Management Team
Itamar Volkov
Managing Partner

Mr. Volkov is the founder of Frux Capital. He brings over 15 years’ experience in real estate investments, on the equity and debt sides, and has served as the Managing Partner of several real estate companies and funds in the US and Europe, leading and advising on a range of investments. Prior to this, Mr. Volkov was a Director at a multi-billion dollar real estate development company in Los Angeles. Since 2012, Mr. Volkov has served as a 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).

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 the 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 member of the board 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.

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 a Director with 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 asset classes, Spanish jurisdictions and investment products including senior debt, mezzanine, NPLs, and secondary loans.

Mr. Molina holds two bachelor degrees from CUNEF University and Madrid’s Complutense University, in Business Administration and Economics. He is a member of the Urban Land Institute and serves as guest lecturer in the IPE Catedra Inmobiliaria Real Estate MBA.

Eulalia Nieto

Prior to joining the company, Ms. Nieto developed her career in Investment Banking, having worked for more than 10 years in several international banks. For the past five years, Eulalia has helped to build DCM & Debt Advisory at Alantra, leading and coordinating, along with the team, transactions across the financing spectrum. Previously she was an Associate in Espirito Santo Investment Bank, where she worked in several positions, starting in Equity Research, moving to ECM and finally specializing in DCM, and prior to that she worked as a Equity Research Analyst in Deutsch Bank. Eulalia is specialized in Alternative Financing transactions, working on the most efficient financing strategies to fund greenfield projects, capex financing, long-term stable financing and any other financing needs.
Ms. Nieto holds a Bachelor’s degree in Business Administration and Economics by CUNEF, as well an Executive MBA by IESE Business School.

Ori Elan

Mr. Elan has over 20 years of experience in the global real estate markets, as developer and lead principal. Over the last decade Mr. Elan has concentrated his activities in Europe, managing various investment vehicles the executed successful investments generating significant returns. In addition, Mr. Elan serves as a director in Rainbow Medical, an investment house focused on the invention, creation, and monetization of proprietary medical technologies.

Mr. Elan holds a BA in business management, specializing in finance, and an LLB in law from the Interdisciplinary Center Herzliya (IDC) in Israel.

Ramón Cáceres
Senior Analyst

Mr. Cáceres works as analyst in the investment department at Frux Capital. Mr Cáceres with over 9 years of experience, has developed his career in several IBEX-35 companies in the Project Finance department. Additionally, he worked in the Capital Markets department of Arcano structuring debt operations (High Yield, Project Bond, Direct Lending). Prior to join Frux Capital he worked in Agensynd as Associate Director in the Loan Agency Services department.
Bachelor of Business Administration from University Autonoma of Madrid and Master in Finance from Comillas Pontifical University (ICADE).

José María de Nogales
Senior Analyst

Mr. Nogales is the lead analyst of the investments 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 worked on LBO operations, Restructuring and M&A.
He has a joint-honours degree in Law and Business Administration from the University College of Financial Studies (CUNEF) and the Complutense University of Madrid. In addition, he has also 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 a 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).

Agustín Blázquez Barrena

Mr. Blázquez is an analyst in the investments department at Frux Capital. Before joining the team in July 2019, he interned at Deutsche Bank Wealth Management and the Real Estate Investment Trust Ayco Grupo Inmobiliario SA, where his main function was to analyze the investment proposals.
Mr. Blázquez studied bilingual BBA at the University College of Financial Studies (CUNEF). He has taken a course at the London School of Economics (LSE) in Innovation Management. He speaks Spanish, German and English.

Javier Fuentes Saez

Mr. Fuentes joined Frux Capital in 2020, as an analyst in the loan department. Previously to joining Frux, he worked at PricewaterhouseCoopers, Santander Bank and Bogo Inversion, where his main roles included the analysis of investment proposals and private equity  investment manager.

Mr. Fuentes 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 has 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 de Madrid. He speaks English and Spanish.