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GAWA has built a strong team of enthusiastic investment professionals, whom are truly committed to creating tangible and sustainable social impact. 
Agustín Vitórica

Agustín has been dedicated to impact investing since founding GAWA in 2009. Previously, he held the position of Managing Director at Dalbergia, one of Spain's largest family offices, where he worked for almost 10 years focusing on Venture Capital & Private Equity investments. Formerly an auditor and consultant to financial institutions at Deloitte, Agustín holds an MBA from the Kellogg School of Management and has played a key role in supporting the development of the Impact Investing sector in Spain. He enjoys spending quality time with his family whenever possible in the North of Spain.


Co-Founder and Co-CEO

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Luca Torre

Luca has spent most of his career investing in and advising microfinance and financial institutions. Prior to founding GAWA, he worked at Credit Suisse Investment Banking in New York advising many microfinance institutions in accessing capital markets, including Banco Compartamos' IPO. Luca gained on-the-field operating experience working for Annapurna, an Indian MFI. Luca began his career at BCG and holds an MBA from Kellogg where he was awarded Siebel scholarship for leadership. He is an addicted cyclist and loves travelling with his wife and two kids.


Co-Founder and Co-CEO

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Tomás joined the team in January 2020, bringing extensive experience in development finance after having worked for almost ten years at the European Bank for Reconstruction and Development, covering financial institutions from Morocco to Mongolia. Most recently he was Business Leader for Lebanon, Jordan and West Bank & Gaza. Previously he worked as a fixed income analyst at Société Générale in London and holds an MSc in International Trade, Finance and Development by Barcelona Graduate School of Economics. Tomás loves playing the piano, going for long runs and travelling to new places.


Director of Investments

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María de Palacio

María joined in June 2020, after ten years at the Spanish Securities Market Commission (CNMV). María brings a comprehensive view of financial markets' infrastructure and oversight, with broad experience in market surveillance, compliance and the supervision and inspection of investment firms. Earlier, she worked in strategy consulting at Oliver Wyman. From investor protection to impact investing, María found an inspiring path to redirect a calling to serve society. María holds a Bachelor of Business Administration from ICADE University (Madrid) and an Advanced Program on Investor Relations from Instituto BME. Maria enjoys skiing, dancing, and water sports.



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José joined GAWA in July 2020 and brings enthusiasm for capacity building, rural development and agriculture. He worked at Acodea Foundation supporting the professionalization of smallholder cooperatives, and previously helped advance multi-stakeholder innovative partnerships that created share value at the InterAmerican Development Bank. José holds a Master in International Agriculture and Rural Development by Cornell University and believes that impact investment can bring a necessary holistic approach to international development. José likes to get lost in the forests of his Galician native hamlet and "enjoys" some casual farm work with his relatives.


Technical Assistance Manager

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Irene joined the team in January 2019, bringing with her extensive experience in Private Equity, Transactions and Business valuation. Previously she worked at Sanari Capital, an impact investing Private Equity firm in South Africa, and in Transaction Advisory services at EY in Madrid. Irene holds a Bachelor of Business Administration Honours from ICADE University (Madrid) with a major in Business Finance from Bentley University (Boston). Irene is a CFA charterholder since 2018.

Irene loves dancing reggaeton, adventure trekking and drinking hot chocolate whilst watching movies on a rainy day.


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Teresa joined in April 2017, having worked at microfinance institution Microserfin (part of BBVA Microfinance Foundation) in Panamá. Previously, Teresa worked at BNP Paribas (Madrid) in the areas of FIG and Financial Planning & Analysis. Teresa discovered her passion for microfinance in Boston, having the luck of meeting renowned Muhammad Yunus, and then studying an International Master in Microfinance for Entrepreneurship at Universidad Autónoma (Madrid). She holds a BSc in International Business Management from Northeastern University (Boston) and ICADE University (Madrid). Teresa enjoys calligraphy, travelling and spending time with her (adorable) nephews.

Portfolio Manager

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Cristina joined GAWA in Feb-21, bringing diverse experiences in investment banking, venture capital & financial transactions. Previously, Cristina worked at the EIB in Luxembourg and in Deals Advisory services at PWC. Cristina holds a BSc in Industrial Engineering from UPM and a Master in Management & International Business from ESCP Europe (France) and Darla Moore (US). Cristina believes impact investment is the key to making this world a better place. She loves road-tripping around the world, trying new sports and enjoying family time.

Senior Investment Officer

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Gloria joined the team in March 2022. Starting her career as a financial consultant for Grant Thorton and Deloitte, she decided to focus on social impact and work for the non-profit sector for several years, her last position as project manager in Nairobi (Kenya). Gloria holds a Double Bachelor’s Degree in Law and Business Administration from Universidad Autónoma de Madrid and a Master’s Degree in International Development from Carlos III University. Joining GAWA allowed Gloria to combine her two passions: finance and economic development.

