Closed-ended private equity fund targeting profitable SMEs and mid-caps in the "Blue Economy," with €28 m anchor commitment from the European Investment Fund and eligibility for the Portuguese Golden Visa (minimum €100 000 investment).
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Growth Blue Fund, managed by Growth Partners Capital, is the only European private equity vehicle dedicated to sustainable ocean-resource businesses ("Blue Economy"), targeting profitable SMEs and mid-caps via growth and build-up strategies. With more than 85% of capital invested in Portugal and backed by a €28 m EIF anchor commitment, the fund combines rigorous due diligence, downside-protection deal structures (dividend preference, anti-dilution), and active portfolio management to achieve an IRR above 20% and 3.3× MoM over a ten-year horizon. The strategy emphasizes ESG integration, sector and geographic diversification, and a clear exit roadmap within a 5-year investment period followed by a 5-year harvest period.
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Fund minimum: €100,000
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Fund target: 0-0% 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.
Everything you need to know about investing in Growth Blue Fund
Growth Blue is a CMVM-regulated Private Equity fund managed by Growth Partners Capital that pursues a growth-equity strategy in Portugal's "Blue Economy," investing in profitable SMEs and mid-caps to generate both financial returns and sustainable ocean-resource impact.
The fund seeks €50 million of total commitments and has secured a €28 million anchor investment from the European Investment Fund (EIF), alongside commitments from national and international private investors.
Investors can join the fund with a minimum subscription of €100 000.
Growth Partners Capital, S.A.—a CMVM-licensed Private Equity firm—is the fund manager, and Deloitte serves as the independent auditor.
Growth Blue has a 10-year lifespan from the initial closing, with a 5-year investment window structured as three years plus two one-year extension options.
A 2 % annual management fee is charged on committed capital, and a 20 % carried-interest applies on profits above a 7 % preferred-return hurdle.
The fund aims for an internal rate of return (IRR) above 20 % per annum and a money-on-money multiple of 3.3× over its life, with annual dividend distributions to investors.
Over 85 % of Growth Blue's investments will be in Portuguese SMEs and mid-caps, leveraging Portugal's strategic maritime position, large exclusive economic zone, and strong Blue-economy tradition.
Core areas include Offshore Renewable Energy, Seafood & Aquaculture, and the Blue Bioeconomy, plus related technologies—each chosen for Portugal's competitive advantage and strong growth prospects.
The fund invests in profitable SMEs and mid-caps with EBITDA above €2 million, deploying approximately €5 – 10 million per deal for large minority or controlling equity stakes.
Value is added through hands-on initiatives—100-day operational plans, cost and supplier optimization, professionalizing management, strategic planning, and support for scale-up and international expansion.
Deals include dividend and liquidation preferences, anti-dilution and non-competition clauses, board representation, drag-along/tag-along rights, and the fund employs no leverage at its own level.
Single-company exposure is capped at 15 % and sector exposure at 30 %. ESG adoption, biannual investor reporting, a formal Guidance Committee, and thorough legal/financial/ESG due diligence underpin the governance framework.
Depending on final size, Growth Blue anticipates 8 – 10 transactions. It currently has at least three pipeline projects under negotiation or analysis, with tickets ranging from €3.5 million to €7 million.
The management team commits up to 4 % of total fund capital alongside investors, and carried-interest catch-up mechanics ensure the GP only earns performance fees after investors achieve their preferred return.