Serena is an independent fund manager focused on mid-market real infrastructure development with an industrial focus.

Our purpose is to be the best partner and invest in essential infrastructure in the low-to mid-market through quality projects with high barriers to entry projects.

Our values

Generating value across the portfolio

Trusted partner

Collaborative partner in all stages of development of a project driven by industrial know-how with technical and financial skills.

Efficient capital allocation

We optimize returns to investors by generating off-run deal opportunities in high barriers to entry projects.

Embracing sustainability

We are determined to address the world’s most critical challenges such as climate change, protecting the environment and building resilient communities while actively promoting initiatives that enhance employment opportunities and reduce inequalities.

Areas of activity


Rail, road, urban mobility, ports and airports
Transport systems involved in the movement of freight, commodities and passengers, bringing people closer together, and supporting economic growth.

Environmental & Energy

Waste, Water and Decarbonisation.
Progress protecting our environment is essential, providing access to safe drinking water, efficient sanitation and waste management systems as well as creating environmental sources of energy.


Health, Education and Telecom.
Human capital development and quality of life is supported by providing high-standard health and education facilities available to the whole population.

Our team

We have a top-level investment team with extensive experience in the industry and a solid track-record in all elements of a project’s value chain, on both the industrial and investment side of the business.
Joaquín Camacho Calderón
CEO and Founding Partner

Joaquín Camacho Calderón

Joaquin is the CEO and Founding Partner at Serena. He has a successful track record in investment, corporate finance, asset, project and fund management within the infrastructure sector. Previously, Joaquin was Finance Director and Chief Controlling Officer at Sacyr Group in Madrid where he successfully led and executed the strategic financial turnaround and key growth business initiatives for the group.

Joaquin founded Serena Industrial Partners in 2019, investing over EUR 1 billion in projects (EV) and leading the fundraising efforts.

He was Investment Director for the infrastructure fund Circuitus Capital (London). Prior to that, at Sacyr, he also served as Director for Concessions & Construction in Italy and Project Manager in Ireland. Formerly he worked at Ferrovial.

Joaquin is Master Civil Engineering (MEng) (Hons) & MSc Energy and Hydraulic (Universidad Politecnica de Madrid) and holds a Master in Business Administration (MBA) from IMD (Switzerland).

Position: CEO and Founding Partner
Diego Fernández Díaz
Chief Operating Officer and Investment Director

Diego Fernández Díaz

Diego is Chief Operating Officer (COO) at Serena and part of the team since inception. Formerly, he was Associate Director at Meridiam where he was project leader managing the teams for the development of numerous bids, managing the full investment process for greenfield and secondary projects in different countries and sectors, as well as the asset management. Prior to this, he worked at Ferrovial, Citibank and Miura.

He joined Serena in 2019 and has invested over EUR 1 billion in projects (EV) up to the date.

Diego holds a MSc in Civil Engineering as well as a Law degree and Master in Management (Grande École) with major in Finance from HEC Paris Business School (France).

Position: Chief Operating Officer and Investment Director
Rafael Pérez Feito
Asset Management and Investment Director

Rafael Pérez Feito

Rafael is Asset Management and Investment Director. Previously he was supporting the team as senior industrial advisor in different transactions. His background covers asset management, M&A, project finance, regulated concessions and business development. He has held different executive positions (International Operations Director, Europe Area Manager, Europe Corporate Development Director) at Aqualia/IFM and has been member of several international Boards of Directors. Prior to this, he started his career as a Consulting Engineer and Researcher in the water and environmental sectors in Spain and USA.

He joined Serena in 2021 and has invested over EUR 1 billion in projects (EV) up to the date.

Rafael is Master in Agricultural Engineering (MEng) from Universidad Politecnica de Madrid (Spain), Master in Civil and Environmental Engineering (MSc) from University of Wisconsin-Madison (USA) and holds an EMBA from IESE Business School (Spain).

Position: Asset Management and Investment Director
Manuel Villace Carballo
Investment Director

Manuel Villace Carballo

Manuel is Investment Director of Serena since its establishment. His background covers structuring, developing, financing, managing, and operating infrastructure public-private partnership projects. Manuel joined Serena from Strategic Infrastructure Consulting S.L., an infrastructure investor advisory company in Spain he co-managed.

