Investment Portfolio

Visalia Energia (grupovisalia.com)

Initial investment: 2020
Role: Lead investor
Status: Private

Visalia is Spain’s largest independent vertically integrated energy operator with its own distribution infrastructure, generating annual revenues of €380 million (2025) and serving over 210,000+ customers across electricity, natural gas, diesel, propane, telecommunications, and solar energy (total energy managed 3.9GWh+). The company operates more than 500 kilometers of proprietary distribution networks for electricity, fiber optics, and fuel, along with nine diesel logistics centers, providing comprehensive energy and connectivity solutions primarily to residential communities, SMEs, and households across Spain and Portugal.

Operating under a unique shared energy model, Visalia specializes in rooftop solar installations for multi-family buildings, enabling residents to collectively generate and consume renewable energy without individual upfront investment. The company has emerged as Spain’s leading operator in community solar, managing 260 operational solar communities with 27 MWp of installed capacity and a pipeline of over 1,000 additional projects planned through 2027. This model democratizes access to renewable energy for middle and lower-income families while advancing Spain’s decarbonization goals.

Visalia has executed an aggressive growth strategy through strategic acquisitions, including Grupo Serosense in 2024 (adding 460km of electricity networks and 13,000 customers in Catalonia), Barter Energia in May 2025 (acquiring 256 operational solar communities across 25 provinces), and Zug Power in 2024 (establishing operations in Portugal). The company holds the highest global ESG rating (82) in the electric utility sector according to Clarity AI, a platform backed by BlackRock, and maintains a BBB– investment grade credit rating. Visalia is a founding member of Fundación Energía Responsable and operates Energy Bank programs that provide free renewable energy to vulnerable households, reinforcing its leadership in socially responsible energy transition.

PV Solar

2.2MWp installed power coming online 2025. Additional 10 MWp pipeline.

Miami International Holdings (MIAX) (miaxglobal.com)

Initial investment: 2012
Role: Co-investor
Status: Public (IPO NYSE August 2025)

Miami International Holdings has evolved from a single options exchange at launch to a diversified global exchange operator spanning options, equities, futures, and international markets across eight trading platforms. Currently the fourteenth largest derivatives exchange group worldwide, MIAX operates four fully automated U.S. options exchanges (MIAX®, MIAX Pearl®, MIAX Emerald®, and MIAX Sapphire®), equity trading through MIAX Pearl Equities™, the MIAX Futures™ platform powered by proprietary Onyx technology launched in 2025, and international operations including The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE).

The company's proprietary technology platform, built entirely in-house, delivers industry-leading performance with 99.999% uptime since 2012. This technological advantage has driven sustained market share growth to a record 18.2% of U.S. options volume in Q4 2025 and a new YTD record of 17.3% through March 2026, with October 2025 setting daily highs of 20.9%. Options trading volume increased 46% year-over-year in Q4 2025 (and 26.6% YoY YTD through March 2026), while adjusted EBITDA margins expanded to 50%.

MIAX completed its initial public offering in August 2025, pricing 15 million shares at $23 per share and raising $396.75 million, followed by a December 2025 secondary offering of 7.8 million shares at $41.00 per share. The IPO enabled debt reduction while supporting an expanding product range, including the launch of Bloomberg 500 and Bloomberg US 100 Index futures on the Onyx platform in May–June 2026 and the strategic divestiture of 90% of MIAXdx to a Robinhood and Susquehanna joint venture in January 2026, providing MIAX with retained exposure to prediction markets. The company and its CEO have received multiple industry awards for technology innovation and platform performance, including FOW's 2026 Chief Executive of the Year.

MidChains (midchains.com)

Initial investment: 2021
Role: Co-investor
Status: Private

MidChains is a UAE-based regulated virtual asset trading platform and financial institution established in 2019, offering secure digital asset trading, OTC services, and custody solutions for institutional and qualified investors. The company operates under dual regulatory frameworks in the UAE, holding a Virtual Assets Regulatory Authority (VARA) license obtained in April 2025 for broker-dealer services in Dubai, while previously operating under Abu Dhabi Global Market (ADGM) licensing.

