From origin to projection: NEXA's path to an impactful 2026
NEXA was born out of a challenge launched by Paulo Castro, CEO of the Castro Group: what if we internalized the management of our Collective Investment Companies (SIC)? The question seemed simple, but it carried a greater ambition: to fully assume the management of the vehicles that, since 2019, have supported a large part of the Group's real estate promotion activity, through Collective Investment Organizations (ICOs) regulated by the CMVM.
Until October 2024, these vehicles were managed by external SGOIC. Even so, for five years, the Group's internal team remained close to the entire process, deepening their knowledge about the structure, obligations, and dynamics between investors, management companies, CMVM, depositary banks and other stakeholders.
It was in this context that, in August 2024, the CMVM approved the creation of NEXA as a small management company. In October, we took over the management of Castro Capital, SIC. This was followed by the establishment of the Fuse Valley Fund (FV FIIFSP) in January 2025 and, in April, the management of ICON, SIC. Today, with more than 200 M€ in assets under management, we have moved on to the process of transition to a large management company - approved in August 2025.
It was defined in the plan. And it was fulfilled.
Told like this, it may seem simple. But this journey was only possible thanks to the involvement of a team that, despite having previous experience monitoring ICOs, has now assumed direct responsibility to investors, CMVM and other stakeholders. It was a true process of learning by doing, supported by dedication, focus and a constant desire to evolve and exceed expectations - both individual and collective.
NEXA does not seek to be in the TOP of the largest management companies in the country. Its ambition is another: to be a reference in asset management and real estate investment, with a special focus on Northern Portugal, offering a professional, independent, personalized service aligned with the interests and needs of each client.
Among the priorities is also to anticipate market trends and introduce innovation and disruptive business models that contribute to a more sustainable future.
From the beginning, we sought to differentiate ourselves, for example, in terms of risk management, through a partnership with Quantyx, a specialized Italian company that offers the Quantyx RM software. This tool allows an integrated and robust valuation of assets, reinforcing the quality of analysis, risk control, and reporting, and supporting more solid investment decisions.
Looking to 2026: Continuity, Expansion, and Impact
The coming year brings new challenges and clear objectives:
- Complete, in the first few months, the capital increase of the FV FIIFSP, with the entry of new investors and the beginning of a new phase of this strategic project.
- Start managing a new SIC, resulting from the conversion of an existing company, owned by an investor outside the Castro Group universe — a milestone that reinforces NEXA's position in the market.
- Strengthen the team, ensuring competencies aligned with the expected growth.
- Deepen training and continuous improvement, with a special focus on the automation of processes and reporting models.
- Present, in 2026, the first NEXA Sustainability Report, with concrete actions and clear goals for integrating ESG practices into operations and investment decisions.
The path has been demanding but profoundly motivating.
And, as always, the challenge continues...
