Fidelidade
Also known as Fidelidade – Companhia de Seguros, S.A., Grupo Fidelidade, Fidelidade Group
Portuguese insurance group (Fosun 84.99%, CGD 15%) with €21.2B of assets under management (2025); LP in Shilling, Start Ventures and Mundi Ventures funds; also invests directly.
- HEADQUARTERS
- Lisbon, Portugal
- FOUNDED
- —
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 4 people
Focus
- STAGES
- —
- SECTORS
- —
- ASSET MIX
- Venture capitalDirect investments
- GEOGRAPHY
- —
Investment arms & vehicles
- Fund management company (SGOIC); Fidelidade completed the acquisition of 70% in 2026. Runs 34 mutual funds and a service that sets up and manages private equity and venture capital fund structures (over €51M, per ECO)
Overview
Fidelidade – Companhia de Seguros, S.A. was formed in 2012 by the merger of Império Bonança and Fidelidade Mundial, in a group whose history goes back to Companhia de Seguros Bonança (1808); Fosun bought 85% at the 2014 privatisation and holds 84.99%, with Caixa Geral de Depósitos holding 15%. In 2025 the group had €21.2B of assets under management, of which the non-unit-linked investment portfolio was €16.2B. Its venture capital activity includes participations in Shilling's Founders and Opportunity Funds, Big Start Ventures' Start Ventures Fund and the Mundi Ventures insurtech fund, and a direct investment in the Spanish startup Recomotor in May 2025. It was also an investor in the EIF's Portugal Venture Capital Initiative fund of funds (2008) and in 2026 completed the purchase of 70% of the fund manager IMGA.
PORTFOLIO (7)
- RecomotorNOTABLEsince 2025
- Shilling Founders Fund
- Shilling Opportunity Fund
- Start Ventures Fund (Big Start Ventures)
- Mundi Ventures FundFintech
- KirontechArtificial Intelligence
- Portugal Venture Capital Initiative (PVCi) — EIF fund of fundssince 2008
People
- Jorge Magalhães CorreiaChairman of the Board of Directors · source
- Rogério Campos HenriquesChief Executive Officer and Vice-Chairman · source
- André Simões CardosoExecutive Committee member (International Operations, M&A and Capital Markets, Investor Relations) · source
- António de Sousa NoronhaExecutive Committee member; Chairman of IMGA's Board of Directors · source
Links
Frequently asked questions
Fidelidade is a institutional investor based in Lisbon, Portugal.
Yes. Fidelidade invests its own capital in private companies. It also commits capital to third-party funds as an LP.
Key people at Fidelidade include Jorge Magalhães Correia (Chairman of the Board of Directors), Rogério Campos Henriques (Chief Executive Officer and Vice-Chairman), André Simões Cardoso (Executive Committee member (International Operations, M&A and Capital Markets, Investor Relations)) and António de Sousa Noronha (Executive Committee member; Chairman of IMGA's Board of Directors).
Fidelidade's investments include Recomotor, Shilling Founders Fund, Shilling Opportunity Fund, Start Ventures Fund (Big Start Ventures), Mundi Ventures Fund, Kirontech and Portugal Venture Capital Initiative (PVCi) — EIF fund of funds.
The most recent publicly reported investment by Fidelidade is Recomotor, announced in May 2025.
No. Fidelidade invests its own capital and does not raise money from outside investors.