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.
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122 team members
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Alex Lawry-White is the Co-Founder and Managing Director of Impacto Pela Terra, where he leads strategy, fundraising and investor alignment for...
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Ana Devesa is Marketing Manager at Heed Capital, where she leads brand development, digital strategy, and cross-team communication. She holds a...
António Esteves is the Founder and CEO of Fortitude Capital, bringing over two decades of experience in international financial markets. Prior to...
António Pereira brings deep operational and regulatory expertise to STAG, where he oversees core business functions, financial operations, and...
Armando Carvalho Nunes is President of BIZ Group and a senior Portuguese investment executive with over three decades of experience in asset...
Bernardo Canedo Gomes is a Senior Associate at Oxy Capital, where he supports transaction execution and portfolio value creation across multiple...
Bernardo Moreira joined Heed Capital’s investment team in 2010 after an internship at Caixa Geral de Depósitos. Starting as an analyst, he developed...
Bernardo is an Associate at Oxy Capital, working across deal analysis, portfolio monitoring and strategic support to several industrial and...
Carla Rodrigues brings extensive financial and administrative support experience, with a long background in accounting and operational assistance...
Carlos Pinto is Senior Investment Manager at Optimize Investment Partners and part of the core team managing the Optimize Golden Opportunities fund....
Carlos Pontes Lopes serves as Executive Board Member and Chief Financial Officer at Celtis Venture Partners, overseeing financial management,...
Carlos Varela is a private investors manager focused on supporting international clients investing through Portugal’s Golden Visa framework. He works...
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Cláudia Balugas Quintas is the Finance Manager at Octanova SCR, bringing nearly two decades of experience in operational finance, middle-office...
Diogo Saraiva de Ponte is an experienced investment leader who has managed more than €1 billion across global private equity, real estate and...
Domenico is an Investment Associate at Ventures.eu and Dealflow.eu, working closely with startups in deep tech, AgTech, and EU-funded innovation. His...
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...
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Eunice Leão Pinto is Operations Manager at Octanova, overseeing fund setup, day-to-day operations and investor reporting across private equity,...
Fernando Fonseca has more than three decades of financial and operational experience across banking, consumer finance and investment management. He...
Fernando Freire has more than three decades of experience in banking, operations and investment management. He began his career in 1987 at Banco BBM...
Fernando Peres Ferreira is a Partner at Ventures.eu and a senior private equity and venture capital investor with a long track record backing...
Office ManagerFrancisca Montenegro supports Fortitude Capital’s day-to-day operations, overseeing office management and administrative coordination...
Francisco serves as Investor Relations at STAG Fund Management, combining a marketing background with hands-on experience across acquisitions, asset...
Francisco Dias Lopes is a Private Equity Associate at Growth Partners Capital, with experience across investment analysis, transaction execution, and...
Francisco Gião is an associate at OxyCapital, contributing to transaction execution, financial modelling, and portfolio strategy across multiple...
Gisela leads STAG’s Legal and Compliance functions, ensuring adherence to regulatory requirements across all funds. With more than 20 years of...
Gonçalo Freire is a Private Equity Associate at Growth Partners Capital, with a background in investment analysis, deal execution, and portfolio...
Gonçalo Mendes is a founding partner at Oxy Capital and one of the firm’s key strategic leaders. With a background that includes an MBA from Harvard...
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Guilherme Valadares Carreiro is a Partner at Oxy Capital and one of the leads behind its Liquid Opportunities and Golden Visa-focused strategies....
Gustavo Caiuby Guimarães brings a global perspective to Heed Capital’s leadership team, shaped by more than a decade in wealth management and...
Henrique Anjos is a partner at Octanova SCR and a seasoned investment banker with more than 15 years of experience across Europe, North Africa, and...
Henrique Nunes is responsible for the information technology and systems infrastructure supporting BIZ Group’s operations. With over a decade of...
Henrique Simão is a Private Equity Senior Analyst at Growth Partners Capital, supporting investment analysis, valuation, and portfolio monitoring...
Igor Pereira is a long-standing Partner at Oxy Capital with more than a decade of experience driving the firm’s investment strategies. Before joining...
Inês Cunha e Silva is a Partner at Celtis Venture Partners, overseeing operational governance, investor coordination, and fund execution. She is also...
Maria Inês Macedo is responsible for Compliance at Growth Partners Capital, bringing extensive experience in regulatory compliance, risk management,...
Jéssica Sousa trained as an accountant and began her career in 2007. She spent seven years managing a tax and accounting services provider in Brazil...
Joana Fernandes holds a degree in Law and completed a study semester in Madrid at Universidad Rey Juan Carlos. She joined Heed Capital in 2025 as a...
João Baptista is a Partner at Celtis Venture Partners, contributing to strategic oversight, capital structuring, and investor relations. He is also...
João Fialho is a PE/VC Portfolio Manager at STAG Fund Management and a member of the Investments Committee. With extensive experience at Santander in...
João Valente Martins is a lawyer with more than three decades of experience in compliance. He began his career in 1991 and has led compliance...
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John Darling partnered with Saratoga Capital in 2022 and leads the firm’s venture capital initiatives through Impact Counsel. He has overseen a US$42...
José María Cantero de Montes-Jovellar is Chairman and Partner at Growth Partners Capital, bringing extensive experience in corporate governance,...
José Santos Teixeira is the President of Optimize Investment Partners and one of the firm’s longest-serving leaders, with more than 17 years shaping...
Juan José Rodriguez-Navarro is a seasoned investment executive with decades of experience across European private equity and financial markets.
Julian Johnson is Co-Founder and General Partner at Tejo Ventures, where he leads renewable energy investments structured for Portugal’s Golden Visa...
Kizola da Silva holds a degree in Economics from the Autonomous University of Lisbon and is currently completing a Master’s in Financial Analysis at...
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Manuel A. is a renewable energy founder, university professor, and senior energy consultant with over 20 years’ experience in the Iberian power...
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Marcello Cavalcanti is a senior director at Octanova's Horizon Fund, bringing more than 25 years of global market experience across derivatives...
Marco Henriques is a Partner at Oxy Capital and has been with the firm since 2012, working across investment execution, operational turnaround, and...
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Mark Gomes is an Executive Board Member at Celtis Venture Partners, bringing extensive experience in transaction services, portfolio management, and...
Marta Carvalho is Investment Director at Fortitude Capital, with a background in M&A and renewable energy investments across institutional and...
Marta Fernandes is a private equity analyst at Octanova. She contributes to portfolio research, asset monitoring, and investment analysis across...
Marta Mendes is an Associate at Oxy Capital, where she supports investment analysis, transaction execution and portfolio value creation. She joined...
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Pedro Sanz Pinto is Investment Director at Fortitude Capital, with experience across private equity, corporate M&A, and special situations investing....
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Stenio Franco is a Senior Director at Octanova, bringing more than twenty years of experience in cross-border M&A, private equity, venture capital...
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Tomás CasqueiroTomás Casqueiro is an Investment Associate at Fortitude Capital, supporting investment analysis, execution, and portfolio monitoring...
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Enquire about Fortitude Portugal Special Situations II – Fundo de Capital de Risco Fechado. The fund manager will respond within 24-48 hours.
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.
Project potential returns based on your investment parameters
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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Compare Fortitude Portugal Special Situations II – Fundo de Capital de Risco Fechado with similar investment funds to analyze performance, fees, and investment requirements.
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%.