Banco Português de Fomento

Focus

STAGES

Pre-SeedSeedSeries ASeries BGrowth

SECTORS

—

ASSET MIX

Funds (as LP)Direct investmentsPrivate credit

GEOGRAPHY

Portugal

Investment arms & vehicles

• Portugal Ventures
  Venture capital company of the BPF group (BPF holds 79.94%)
• Fundo de Capitalização e Resiliência (FdCR)
  PRR-funded fund created in July 2021 by Decree-Law 63/2021, managed by BPF; invests through capital, quasi-capital and debt instruments; funds the Venture Capital (€337M) and Consolidar (€563M) programmes, plus the Deal-by-Deal co-investment and Strategic Recapitalisation programmes (up to €200M each), whose application periods have closed
• Fundo de Capital e Quase Capital (FC&QC)
  Fund of funds created in October 2015 by Decree-Law 225/2015 (Portugal 2020), managed by BPF; subscribes venture capital vehicles and finances qualified seed and early-stage investors; current instruments are a venture capital fund line for the Azores and Madeira, Portugal Tech and Portugal Blue
• Fundo de Capitalização das Empresas dos Açores (FCEA)
  Azores regional fund created in November 2021 by Azores Government Resolution 276/2021, managed by BPF; invests directly in Azorean companies, alone or with private co-investors, or through venture capital and other investment funds; since 2025 may also act in mutual-guarantee mechanisms
• Fundo de Coinvestimento 200M (Fundo 200M)
  Co-investment fund created by Decree-Law 126-C/2017, fully financed by European Structural and Investment Funds, managed by BPF since November 2020 (previously PME Investimentos); equity and quasi-equity co-investments in SMEs alongside venture capital entities, from seed to Series A and B
• Fundo de Fundos para a Internacionalização (FFI)
  Fund of funds created in August 2018 by Decree-Law 68/2018, managed by BPF (previously IFD); takes stakes in other funds alongside public and private institutional investors to finance the internationalisation of Portuguese companies, including through equity
• Fundo para a Inovação Social (FIS)
  Fund created by Decree-Law 28/2018 with European Social Fund and national money, managed by BPF (previously PME Investimentos); co-invests equity and quasi-equity in SMEs running social-innovation initiatives recognised by Portugal Inovação Social, and provides a guarantee instrument
• FINOVA – Fundo de Apoio ao Financiamento à Inovação
  QREN-era fund created by Decree-Law 175/2008, managed by BPF (previously PME Investimentos); participates in capital and quasi-capital instruments for innovative SMEs, favouring early stages, and in guarantee instruments
• Fundo de Sindicação de Capital de Risco (FSCR PME-IAPMEI)
  Syndication fund set up in 2003 under PRIME, managed by BPF (previously PME Investimentos, designated by IAPMEI); shares risk with and finances specialised venture capital entities to strengthen SME equity
• FACCE – Fundo Autónomo de Apoio à Concentração e Consolidação de Empresas
  Fund created in May 2009 by Decree-Law 105/2009 (PME Consolida programme), managed by BPF (previously PME Investimentos); co-financed restructuring, concentration and consolidation operations of companies, mainly SMEs, through equity and quasi-equity participations and financing; now in divestment phase and not accepting new proposals

Overview

Banco Português de Fomento, S.A. is Portugal's national promotional (development) bank, created on 3 November 2020 by Decree-Law 63/2020 through the merger of PME Investimentos and IFD – Instituição Financeira de Desenvolvimento into SPGM – Sociedade de Investimento. It is 100% publicly owned: IAPMEI (73.3%), the Portuguese State via the Treasury (20.9%), Turismo de Portugal (4.0%) and AICEP (1.9%). Headquartered in Porto with an office in Lisbon, it offers guarantee products (including the Linha Impulsar lines), debt and investment-banking financing, the Fomento Trade export credit agency, and equity products. Its equity activity runs through funds it manages: the PRR-funded Fundo de Capitalização e Resiliência (initial €320M, planned up to €1.3B) finances the Venture Capital Programme (€337M to subscribe VC funds, €10M–€35M per fund, up to 70% of each fund), Programa Consolidar (€563M to subscribe risk-capital funds investing in SMEs and mid-caps hit by COVID-19), the Deal-by-Deal co-investment programme (€200M of direct investment alongside private investors, e.g. €29.25M in Bizay in June 2026) and the Strategic Recapitalisation programme (€200M); the Fundo de Capital e Quase Capital (a fund of funds created in 2015 with Portugal 2020 money) runs the Portugal Tech and Portugal Blue instruments, and BPF also lists a Portugal Growth product (up to €100M for growth-capital FCRs); and the Fundo de Capitalização das Empresas dos Açores (up to €125M) runs the Capital Participativo Açores programmes. BPF also holds 79.94% of Portugal Ventures. For 2025 it reported €6.5B of financing mobilised, 16,000 companies supported and €7.8M individual net income, and in July 2026 its CEO presented to Parliament a new Fund of Funds intended to continue the FdCR experience.

Investment thesis

Address the under-capitalisation of Portuguese companies and market failures in access to finance: subscribe CMVM-regulated venture capital and private equity funds (minimum 30% private co-investment), co-invest deal-by-deal with private investors in companies from pre-seed to scale-up, and provide guarantees and debt, prioritising export-oriented, green-transition and digital-transformation projects.

PORTFOLIO (11)

• BizayNOTABLE
  Software & SaaS · since 2019
• Nova MotorsportsNOTABLE
  Industrial & Manufacturing · since 2024
• Oceano FrescoNOTABLE
  Food & Agriculture · since 2024
• Mota-Engil Renewing
  Climate & Energy · since 2024
• Arborea (Arboreabiofoods)
  Biotech & Life Sciences · since 2024
• CaetanoBus
  Mobility & Logistics · since 2025
• Horizon PV
  Climate & Energy · since 2025
• Gazelle Wind Power Portugal
  Climate & Energy
• SEAentia
  Food & Agriculture
• Indie Holdings (Indie Campers)
  Consumer & E-commerce
• Beyond Vision
  Deep Tech · Exited

People

• Carlos Leiria Pinto
  Presidente do Conselho de Administração (Chairman) · source
• Gonçalo Regalado
  Vice-Presidente do Conselho de Administração / Chief Executive Officer · source
• Miguel Alves
  Administrador Executivo / Chief Financial Officer · source
• Marta Penetra
  Administradora Executiva / Chief Compliance and Risk Officer · source
• Tiago Mateus
  Administrador Executivo / Chief Technology and Operations Officer · source
• Luís Guimarães
  Administrador Executivo / Chief Commercial Officer · source
• Teresa Fiúza
  Administradora Executiva / Chief Investment Officer · source

Links

• Website
• Official contact page
• LinkedIn

Frequently asked questions