The management team at Calma Capital combines decades of experience in real estate investment, operational management and corporate finance



Fidel Andueza

Chairman of Calma Capital & CIO of the Libra Group

Fidel Andueza joined the Libra Group in 2014 initially as Head of Americas following a varied career in management consulting, investment banking, asset management and diversified business, most recently with the Spanish conglomerate, Acciona, where he was Head of International Business. His role at Acciona included strategic planning, partnerships, new markets and institutional relationships.

Previously, Fidel spent four years in Investment Banking at Lehman Brothers and 15 years at Citigroup based at their offices in New York, London, Madrid, São Paulo and Mexico City.

Latterly he was Citigroup's Head of Investment Banking for both Brazil and Mexico. Fidel holds an MEng in Aeronautics from Imperial College, London and a PMD from Harvard Business School.


Rafael Arcenegui


Rafael J. Arcenegui joined CALMA Capital in 2019 as part of the Investments team. Previously he worked 10 years at Caja Mediterráneo as head of Investor Relations and wholesale funding. He later served as advisor in Spain to several international firms such as Perry Capital and London Stock Exchange Group. Before joining CALMA Capital, Rafael J. worked for three years as Senior Manager – Real Estate at ONEtoONE Corporate Finance, a Spanish boutique Corporate Finance firm.

Rafael holds a Diplôme de Grande École de Commerce-MSc and a Master’s degree in Finance from École Supérieure de Commerce de Paris (ESCP Europe).


Colm Duff

Director of Hospitality

Colm Duff has specialized in the luxury end of the global hospitality sector for over 25 years in senior management and business advisory positions. His expertise is in assessing the effectiveness of operations, transforming team behaviours and streamlining assets for improved efficiency. He possesses a unique breadth and depth of experience having led hospitality projects in many parts of the world including China, Australia and the Americas for clients such as Four Seasons, Mandarin Oriental and Shangri-la. Much of his experience stems from his family background in the hotel industry, and from managing teams in front of house for Rosewood New York, and food & beverage in Claridge’s of London.

Colm earned an MBA from University College Dublin, is a graduate of the Dublin Technological University and Cornell’s School of Hotel Real Estate and Asset Management.


Borja Ruiz

Associate – Investments and Asset Management

Borja Ruiz joined Calma Capital as Associate, Investments and Asset Management in 2019 having previously worked for the Spanish branch of Calma’s sister company, Elandis, as a Property Manager. Since 2016, he has developed an asset management strategy suited to the Spanish and European regulatory environment.

He started his career in Adecco Group as a member of the technical HR team for the Key Accounts Dept. In 2010 he moved to a technology company to facilitate their business expansion, receiving the award for the best Spanish franchise in 2012.

He currently manages Hotel Miramar in Valencia and supports management operations at Alborada Ocean Club. Also he collaborates with the investment department in the search and assessment of new opportunities.


Gerardo Izco

Director of Operations and Business Development

Gerardo Izco joined Elandis in 2015. He has been involved in the purchase and operations of hotel assets for Elandis in Spain with opportunistic market focus. He has lead negotiations for the acquisitions with a mixture of debt and equity.

He developed his professional career in the development and management of a chain of restaurants called “Café&Te”. In 2004 he founded his own company which specialized in the operation of cafes and restaurants. From 2011 to 2015 he specialised in managing insolvency proceedings, experience he has applied since his joining Elandis in the sourcing and acquisition of assets.

Gerardo holds a degree in law from the Universidad de Navarra and earned an MBA from IE (Instituto de Empresa, Madrid).