Backed by Mubadala Ventures, the sovereign wealth fund subsidiary, MidChains provides institutional-grade infrastructure for cryptocurrency and digital asset trading with regulated escrow accounts, transparency, and industry-leading security practices. The platform serves sophisticated investors globally while maintaining partnerships with leading UAE financial institutions including Al Maryah Community Bank for secure fund custody and transaction monitoring under Central Bank of the UAE oversight.

LedgerX (ledgerx.com)

Initial investment: 2016
Role: Co-investor
Status: Sold in 2021
(IRR: 51.44%, Multiple: 5.36x)

LedgerX was a pioneering New York-based digital currency derivatives platform that achieved historic regulatory approval in July 2017 as the first CFTC-approved Derivatives Clearing Organization and Swap Execution Facility for fully collateralized cryptocurrency swaps, options, and futures. The company provided institutional-grade trading infrastructure with federal regulatory oversight during the early development of regulated digital asset markets.

Greenmont's investment was successfully realized through LedgerX's acquisition by FTX US in October 2021 for approximately $298 million. Following FTX's bankruptcy, the platform was acquired by fellow portfolio company Miami International Holdings in May 2023 and operated as MIAX Derivatives Exchange (MIAXdx) until January 2026, when MIAX divested 90% to a joint venture between Robinhood Markets and Susquehanna International Group; the platform now operates as Rothera Exchange and Clearing LLC.

2btube SL (2btube.com)

Initial investment: 2014
Role: Lead investor
Status: Private

2btube is a leading Spanish-language digital media group and platform services company with offices in Madrid, Miami, Mexico City, and Quito. The company manages approximately 700 channels across its network, generating 4.5 billion views per month and serving more than 500 million subscribers collectively across platforms. With over 80 employees, 2btube provides technical support, optimization, monetization, and financial services to Spanish-speaking creators worldwide while maintaining certified partnerships with YouTube, Meta, TikTok, Spotify, and other major platforms.

2btube owns EnchufeTV, the world’s leading Spanish-language comedy brand and one of Latin America’s top digital entertainment properties. As of November 2025, EnchufeTV has grown to 28.3 million YouTube subscribers, over 16 million Facebook followers, 7 million TikTok followers, and 4 million Instagram followers—totaling more than 58 million followers across all social platforms with over 11 billion total video views since launch. The company has received multiple industry awards and produces original content for Netflix, Prime Video, YouTube Originals, and other premium platforms, while serving over 350 brands and agencies with digital content solutions.

Backspin Games (backspingames.com)

Initial investment: 2021
Role: Co-investor
Status: Private

Backspin Games (formerly eGoGames) is a Madrid-based mobile gaming platform that has evolved from a B2B esports SDK provider to a leading consumer-facing competitive gaming app. The company operates a skill-based gaming platform where players compete in real-money tournaments across popular game genres including Solitaire, Bingo, Bubble Shooter, cooking games, and puzzle games, all unified within a single mobile application available on iOS and Android.

The platform’s proprietary matchmaking algorithm ensures fair competition by pairing players of similar skill levels, creating a 100% skill-based gaming environment rather than chance-based outcomes. Players can practice for free using virtual “spins” currency before entering cash competitions, then compete in head-to-head matches, multiplayer tournaments, and league competitions for real money prizes. Winnings can be withdrawn instantly via PayPal, Apple Pay, or direct bank deposit, eliminating the traditional ad-watching and in-app purchase model that dominates mobile gaming.

Backspin Games raised $5.6 million in Series B funding in November 2021 and has expanded its reach across Europe and internationally, serving as a platform that enables players to monetize their gaming skills through fair, competitive play while providing game developers with engagement and retention tools through its underlying technology infrastructure.

Chart National L.P. (chartnational.com)

Initial investment: 2020
Role: Limited Partner
Status: Private

Chart National is a New York-based private investment fund with a specialized focus on companies that are emerging leaders serving the defense, intelligence, security, and related markets. The fund pursues management buyouts, recapitalizations, and selective structured growth equity transactions in a sector experiencing significant growth driven by increased global defense spending and modernization initiatives.

The fund targets companies with defensible intellectual property, high barriers to entry, and supplier differentiation on technical capabilities across Tier 2 and 3 defense suppliers, defense electronics, component manufacturing, distribution and logistics services, and aftermarket parts and services. Chart National focuses on businesses where operational improvements and scale can enhance production efficiency, cost structure, and customer outcomes in the rapidly evolving defense technology landscape.