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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 22 SOURCES

Explorer Investments

Lisbon alternatives fund manager founded in 2003 that runs buyout, growth and hospitality funds; its home page states €1.8B AUM and 39 exits.

HEADQUARTERS
Lisbon, Portugal
FOUNDED
2003
AUM
€1.8B (2026)
OUTSIDE CAPITAL
Yes
TEAM LISTED
7 people

Focus

STAGES
GrowthBuyout
SECTORS
HealthTechBiotech & Life SciencesFintechSoftware & SaaSIndustrial & ManufacturingReal Estate & PropTech
ASSET MIX
Private equityReal estate
GEOGRAPHY
Portugal

Overview

Explorer Investments is a Lisbon-based private equity and alternatives fund manager founded in 2003 by Rodrigo Guimarães and Elizabeth Rothfield, who remains Founding Partner and CEO. It runs three strategies: buyouts (control positions of €10M–30M equity in mid-sized businesses, funds Explorer I–V), growth (minority stakes from early-stage to mid- and large-cap companies through the FRN and Explorer Growth Fund series, EGF II–VII) and hospitality (€10M–30M investments in underperforming hotels and tourism real estate, Hospitality Fund I). Its home page states €1.8B AUM, 100+ assets and 39 exits, and its portfolio page lists 105 investments; recent exits include Micronipol (sold to Veolia, 2024), Perfinox (sold to Krones, 2024) and Unbabel (2025), while holdings its portfolio list shows as current include Feedzai, Bial, Hovione, Rows, Ethiack, Neuraspace and Zego. The firm is led by five partners; its site lists APCRI and Invest Europe under Associations and Memberships and shows a PRI signatory logo.

Investment thesis

Hands-on, transformational investing across three strategies: control buyouts of resilient mid-sized businesses with international potential, minority growth stakes in innovative companies, and repositioning of underperforming hotels and resorts.

PORTFOLIO (12)

  • FeedzaiNOTABLE
    Fintech · since 2025
  • BialNOTABLE
    Biotech & Life Sciences · since 2021
  • HovioneNOTABLE
    Biotech & Life Sciences · since 2024
  • NeuraspaceNOTABLE
    Space · since 2026
  • Rows
    Software & SaaS · since 2024 · Listed as in portfolio (not marked exited) on Explorer's site, Oct 2026
  • Ethiack
    Software & SaaS · since 2024
  • Zego
    Fintech · since 2026
  • Biogerm
    HealthTech
  • Gosimac
    Industrial & Manufacturing · since 2024
  • Micronipol
    Industrial & Manufacturing · Exited (sold to Veolia, 2024)
  • Perfinox
    Industrial & Manufacturing · since 2021 · Exited (sold to Krones AG, 2024)
  • Unbabel
    Artificial Intelligence · Exited (2025)

People

  • Elizabeth Rothfield
    Founding Partner, CEO · source
  • José Tiago Silva
    Partner, Hospitality · source
  • Pedro Coutinho
    Partner, Buyouts · source
  • Tiago Gonçalves
    Partner, Buyouts · source
  • António Rocha e Silva
    Partner, Growth · source
  • Catarina Correia da Silva
    COO · source
  • André Bandeira
    Corporate Development (investor relations contact) · source

Links

Frequently asked questions

Explorer Investments is a private equity fund based in Lisbon, Portugal, founded in 2003.

Yes. Explorer Investments invests its own capital in private companies.

Explorer Investments invests at Growth and Buyout stages in HealthTech, Biotech & Life Sciences, Fintech, Software & SaaS, Industrial & Manufacturing and Real Estate & PropTech.

Explorer Investments's stated ticket size is €10M–€30M.

Key people at Explorer Investments include Elizabeth Rothfield (Founding Partner, CEO), José Tiago Silva (Partner, Hospitality), Pedro Coutinho (Partner, Buyouts) and Tiago Gonçalves (Partner, Buyouts).

Explorer Investments's investments include Feedzai, Bial, Hovione, Neuraspace, Rows, Ethiack, Zego and Biogerm, among others.

The most recent publicly reported investment by Explorer Investments is Neuraspace, announced in Aug 2026.

Explorer Investments states that it accepts submissions through its official contact page.

Yes. Explorer Investments manages capital from outside investors.