GENIVS
An institutional investment platform bringing public and private capital together to address Spain's affordable housing challenge — combining competitive long-term returns with meaningful social impact.
Gestora Española de Nuevas Infraestructuras de Vivienda Social
GENIVS
GENIVS is Spain’s first social impact fund dedicated to affordable rental housing. Co-founded by Santiago Minguez, Founding Partner and CEO, GENIVS has been regulated by the Spanish National Securities Market Commission (CNMV) since September 2025. It mobilises institutional capital to develop and operate affordable — predominantly social — housing on public land under 75-year concession agreements.
Targeting €250 million of equity complemented by long-term bank financing, GENIVS aims to develop a portfolio of c. 3,000 affordable homes across Spain’s major urban areas, primarily for young households. Approximately 1,500 homes are already awarded through public tenders. Its model addresses one of the country’s most pressing social challenges, enabling younger generations to access quality housing and take a decisive step towards independent living, while structuring affordable rental housing as long-term social infrastructure — a resilient, inflation-linked institutional asset class.
GENIVS was founded by six professionals with complementary backgrounds spanning social housing development and public tender processes, impact investing, investment banking and residential real estate investment. Many first met at ESADE, with professional ties strengthened over the past decade through their work together on build-to-rent transactions. This shared history combines long-standing personal trust with complementary professional expertise. GENIVS originated from an idea conceived by its Chairman, Rafael Angulo Ruiz, who brought together the professionals who would become its founding partners. Over more than three years, the team worked to develop that initial vision into the investment thesis, structure and platform ultimately launched in 2025. They are united by a shared conviction that institutional capital — public and private — can help younger generations access the housing they need to build independent lives, while delivering the financial discipline and returns expected by institutional investors.
€250M
EQUITY PLATFORM
€600M
TOTAL INVESTMENT
c. 3,000
AFFORDABLE HOMES
75 yrs
CONCESSION HORIZON
GENIVS
GENIVS is structured as a SICC (Sociedad de Inversión Colectiva de Tipo Cerrado), a closed-ended collective investment company regulated and supervised by the Spanish National Securities Market Commission (CNMV). This structure provides the institutional and regulatory framework through which investors participate in GENIVS and its long-term investment strategy.
As part of his responsibilities at GENIVS, Santiago also serves as Investment Manager at Alaluz Capital, SGIIC, the CNMV-regulated management company through which he performs his investment management responsibilities for GENIVS.
IMPACT AT THE CORE
Subsidized, social-price rental homes developed and operated under long-term public concession frameworks.
Making quality affordable housing accessible to younger households, enabling them to build independent lives.
Stable, dignified tenure as an instrument against residential vulnerability.
Social objectives are embedded in the economics of the platform, with a significant share of GP variable remuneration linked directly to their achievement.
Energy-efficient assets conceived for durability across a multi-decade horizon.
Affordable housing structured as a resilient, inflation-linked institutional asset class.
THE INVESTMENT CASE
Long-term public concession rights significantly reduce the capital intensity associated with traditional land acquisition, improving capital efficiency while securing access to strategic urban locations and ultimately maximising the number of affordable homes delivered per euro invested.
A portfolio approach designed to aggregate affordable housing into a scalable institutional asset class. GENIVS has already been awarded c. 1,500 homes through public tenders across Barcelona, Málaga and Zaragoza, with a further c. 550 homes currently pending award in Madrid and Barcelona. An active origination pipeline continuously screens new opportunities and prepares additional bids.
Built in less than a year since GENIVS became CNMV-regulated in September 2025, this portfolio and pipeline demonstrate the team’s ability to originate and secure projects at scale, selectively targeting locations where affordable housing is most needed while applying the financial discipline required to deliver the returns expected by institutional investors. This origination capacity supports a model designed to scale well beyond the current €250 million vehicle, with future vehicles building on the capabilities, pipeline and track record established by GENIVS.
GENIVS is differentiated by controlling the entire value chain — from origination and highly selective tender participation to development, operations and eventual exit. Opportunities are screened for location, development size and operating efficiency, with a focus on creating institutional-quality assets from inception. This end-to-end approach preserves control over both financial performance and social impact throughout the investment lifecycle, while positioning mature assets for potential acquisition by long-term infrastructure funds, pension funds and other institutional investors.
Affordable rental housing is structured as a long-term social infrastructure: an essential service supported by structural demand, long-duration public concession frameworks and institutional capital. The resulting portfolio combines a clear social purpose with the characteristics sought by long-term institutional investors.
An impact-oriented housing infrastructure platform designed to generate attractive net returns through long-duration, CPI-linked income, structurally high housing demand and a controlled risk profile, with performance largely independent of economic cycles.
Financial performance and social purpose are embedded in the same investment model rather than treated as competing objectives. This alignment extends to the GPs themselves: 60% of their variable remuneration depends on the achievement of defined social impact objectives.
“Impact is not something added to an investment model. It should be built into its architecture — alongside the financial discipline required to deliver attractive returns.”