Portugal / Investment Advisory

Access to Portugal’s Private Markets

Established relationships with Portuguese fund managers, founders and business owners. We connect your investment ambitions with the right people and help move the conversation towards a transaction.

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Three ways to invest

Start with the access you need.

Invest through a fund

Meet Portuguese private equity and venture capital managers. Understand the strategy, compare terms and explore fundraising opportunities suited to your mandate.

Explore Portuguese funds

Invest directly

Reach founders and business owners for growth investments, acquisitions and co-investments. We help identify relevant opportunities and establish whether there is a basis for a deal.

Discuss a direct investment

Pursue a specific opportunity

Have a company, founder or investment theme in mind? Bring us the brief. We assess the route in, approach the relevant people and help develop the conversation.

Tell us what you want to reach

Raising capital for your own company?

Explore Corporate Fundraising

Local relationships. Investment discipline.

Know the market. Reach the people behind it.

Portugal’s private markets run on relationships. We know the managers, understand their strategies and connect investors with the people who can move a proposal forward. From the first introduction, we bring the commercial judgement and financial analysis needed to assess what is on the table.

€10.3bn

PE/VC assets managed

348

Active PE/VC funds

+11%

Annual growth in assets

17,020

Fund participants

Portugal market data: CMVM, Capital de Risco 2024

International capital in Portugal

Foreign direct investment stock at end-June, €bn

€225.1bn

June 2026

Banco de Portugal ↗

View the data

Year	€bn
2021	154.8
2022	170.7
2023	184.8
2024	195.5
2025	205.0
2026	225.1

What you receive

The introduction is the beginning.

Once the right conversation is open, we help you compare the options, examine the economics and coordinate the work needed to invest. The scope follows your mandate.

Opportunity screening memorandum

An investable brief: strategy, target assets, capital required, holding period, access conditions and reasons to pursue or reject the opportunity.

Financial model and valuation

Operating assumptions, cash flows, financing, fees, dilution and exit scenarios connected in a model with a visible downside case.

Fund and manager comparison

A like-for-like view of mandate, portfolio construction, manager experience, fee waterfall, liquidity, reporting and investor rights.

Due-diligence workstream

A structured request list, data-room review, management questions and an issues register with owners, evidence and outstanding decisions.

Terms and execution support

Commercial term-sheet analysis, subscription or acquisition requirements, funding steps and a closing timetable coordinated with the transaction parties.

From first discussion to execution

How an engagement works

Define the mandate
Set the investment objective, ticket size, liquidity needs, constraints and decision criteria before sourcing begins.
Open the right conversations
Identify relevant managers, founders or owners, establish mutual interest and arrange introductions around your investment brief.
Test the investment
Model the economics, challenge assumptions and coordinate diligence on the issues that can change value or terms.
Execute the decision
Progress the selected opportunity through terms, documentation, funding and the agreed reporting handover.

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What is worth asking before investing?

Returns, distributions and exit terms: prepare the questions you still need to clarify with the manager.

Before you decide

Read the proposal with these three questions in mind.

Adapt the questions to what you already know. Confirm the answers in the fund documents.

Waterfront buildings and reflections at Parque das Nações, Lisbon.

01
How and when can I exit?
Can I request an exit, or must I wait until the fund ends? Where are the deadlines, limits and conditions that could delay payment?
02
What am I receiving?
How much is income, and how much returns my own capital? Where does the payment come from, and how much remains invested afterwards?
03
Which terms apply to me?
What costs will I pay? Does my unit class have the same rights and terms as the presentation? Do I pay all the capital at the start or in stages?

Adapt the questions to the proposal I am reviewing

Choose only what you have already confirmed. If information is missing, keep “Not yet clear”.

How can I exit?How do I pay the capital?The return shown is...The track record belongs to...Payments are presented as...

View questions about returns, track record and documents

04Has the return already happened?
Is the return a target, a simulation or a realised result? What does it include, and how was it calculated?
05Whose track record is it?
Does the track record belong to the team or the fund itself? How much is realised, and how much relies on valuations?
06Where can I confirm the answers?
Which documents contain these terms? Which version is current, and in what circumstances can they change?

Receiving money is not the same as earning it.

A distribution may include income and a return of the capital you invested. Ask how that split was calculated and how much remains invested after payment.

See an example of this difference

Explore the directory Gross and net returns

View the summary to save

Summary for our conversation - questions to clarify about an investment

1. How and when can I exit?: Can I request an exit, or must I wait until the fund ends? Where are the deadlines, limits and conditions that could delay payment?
2. What am I receiving?: How much is income, and how much returns my own capital? Where does the payment come from, and how much remains invested afterwards?
3. Which terms apply to me?: What costs will I pay? Does my unit class have the same rights and terms as the presentation? Do I pay all the capital at the start or in stages?
4. Has the return already happened?: Is the return a target, a simulation or a realised result? What does it include, and how was it calculated?
5. Whose track record is it?: Does the track record belong to the team or the fund itself? How much is realised, and how much relies on valuations?
6. Where can I confirm the answers?: Which documents contain these terms? Which version is current, and in what circumstances can they change?

Include these questions in my enquiry. I can edit the text before sending.

Speak with Portus

The questions are included in the enquiry only if you select the option above.

Inside an investment decision

What has to go right? What if it does not?

Consider an investor assessing a Portuguese business. The asking price is only the start. We connect operating performance, entry valuation, debt and exit assumptions in one model, then test the points that can change the decision.

Illustrative acquisition at entry

€2m

EBITDA

7.0x

Entry multiple

€4m

Net debt

€14m enterprise value - €4m net debt = €10m equity investment.

Your deliverable: a valuation model, a sensitivity analysis and a decision memorandum identifying the evidence needed before committing capital.

Equity value at exit

€ millions - illustrative scenarios

Equity value€14.6m

€2.2m EBITDA × 8.0x - €3m Net debt

1.46x initial equity, before fees and taxes

A worked example, not a forecast or a Portus transaction. EBITDA means earnings before interest, tax, depreciation and amortisation. The model excludes interim distributions, fees and taxes; it shows a money multiple, not an annual return.

Cross-border execution

One coordinated process. Every specialist in the right place.

We keep the investment analysis, information requests and transaction timetable connected. Managers, company teams, banks and legal or tax advisers work from the same commercial brief, with clear responsibilities and decision points.

Combining investment with an ARI project?

Your investment mandate

Portus Capital Partners

Access, analysis and execution

Opportunity

Managers and company teams

Diligence

Evidence and open questions

Documentation

Legal and tax advisers

Closing

Banks and funding parties

Sector-specific questions

The opportunity changes. The discipline stays.

Energy & infrastructure

Grid access, development milestones, offtake agreements, capital expenditure and financing capacity. We connect the project timetable to the cash it needs.

Technology & growth

Revenue quality, customer concentration, unit economics, cash runway and dilution. We test how growth converts into an investable financing plan.

Established businesses

Earnings quality, working capital, succession, debt capacity and exit options. We examine the value drivers behind the headline valuation.

Explore a project story.

All illustrative stories

€2m

Fictional scenario / Portugal / Hong Kong

His capital. His strategy. A dedicated Portuguese fund.

His family settles in Portugal while his business life remains international. A dedicated fund, a later property SIC and coordinated residence and tax planning bring the strategy together.

Which part of Portugal do you want to invest in?

A fund strategy, a sector, a specific company or a founder you want to meet. Tell us your investment interests and ticket size. We will discuss where our relationships can help.

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