Private Equity Portuguese Market Annual Report 2025 (Morais Leitão (MLGTS))

Summary

• More than 100 private equity transactions were completed in Portugal in 2025.p.5
• Aggregate deal value exceeded €8.5 billion, more than doubling relative to 2024.p.6
• Investment fund units issued increased to €54.8 billion, a historical high, with real estate funds at 37% of the total.p.8
• Growth/mezzanine strategies account for 45.53% of total assets under management, according to 2024 CMVM data.p.12
• Programa Consolidar total investment amounts to approximately €572.3 million, compared to €772.5 million previously reported.p.18

Key insights

1. Cross-border capital accounted for the vast majority of transaction value, largely driven by foreign sponsors.p.6
2. Bond funds accounted for 24% of the investment fund market, while other funds, which include private equity funds, represented 20%.p.8
3. The number of investors in private equity funds reached 17,020 in 2024, with non-professional investors representing 82% of the investor base.p.15
4. Fidelidade, Portugal's largest insurance group, announced the acquisition of a 70% stake in IM Gestão de Ativos (IMGA) at the end of 2025.p.14
5. Under Programa Consolidar, 30% of each fund's capital must be subscribed by private investors.p.17
6. Private investment's share of Programa Consolidar total investment rose from approximately 36% to almost 40%.p.18