partner of CSA Investments that was dedicated to the intermediation of Retail and Residential operations, and after a few years in the real estate world, then entered Frux Capital as an analyst, where he has studied projects from start to finish and gained a deep understanding of the business. Now he is dedicated to business development to continue expanding the future potential of Frux Capital. He has a BA (hons.) in Chinese (modern) with modules in management from the University of Leeds (U.K). Recently, he has completed an MBA in Real Estate Business School (REBS).

Javier Fuentes Saez


Mr. Fuentes joined Frux Capital in 2020, as an analyst. Previously to joining Frux, he worked at PWC, Santander Bank and Bogo Inversion, where his main roles included the analysis of private equity investment proposals. He holds a bachelor’s degree in business administration from the University College of Financial Studies (CUNEF). He speaks Spanish and English.

Pablo Pina Aparicio


Mr. Pina joined the Frux Capital team in 2020. Previously, he worked on the Corporate Actions team at Allfunds Bank and on the Accident & Health Underwriting team at CHUBB European Group. He holds a bachelor’s degree in Law and Business Administration from Universidad Carlos III Madrid. He speaks English and Spanish.

Víctor Alconchel Madinabeitia

Senior Analyst

Mr. Alconchel works as analyst at Frux Capital. Prior to entering the fund in April 2022, he began his professional career at Banco Santander as analyst in Global Supervisory Strategy Department for the entire Group Santander. Subsequently, he went to Cell Finanzas, Project Finance Department. He has a double degree in Law and Business Administration from the University College of Financial Studies (CUNEF) and the Complutense University of Madrid. In addition, he holds a master’s degree in Financial Risk Management in International University of Rioja (UNIR).

Jaime Tassara

Senior Analyst

Mr. Tassara joined Frux Capital team in 2022. Previous to joining Frux he worked for CG Capital Europe, advising on investment opportunities, after starting his career in Investment Banking at Banco Espirito Santo and Societe Generale in different Capital Markets teams. He holds a BA in Business from the University of CUNEF and is currently an Executive student MBA at IESE.

Galit Gaist

Manager Investors Relations

Galit is in charge of investors relations at Frux, managing the funds investors. She holds a B.A in Psychology and Criminology.