Asterion Industrial Partners: owners and managers

analysisSpain's securities regulator, the CNMV, lists Asterion Industrial Partners, SGEIC, S.A. (tax identification number A88155247) in its register of venture capital management companies under official register number 138, registered on 20 September 2018. The register's board-of-directors view (data date 14 September 2026, retrieved in October 2026) lists Jesús Olmos Clavijo as director (consejero), consejero delegado (managing director) and chairman (presidente), each effective from 20 September 2018; Winnie Wutte as director from 20 September 2018; and Guido Mitrani as director from 8 April 2019, all listed as current. For members of the first board the register gives the date of the company's registration with the CNMV. Asterion's own release and a press report describe Olmos as CEO or Chief Executive; the CNMV register uses the titles above. ¹

analysisAsterion's website, retrieved in October 2026, describes Jesús Olmos Clavijo as a Founding Partner and CEO of Asterion Industrial Partners and a member of its Investment Committee, and Guido Mitrani and Winnie Wutte as Founding Partners and members of the Investment Committee. In this self-description, before founding Asterion Olmos was Global Co-Head of KKR Infrastructure, Mitrani a Director at KKR Infrastructure and Wutte a Director at KKR Client & Partner Group Europe. BORME publications for the company, as summarised by a business-registry aggregator, give the registration dates of the same board: the appointments of Jesús Olmos Clavijo as chairman and director and of Winniefried Wutte as director were registered on 17 August 2018 and that of Guido Lucio Mitrani as director on 23 May 2019. Olmos Clavijo's appointment as consejero delegado was registered on 5 September 2018 and, after a cessation registered on 1 October 2024, again on 29 October 2024; on 1 October 2024 the re-election of Olmos Clavijo as chairman, of Olmos Clavijo, Wutte and Mitrani as directors and of Deloitte Auditores SL as auditor was registered. The aggregator also lists Wutte and Mitrani as holders of powers of attorney (apoderados) of the company since 11 June 2019. Its summary is matched by name, and the aggregator notes that its listings may correspond to more than one person. These registration dates differ from the CNMV's effective dates (20 September 2018 and 8 April 2019), which for the first board are the date of registration with the CNMV; and the names Winniefried Wutte and Guido Lucio Mitrani are those used in BORME, where the CNMV lists the same company's directors as Winnie Wutte and Guido Mitrani. ^{2 3 4 5}

analysisThe CNMV register's shareholders view for Asterion Industrial Partners, SGEIC, S.A. lists three partners with holdings of 5% or more, calculated on total shares: "ANDROVANDI DE INVERSIONES Y SERVICIOS S.L." with 48.40%, Warrington Investments, S.L. with 23.30% and Selfina Inversiones, S.L. with 23.30%. None of the listed holdings exceeds half of the shares. The page, retrieved in October 2026, gives no date for the holdings and does not identify holders below 5%. The 48.40% holder is reproduced here with the CNMV's spelling; its identification with Aldrovandi de Inversiones y Servicios SL is an analysis, set out below. ¹

analysisSelfina and Warrington were registered on the same day. The Madrid Mercantile Register entries published in BORME no. 138 of 20 July 2020 record the incorporation of Selfina Inversiones SL, registered on 10 July 2020, with operations from 3 July 2020, share capital of €3,000 and the object of holding, managing, acquiring and disposing of securities and shares in companies, investment vehicles or funds on its own account; the entry declares it a sole-member company, names Guido Lucio Mitrani as its sole member (socio único) and appoints him sole administrator (administrador único). The same issue records the incorporation of Warrington Investments SL, also registered on 10 July 2020 with operations from 3 July 2020, with share capital of €3,006 and the same object and registered office in Madrid as Selfina; it too is declared a sole-member company, with Winniefried Wutte as sole member and sole administrator. ¹

analysisAccording to business-registry aggregators' summaries of BORME acts, Warrington's share capital was increased from €3,006 to €180,000 by a registration of 5 February 2021; Wutte, its sole administrator from 10 July 2020, ceased in that role by a registration of 26 February 2021; and from a registration of 2 March 2022 the company has had two joint and several administrators (administradores solidarios), one of whom is Wutte. The other joint administrator, a private individual, is not named here; Wutte is listed as a current joint administrator on the aggregator pages retrieved in October 2026. The aggregators still list Wutte as sole member of Warrington and Mitrani as sole member of Selfina from 10 July 2020, without an end date. The aggregator's list of Warrington's published acts (2020–2025) contains a single declaration of sole-member status, that of July 2020, and no later change of sole member or loss of that status; the acts listed for Mitrani likewise include only the July 2020 declaration for Selfina. One aggregator names Wutte as the owner (propietario) of Warrington. Sole-member status is documented by the BORME incorporation entries of July 2020; that it continued rests only on these lists showing no change. No current register extract or shareholder list was retrieved, so this is not confirmation of the present shareholders of either company, and for Selfina the only later source is the aggregator's page for Mitrani, which lists acts naming him: a change recorded without his name would not necessarily appear there. ^{2 3 4}