He joined Serena in 2019 and has invested over EUR 1 billion in projects (EV) up to the date.

Previously, Manuel devoted most of his career to the Concessions Division of FCC Construccion S.A., starting as Bid Director in several international projects and ending up as Head of Finance and Divestments. He began his career as a designer for Iberinsa (now Acciona Ingenieria). Manuel holds a MSc Civil Engineering (MEng) & MSc Transportation.

He holds an EMBA in Infrastructure Management & Public Services (Universidad Politecnica of Madrid, Spain). He also studied Environmental and Sustainable Infrastructure at the Royal Institute of Technology (KTH) in Stockholm (Sweden).

Position: Investment Director
Sergio Pardo Martín
Country Manager - France

Sergio Pardo Martín

Sergio is a Senior Investment Manager at Serena. Prior to this, he worked in infrastructure investments at TIIC and in asset allocation of institutional investors to infrastructure at Amundi, time in which he actively participated in the development of mid to large scale projects in the transport and social infrastructure sectors across Europe, as well as the analysis and investment in infrastructure vehicles in Europe and North America.

He is a CFA charter holder since 2019 and he also holds a Master in Management (Grande École) with majors in Financial Risk Management and M&A from Audencia Business School (France) as well as a BSc in Finance and International Affairs from Universidad Externado (Colombia).

Position: Country Manager - France
Jose Alarcón Muñoz
Investment Manager

Jose Alarcón Muñoz

Jose is Investment Manager at Serena. He is an experienced infrastructure investing and asset management professional. Prior to Serena, he was Manager in the Project Finance department at EY, leading diverse engagements of infrastructure deals worldwide for funds, developers, and public authorities. Prior to EY, José worked for Sacyr in the Investment Analysis team as a Financial Modeler, and in the Asset Management team. He began his career as site manager at a local construction company in Murcia.

José is Master in Civil Engineering (MEng), holds a Master in International Management by IE Business School (Spain) and a Specialization Program in M&A and Private Equity by IEB (Spain). Additionally, José has passed CFA level I.

Position: Investment Manager
Bárbara Fernández Girón
Investor Relations & ESG Vice-President

Bárbara Fernández Girón

Bárbara is Investor Relations for Serena Industrial Partners. She is one of the primary points of contact between the investment community and Serena. Prior to this, Bárbara was Head of IR at Red Electrica Group, equity sales at Espirito Santo Investment Bank and Intermoney Valores and a corporate finance analyst at Confivendis and Arcano.

Bárbara holds a BSc in International Business and Management from ICADE (E-4) (Spain and France) and is a certified European Financial Planner (EFPA) and ESG analyst (CESGA) by EFFAS.

Position: Investor Relations & ESG Vice-President
Beatriz Alamen Redondo
Investor Relations & ESG Associate

Beatriz Alamen Redondo

Beatriz is an Investor Relations Associate for Serena Industrial Partners. She coordinates the communications with investors, prepares all marketing materials and reports, and supports the fundraising process. Prior to this, Beatriz was an Associate in the Global Markets Division at JPMorgan Chase, where she worked as a credit sales covering institutional investors in the Iberia region, being accountable for the relationship with them and delivering appropriate solutions based on their investment needs. She started her career in Arista Partners, joining the team in the early stages of the fund and assisting in the fundraising process.

Beatriz holds a Double Bachelor in Business Administration (BBA) and International Relations from ICADE (E-6) (Spain), with a major in Finance. She also completed an exchange semester at Université Catholique de Lille (France).

Position: Investor Relations & ESG Associate
María Martínez de Juanes
Investor Relations, ESG & Asset Management Analyst

María Martínez de Juanes

María is an Investor Relations and Asset Management Analyst at Serena Industrial Partners. She holds a Bachelor in Business Administration at IE University. María is a highly motivated and skilled individual with experience in the field of finance. Before joining Serena, she worked as a Financial Audit Intern at PwC, where she participated in the audit phase of several consumer industrial products and services companies, and assisted in the analysis and review of clients’ financial statements and accounting records.

Position: Investor Relations, ESG & Asset Management Analyst