Dry Capital expands into Iberia with Lake Capital Partner

Dry Capital and Lake Capital have partnered to provide equity raises, recapitalisations, and real asset advisory services to institutional and private asset owners across the Iberian Peninsula.

Sheelam Chadha and Maria Laguna

Lake Capital will identify opportunities and manage assets, while Dry Capital will handle the capital raising for new investments. The partnership also aims to connect North and South American investors, particularly Latin American institutions, with opportunities in Continental Europe, and provide Spanish investors with access to Northern European markets.
Brussels-based capital boutique Dry Capital was founded in March 2025 by Sheelam Chadha, an institutional investor and developer. The firm focuses exclusively on asset-backed strategies across all real estate asset classes and operational strategies. Dry Capital plans to launch a dedicated recapitalisation vehicle in its second phase.
Madrid-based real asset advisory firm Lake Capital was founded by María Laguna after successfully establishing DeA Capital in Iberia. 
Both female founders bring extensive institutional real estate experience, having served as former head of Transactions and collectively overseen over €4 bn in transactions across European markets. Their shared background includes senior roles at Patrizia, Triuva & IVG.
Sheelam Chadha, founder, Dry Capital, commented: "After years of deploying capital into new acquisitions and developments, it became evident that existing structures across Europe increasingly need recapitalisation solutions. Dry Capital exists for one purpose: to solve the recap needs of operators or owners -whether for new deals, new strategies or recaps of existing situations. There has been a huge demand from all types of European owners on all fronts."
Maria Laguna, founder, Lake Capital, added: “Our clients need both expert asset management and access to capital - but these are distinct disciplines. Lake Capital excels at sourcing opportunities and managing assets; we don't do equity or debt solutions. Dry Capital does. This partnership means Iberian asset owners now have a complete solution: local expertise to identify and manage opportunities, with direct access to international institutional capital to fund them."
The collaboration with Lake Capital represents the initial phase of Dry Capital's strategy to establish regional coverage. Dry Capital plans to forge additional partnerships in key Continental European markets, with discussions currently underway, particularly in Germany, where demand is growing in Europe's largest market.