Gloria loves traveling, salsa dancing and reading a good book while drinking tea wrapped up in a blanket.

Finance & Compliance Officer

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Marta joined the team in Mar-21 after four years in Audit at Deloitte, bringing experience in capital markets and banking. During an internship at MET Community (Women, Entrepreneurship and Technology) in Colombia, she discovered the importance of providing the necessary support and tools for microentrepreneurs to succeed: the aim of Technical Assistance. Marta holds a Master in Accounting & Audit from ICADE and a BSc in International Business, Finance & Economics from University of Manchester. She loves playing the drums, squash and going travelling.

Technical Assistance Analyst

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Honorary Chairman

Antonio Garrigues is jurist and Honorary Chairman of Garrigues, Spain’s largest law firm and one of the most important firms in Latin America. Antonio has advised major multinationals, as well as the Spanish government on financial legislation, above all in the field of foreign investment. He also offers his legal advice and know-how to governments such as the US and Japanese executives in their relations with Spain. Consequently, he is a trustee of the Spain-US, Spain-Japan, Spain-China, Spain-India, Spain-Russia, Spain-Mexico and Spain-Australia Foundations (Fundaciones Consejo).

He also presides over Fundación Garrigues and the Garrigues Chair in Global Law at Universidad de Navarra and he is currently the Chairman of the World Association of Lawyers. Antonio has been named World Lawyer by the World Peace Through Law Centre and is Ex-Chairman and Trustee of the Fundación José Ortega y Gasset.

Antonio serves as a special adviser to the United Nations High Commissioner for Refugees (UNHCR) and is currently the Honorary Spanish President of the organization. He is also the founder of the Spanish Chapter of Transparency International (TI), a global organization leading the fight against corruption.

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Chairman of the Board and Investment Committee member

David is currently Chairman of the Madrid and member of the Board of Directors Stock Exchange and Vice Chairman of Bolsas y Mercados Españoles, a SIX Group company. He is also a Board Member and Chairman of the Audit Committee of Árima Real Estate, SOCIMI, SA. He became involved in GAWA Capital in 2009, due to his high interest in microfinance, impact investing, and poverty alleviation. He was Chief Restructuring & Strategy Officer of Abengoa. Prior to that, he was CFO of World Duty-Free Group, and partner at investment firm BK Partners.
From 2006 to 2009, David held the role of Chairman and CEO of Merrill Lynch in Spain and Portugal. David worked in London at Goldman Sachs from 1995 to 2006 and at Salomon Brothers from 1989 to 1995. During his investment banking career, David advised many of the largest Spanish and Portuguese companies, including Telefónica, Endesa, Banco Santander, Repsol, ACS, Ferrovial, EDP, and Portugal Telecom, in some of their most important strategic and financial transactions.
David holds a Business Administration degree from CUNEF (Madrid).

Eduard Díez-Hochleitner


Board and Investment Committee member

Eduardo is the Co-Founding Partner and Chairman of Samaipata Ventures, a leading Spanish venture capital firm, having played a key role in the founding of GAWA Capital as one of its Co-Founders. As a business angel, Eduardo has helped launching several companies including MásMóvil (4th largest Spanish telecommunications operator), Canalmail and Bodaclick. He is currently Chairman of MásMóvil Ibercom and has been Vice Chairman and CEO of 20 Minutos España (publisher of Spain's leading free newspaper). He is also an advisor and board member at several companies.

Eduardo was previously Senior Partner at Apax Partners, where he headed Spain’s Media group. Before Apax Partners, Mr. Diez-Hochleitner was the COO and CFO for the largest media group in Spain, Grupo Prisa, where, among other responsibilities, he led the expansion of the group in Latin America and the group's IPO process. Eduardo started his career in banking, where he held various responsibilities at the Dresdner Bank and BNP Paribas group, including heading Banexi in Spain.

He holds a Master of Business Administration (MBA) degree from IESE (Universidad de Navarra) and a BA from Universidad Autónoma de Madrid.

Rafael Roldán Rituerto


Board member

Rafael is senior advisor of the Real Madrid football club, identifying business opportunities of the New Santiago Bernabéu Stadium. Rafael was President and Chairman of EY Servicios Corporativos (TAS) for over 6 years. He holds over 30 years of experience in corporate finance and strategy. Rafael is the former founder and chairman of Ambers&Co, a leading independent financial advisory firm operating in Spain since 2002 which is currently operating under Ernst&Young Spain. Gawa Capital was established at its inception as a partnership between the GAWA's management team and Ambers&Co.

Rafael worked in the corporate finance area at  Arthur Andersen (currently known as Deloitte) for over 18 years, becoming the Partner of the Corporate Finance Group specializing in Technology, Media & Communications for EMEIA. 