analysisBusiness-registry aggregators' summaries of published BORME acts describe Aldrovandi de Inversiones y Servicios SL (tax identification number B85610962) as a company registered with the Madrid Mercantile Register, incorporated by deed of 20 January 2009 under the name Inversiones Aldrovandi SL and renamed by a registration of 30 April 2018. Its object covers business consultancy and, since a registration of 23 October 2019, the purchase, holding, management and sale of securities and shares in any type of company. Jesús Olmos Clavijo was registered as its sole administrator on 30 April 2018, was one of two joint administrators from 27 April to 15 June 2020, and has been sole administrator again since a registration of 15 June 2020; he is listed as current sole administrator on the pages retrieved in October 2026. The company's earlier administrator and its proxies are not named here. Its share capital, €150,000 after registrations of 30 April 2018, was increased to €834,920 (registered 27 April 2020), €6,334,920 (22 June 2021) and €7,534,920 (11 January 2023). None of the acts listed names the company's shareholders. ^{1 2}

analysisThis dossier identifies the holder that the CNMV lists with 48.40% of Asterion as "ANDROVANDI DE INVERSIONES Y SERVICIOS S.L." with Aldrovandi de Inversiones y Servicios SL (B85610962) of Madrid. This is an analysis, not a register entry. Its basis: the two names differ by a single letter (N in place of L in the first word), while the rest of the name and the legal form (S.L.) are identical; Aldrovandi is registered in Madrid, where Asterion is also registered, and its object has included holding shares in other companies since 2019; and its sole administrator, Jesús Olmos Clavijo, is listed by the CNMV as Asterion's chairman and consejero delegado. Its limits: no register entry or filing in the record names Aldrovandi as a shareholder of Asterion, and no retained record names Aldrovandi's own shareholders; the identification rests on the near-identical name and the common administrator, and it assumes that the CNMV entry misspells the name. BORME acts summarised by business-registry aggregators also show that Warrington Investments SL and Aldrovandi both moved their registered offices to C/ Príncipe de Vergara 33, 2º Derecha, Madrid, by registrations of 15 October 2025 published in the BORME of 22 October 2025. The records show only the common address; they do not explain the moves or show any other relationship between the two companies. ^{3 1 4 2 5 6 7}

analysisRead together, the CNMV and BORME records indicate — as an analysis, not a register entry — that the management company Asterion Industrial Partners, SGEIC, S.A. is held mainly through companies connected with its three CNMV-listed directors and founding partners: Warrington Investments SL (23.30%), whose sole member at incorporation in July 2020 was Winniefried Wutte; Selfina Inversiones SL (23.30%), whose sole member at incorporation was Guido Lucio Mitrani; and the 48.40% holder listed by the CNMV as "Androvandi", identified in this dossier with Aldrovandi de Inversiones y Servicios SL, whose sole administrator is Jesús Olmos Clavijo. The three listed holdings add up to 95.0% (48.40 + 23.30 + 23.30). The BORME names Winniefried Wutte and Guido Lucio Mitrani are taken to be the CNMV directors Winnie Wutte and Guido Mitrani because the BORME entries for Asterion's own board name Winniefried Wutte and Guido Lucio Mitrani as its directors. The reading has limits. The register lists only holdings of 5% or more and does not attribute the remaining 5.0%. Wutte's and Mitrani's sole membership is documented only at incorporation in 2020, its later continuation resting on aggregator lists that show no change; and Aldrovandi's shareholders are not documented, so the records show who administers Aldrovandi, not who owns it. Ofwat states that the fund holding the Southern Water stake is controlled by Asterion without being owned by it. ^{1 2 3 4 5 6 7 8}

analysisA business-registry aggregator's list of BORME acts under the name Jesús Olmos Clavijo shows, besides his Asterion positions, earlier directorships of Kohlberg Kravis Roberts (España) Asesores SL (23 April 2015 to 13 August 2018) and Acciona Energía Internacional SA (25 November 2014 to 6 April 2018), among other energy and infrastructure positions that ended in 2017 and 2018; and, more recently, the positions of director and chairman of Fivebioenergy SL (8 February 2024 to 20 March 2026) and joint administrator of Demeter Bidco SL (10 March 2026 to 24 September 2026). The listing is matched by name, and the aggregator notes that it may correspond to more than one person; the dates are registration dates of the published acts. ¹

analysisThe Madrid Mercantile Register entry published in BORME on 20 July 2020 records the appointment of Winniefried Wutte as a director (consejero) of Marques Bidco SL, registered on 10 July 2020, when the company changed from joint administrators, one of whom was Guido Lucio Mitrani, to a board of directors. A business-registry aggregator lists Wutte as a director of Marques Bidco SL until 8 June 2023 and of Centaurus Bidco SL from 2 July 2020 to 18 February 2025; the records do not state the owners of Marques Bidco SL or Centaurus Bidco SL. A business-registry aggregator's list of BORME acts under the name Guido Lucio Mitrani shows him as a director of Centaurus Bidco SL from 2 July 2020 to 3 August 2023 and of Trident Bidco SL since 11 August 2023, and as sole administrator of Terraluce Real Estate SL since 19 November 2024; his positions at Trident Bidco and Terraluce are listed as current on the page retrieved in October 2026. The BORME of 26 November 2024 records the incorporation of Terraluce Real Estate SL, registered on 19 November 2024 with operations from 7 November 2024, share capital of €1,500,000 and a real-estate object that includes letting with hotel-type services, renovation, development and construction, as a sole-member company whose sole member is Selfina Inversiones SL, with Mitrani as sole administrator. Both aggregator listings are matched by name, and their dates are registration dates of the published acts. ^{2 3 4 5}