Research library

Portus Research / October 2026 / English edition

葡萄牙投资基金

Fund size, portfolio concentration and net investor economics

9 minute analysis / 11 source references

Modern waterfront buildings and reflections at Parque das Nações in Lisbon, Portugal
Parque das Nações, Lisbon - Photo: Jules Verne Times Two / julesvernex2.com / CC BY-SA 4.0. Cropped for layout.

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€10.3bn

Capital-risk fund assets

CMVM, year-end 2024; rounded.

348

Active capital-risk AIFs

CMVM, year-end 2024.

50.5%

Records in the €5-50m band

Portus calculation: 206 of 408 ECB records with a NAV band.

The research thesis

Portugal has more fund vehicles, but more choice does not mean more investable scale. The useful comparison starts with the actual portfolio, committed capital and cash economics.

A quantitative report on Portugal's capital-risk fund market, the size distribution in the ECB register, public manager mandates and the economics of concentration and costs.

Inside the report

  1. 01A wider market, smaller average vehicles
  2. 02Where the registered scale sits
  3. 03Six mandates, different economics
  4. 04Concentration changes the downside
  5. 05From gross returns to investor cash
  6. 06An investment comparison that reconciles