Fortitude Portugal Special Situations II – Fundo de Capital de Risco Fechado is a CMVM-regulated investment fund managed by Fortitude Capital, investing primarily in private equity with 48-month minimum holding period.
Fortitude Portugal Special Situations II is a CMVM-regulated private equity fund focused on special situations across Portugal and Iberia. Backed by institutional partners and led by former Goldman Sachs leadership, the fund targets event-driven opportunities in industries from energy to hospitality. It aims for 15–20% net returns while remaining eligible for Portugal’s program.
Capital at risk. Past performance isn't indicative of future returns. This is not investment advice.
Fortitude Portugal Special Situations II is the second vintage of Fortitude Capital’s flagship private equity strategy, designed to capture high-conviction opportunities across Portugal and Iberia. This fund is set up as a closed-end CMVM-regulated fund, combining strict rules with the ability to adapt in a market that often has limited traditional bank loans. The fund focuses on “special situations”, distressed-for-control, shareholder restructurings, operational turnarounds, and selective growth capital, allowing the team to invest across sectors and instruments, from equity to hybrid structures. Led by António Esteves, a former Goldman Sachs Managing Director and Merrill Lynch Head of European Credit, Fortitude brings an uncommon level of experience and sourcing capability to the Portuguese market. The firm’s shareholder base, which includes BTG Pactual and the Atrium Group, provides additional governance strength, co-investment potential, and deal flow visibility. This institutional backing differentiates Fortitude from many funds built primarily for immigration purposes. Fund II launched in 2025 following the rapid deployment of its predecessor and has already been associated with high-profile transactions such as Iberol (biofuels), senior living platforms, and consumer roll-outs like Oakberry in Southern Europe. Its target return of 15–20% reflects both the complexity and upside of these event-driven opportunities. With a minimum subscription of €100,000 and a focus on operating businesses rather than restricted real estate, the fund qualifies for Portugal’s post-2023 Golden Visa regime. While the strategy offers meaningful return potential, investors should expect a higher-risk, higher-reward profile typical of special situations, along with a multi-year lock-up. For those seeking exposure to active private equity in Portugal with institutional pedigree, Fund II represents one of the most sophisticated options available.
For broader context, see our full guide to Portugal Golden Visa investment funds.
We source from CMVM-regulated managers where applicable. Verify each fund's registration and GV suitability with counsel.
Information as reported by fund manager. Terms may vary by investor class.
The fund is closed-end and has a 4-year term. No interim redemptions. Capital is returned upon asset exits and final liquidation at end of term. Extensions may be requested only if necessary to complete exits.
Redemption terms may vary by investor class. Verify details with the fund manager.
Always confirm regulatory details with the fund manager and legal counsel before investing.
12 team members
Team members are employed by the fund manager, not Movingto. Profiles listed for directory comparison.
Alexandre Câmara e Silva is a Partner at Fortitude Capital and a member of its Investment Committee. He brings extensive experience in special...
António Esteves is the Founder and CEO of Fortitude Capital, bringing over two decades of experience in international financial markets. Prior to...
Duarte is a legal advisor with international experience supporting private equity, venture capital, and investment funds, with a background in...
Edwyn Neves is a Partner at Fortitude Capital with deep experience in private equity and special situations investing. He has spent over two decades...
Office ManagerFrancisca Montenegro supports Fortitude Capital’s day-to-day operations, overseeing office management and administrative coordination...
Gonçalo Sommer Ribeiro is Investment Director at Fortitude Capital, bringing extensive experience in investment analysis, structured products, and...
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Investment in funds involves risks, including the possible loss of principal. Please read all fund documentation carefully before making any investment decisions. Past performance is not indicative of future results.
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Display returns after management and performance fees
Fund minimum: €100,000
Typical holding period
Fund target: 15–20% p.a.
Investment Risk Disclosure: These projections are for illustrative purposes only and do not guarantee future performance. Past performance is not indicative of future results. All investments carry risk, including potential loss of principal. Consult with a qualified financial advisor before making investment decisions.
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Special situations refer to event-driven opportunities, such as restructurings, turnarounds, or shareholder transitions, where operational improvement or financial reorganisation can unlock value. The fund targets businesses where active involvement can materially change outcomes.
Fund II builds on the deployment and learnings of Fund I but targets a larger opportunity set across Portugal and Spain. It benefits from the same leadership team, stronger institutional backing, and a more developed sourcing network, giving it broader deal flow from day one.
It keeps at least 60% of its allocation in Portugal, qualifies under the “productive economy” category, and accepts subscriptions of €500,000. Importantly, it invests in operating companies, not restricted real estate, making it fully compliant with the post-2023 ARI rules.
The focus is on mid-market businesses in sectors like energy, industrials, hospitality, and consumer expansion. These are companies that need capital and operational support to stabilise, expand, or restructure.
The fund doesn't promise profits, but it usually targets a 15–20% net IRR based on similar private equity strategies and the chances Fortitude looks for in Iberia.
The fund has a 4-year term, with capital returned at the end of the fund lifecycle after exits. Extensions may be requested only if required to complete asset disposals.
Special situations involve higher operational and financial risk than traditional private equity. The upside potential is significant, but outcomes depend on Fortitude’s ability to execute turnarounds and manage restructurings effectively.
No. The fund does not buy property for development or rental. However, some operating companies, such as hospitality or senior living platforms, may own real estate as part of their business model, which is considered indirect exposure.
The team leverages a mix of bank-originated restructurings, private owner negotiations, institutional partners, and its own industry networks. This sourcing capability is a key competitive advantage and often gives them access to off-market deals.
There are no scheduled interim distributions. Proceeds are returned when the fund exits its investments, usually towards the end of the fund term, following private equity norms.
The fund does not provide PFIC/QEF reporting, so U.S. investors may face unfavourable tax treatments. Participation is generally possible, but it is not optimised for U.S. tax compliance.
The fund is led by António Esteves, formerly a Managing Director at Goldman Sachs and Head of European Credit at Merrill Lynch. Fortitude’s wider team includes professionals with deep restructuring, credit, and operational experience across Europe.
Yes, it is registered under CMVM ID 2257. The custodian is Banco Invest.
Management Fee: 2%. Performance Fee: 20%. Subscription Fee: 5%.