He holds a Chemical Engineering degree from Universidad Complutense Madrid and postgraduate degrees from University of Chicago Graduate School of Business and Universidad Pontificia de Comillas (ICADE).

Since its founding, GAWA has created strong links within the industry and participated in key initiatives which help to promote impact investing and socioeconomic development in general.

Magallanes Value Investors SGIIC

Magallanes Value Investors

Magallanes Value Investors SGIIC is one of the leading independent asset managers in Europe. Magallanes manages EUR 1.8 billion in assets, seeking investments that create long-term value.

Magallanes has a strong interest in social development, having launched alongside GAWA Capital the first open-ended impact investing fund in Spain - "Magallanes Impacto FIL". Magallanes Impacto is managed by Magallanes Value Investors and regulated by the Spanish National Securities Market Commission (CNMV). GAWA Capital acts as investment advisor to this Fund, which focuses on promoting financial inclusion in developing and emerging countries across the globe.

Click here to find out more about Magallanes Impacto FIL.

AECID (Spanish Agency for International Development)


The Fund for the Promotion of Development (FONPRODE) is an instrument of Spanish International Cooperation with the primary aim of eradicating poverty, and reducing social inequalities between individuals and communities, while promoting equal gender, protection of human rights, and sustainable human development in impoverished countries. FONPRODE has invested in GAWA's second fund - Global Financial Inclusion Fund - and Huruma will be investing in GAWA's third fund - Huruma Fund - via EUR 20 million in concessional debt. Read more...

FONPRODE stands as one of the main financial instruments of the Government of Spain’s International Cooperation, run by the Spanish Agency for International Cooperation for Development (AECID). FONPRODE ensures responsiveness of Spanish International Cooperation to the needs and objectives for its development cooperation policy, making it one of the main channels of implementing development aid.

COFIDES (Spanish Development Finance Institution)

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COFIDES is Spain's Development Finance Institution, providing medium and long-term financing for private investment projects that contribute both to the development of emerging and developing countries and the internationalization of the economy and of Spanish companies.

COFIDES lends support to the AECID in managing FONPRODE (described above), as well as managing the combined financing of the European Union (blending finance) and mobilizing resources from the United Nations Green Climate Fund.

COFIDES will be managing the EU funds granted to Huruma Fund in the form of a EUR 10 million first loss facility and EUR 8 million of Technical Assistance. Read more about this collaboration here.

MFX Currency Risk Solutions


MFX Solutions is the microfinance industry’s first and only dedicated currency (foreign exchange risk) hedging facility. The organization was founded in 2008 and is dedicated to providing microfinance lenders with affordable and accessible hedging instruments and the know-how to better manage currency risk.

It was launched by a group of microfinance organizations that came together to seek an answer to the growing problem of currency risk in the microfinance industry. This initiative was led by ACCION International, Calvert Foundation, MicroRate, Global Partnerships and Calmeadow Foundation, along with many of the most prominent organizations in microfinance. Through MFX, the funds hedge its currency risk in debt investments.

Global Impact Investing Network (GIIN)


The Global Impact Investing Network (GIIN) is a non-profit organization dedicated to increasing the scale and effectiveness of impact investing. By convening impact investors to facilitate knowledge exchange, highlighting innovative investment approaches, building the evidence base for the industry, and producing valuable tools and resources, the GIIN seeks to accelerate the industry's development through focused leadership and collective action.

The GIIN addresses systemic barriers to effective impact investing by building critical infrastructure and developing activities, education, and research that attract more investment capital to poverty alleviation and environmental solutions. The GIIN is currently a sponsored project of Rockefeller Philanthropy Advisors. GAWA Capital is part of the select group of investors that make up the GIIN Investor Council, which advises the institution on its future strategy.

Spain National Advisory Board (SpainNAB)


SpainNAB is the national impact investing association that represents Spain before the Global Steering Group for impact investing (GSG), the international organization successor of the G8 Impact Investing task force currently comprising 33 countries.

In its effort to contribute to the growth of impact investing sector in Spain, GAWA Capital was founding member of SpainNAB actively contributing to Spain's adhesion to the GSG. Once Spain became member of the GSG, GAWA Capital led the impact funds' taskforce authoring three toolkits (blended finance, distribution of impact products and impact measurement and management) that contributed to multiply by 4 the impact investing funds' assets under management in just two years.

European Commission

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The European Commission is the executive body of the European Union and through it participates in the Huruma Fund. The European Union is committed to sharing its achievements and values with countries beyond its borders. The Member States of the European Union have built an area of stability, democracy and sustainable development, while managing to maintain cultural diversity, tolerance and individual freedoms. 

Huruma was the first project presented by Spain to the European Union to mobilize a total of EUR 10 million of first-loss investment and EUR 8 million in technical assistance.

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