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Institutional LPPuts its own capital into companiesLAST VERIFIED Oct 2026 · 10 SOURCES

Calouste Gulbenkian Foundation

Also known as Fundação Calouste Gulbenkian, FCG, Gulbenkian Foundation

Lisbon foundation created in 1956 by Calouste Gulbenkian's will. Its €3.88B investment portfolio (2025) holds listed and unlisted funds, with €607M of uncalled fund commitments.

HEADQUARTERS
Lisbon, Portugal
FOUNDED
1956
AUM
€3.9B (2025)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
5 people

Focus

STAGES
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SECTORS
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ASSET MIX
Public equitiesVenture capitalImpact
GEOGRAPHY
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Overview

The Calouste Gulbenkian Foundation was created by the will of Calouste Sarkis Gulbenkian and granted public-utility status by Decree-Law 40690 of 18 July 1956; it funds art, charity, science and education from Lisbon, with branches in Paris and London. Its financial assets, which it calls its investment portfolio, stood at €3,881.77M at the end of 2025, including €1,269.6M of unlisted investment funds and €607.3M of uncalled commitments to investment funds. It was an investor in the EIF's Portugal Venture Capital Initiative fund of funds (2008), took a golden share in MAZE in 2018 with plans to invest about €10M over five years, invested €4M in the €45M MSM impact venture fund, and holds 50% of the forestry company Antarr. An Investment Committee of independent members advises the Board of Trustees.

PORTFOLIO (7)

People

  • António M. Feijó
    President of the Board of Trustees · source
  • António Cruz Serra
    Executive Trustee · source
  • Cristina Casalinho
    Executive Trustee · source
  • Jorge Vasconcelos
    Executive Trustee · source
  • Pedro Norton
    Non-Executive Trustee; President of the Investment Committee · source

Links

Frequently asked questions

Calouste Gulbenkian Foundation is a institutional investor based in Lisbon, Portugal, founded in 1956.

Yes. Calouste Gulbenkian Foundation invests its own capital in private companies. It also commits capital to third-party funds as an LP.

Key people at Calouste Gulbenkian Foundation include António M. Feijó (President of the Board of Trustees), António Cruz Serra (Executive Trustee), Cristina Casalinho (Executive Trustee) and Jorge Vasconcelos (Executive Trustee).

Calouste Gulbenkian Foundation's investments include MAZE (Maze Impact SA), MSM Fund (Mustard Seed MAZE) — €4M LP investment, Portugal Venture Capital Initiative (PVCi) — EIF fund of funds, Fundo Inter-Risco II, Antarr Sustainable Productive Forest, S.A., NovEnergia II (fund) and AitecOeiras (fund).

No. Calouste Gulbenkian Foundation invests its own capital and does not raise money from outside investors.