Private investment in Portugal: how to attract the right investor
Portugal remains on investors’ radar. How to prepare a business, choose a suitable partner and turn interest into a viable transaction.
Insights
Perspectives on the economy, investment and strategy.
Analysis from Fenix Capital Partners and articles by its founders, published on the website and in leading media outlets, on the topics that shape business and investment decisions.
STEP Portugal 2030: four calls, two investment routes
€358.95m for Digital, Biotechnology and Energy. Understand the differences between Productive Innovation and R&D&I, and the conditions that should guide an investment decision.
STEP Digital and Biotechnology: from technology to eligible investment
The opportunity may involve a final product, a specialised component or a biotechnological process. Eligibility depends on a demonstrable contribution to a critical technology.
STEP Energy: €175m for clean technologies and industrial capacity
The energy transition creates industrial opportunities for manufacturers and specialised suppliers. STEP focuses on critical technologies and the value chains that make them possible.
STEP R&D&I: structuring the consortium and financing delivery
An integrated project needs clear partner responsibilities, a coherent budget and funding for each phase. How to connect research with production and market entry.
How to write a business plan: a step-by-step guide
A credible plan connects the market, operations, investment, forecasts and funding. This guide organises the process into eleven practical steps.
Financial due diligence: what should you review before buying a company?
Before buying a company, it is essential to test the quality of EBITDA, net debt, working capital and the conversion of earnings into cash.
How to value a business: methods, multiples and a practical example
EBITDA, market multiples, DCF, net debt and working capital should be considered together to support a credible value range.
How to capitalise a business: equity, investors and quasi-equity
Retained earnings, shareholder funding, new investors and quasi-equity provide different ways to finance the next stage of a business.
Business succession is not (just) a family matter
A reflection on family, ownership and management, and on how governance, professionalisation or a sale can protect the continuity of a business legacy.
How to structure an R&D project
An R&D project should connect the state of the art, technological uncertainty, objectives, tasks, team, budget, evidence and exploitation.
Real estate financing: what do lenders assess before approving a project?
Sponsor equity, permits, LTV, LTC, budget, pre-sales and cash flow determine whether a real estate project is financeable.
R&D or innovation? How to determine whether a project is research and development
Novelty, creativity, uncertainty, method and transferability help distinguish research from technology adoption or routine innovation.
ANI Selo ID: how to obtain recognition of R&D capability
Recognition requires consistency between requested areas, completed projects, team capability, investment and technical and financial evidence.
Debt, equity or incentives: how should a company fund growth?
The right structure balances cost, risk, control and flexibility. Debt, equity and incentives should follow the company's strategy.
Impulsar Portugal Credit Line: a new way to finance liquidity, acquisitions and growth
Four strands support different needs: liquidity, strategic investment, new businesses and technical guarantees. Structure remains decisive.
Grouped Debt Issues: capital markets can also serve SMEs
Basket Bonds aggregate issues by several SMEs and may create a new alternative to bank finance, with their own structure and risk analysis.
Productive Innovation under Portugal 2030: which investments can receive support?
New equipment is not innovation in itself. A project must demonstrate structural transformation, economic impact and financial coherence.
Indirect SIFIDE: what changed for SIFIDE Funds in 2026?
The benefit for new contributions has ended, but existing funds still have capital to deploy and new execution rules to meet.
Direct SIFIDE: turning R&D investment into a tax benefit
Many companies perform R&D without identifying it as such. A robust technical and financial file can turn that investment into a tax benefit.
ICE: how does the Business Capitalisation Incentive work?
ICE links a corporate income tax benefit to a net increase in equity. Its use should form part of a broader financial decision.
Business succession: when selling is also a strategic option
Succession is not limited to transferring a company to the next generation. Professional management, new investors or a sale can also preserve the value created.
Sell-side versus a direct approach: why a competitive process can create value
Receiving an offer does not mean it is the best offer available. A structured process can improve value, terms and negotiating power.
The real test of Portugal's recovery plan begins when the money runs out
A reflection on the economic legacy of Portugal's Recovery and Resilience Plan, and the need to turn financial delivery into productivity, scale and lasting investment.
Seven factors that can increase a company's valuation multiple
Two companies with the same EBITDA may justify very different valuations. Explore seven factors that influence the multiple.
Portugal 2030: the incentive should not determine the investment
An incentive should accelerate an investment that is consistent with the company's strategy. It should not be the reason the investment exists.
Refinance before you need to: debt is also a strategic decision
Negotiating before pressure arises makes it possible to align maturities, security and debt service with cash generation and business objectives.
How much is a company worth? The multiple is only the start of the conversation
The multiple is only an outcome. Profitability, growth, cash generation, risk and organisational quality determine the valuation.
How to prepare a company for sale: value starts being built before the process
A good company is not necessarily ready to be sold. Preparation, reliable information and reduced dependence on shareholders can create value before a transaction.
When the numbers change, does reality change?
Why interpreting indicators requires context, method and the ability to distinguish statistical variation from real economic transformation.
The small-scale trap
Business scale as an increasingly important condition for funding innovation, competing and delivering expansion strategies in demanding markets.
The economy of persistent uncertainty
How businesses and investors can make decisions when uncertainty becomes a structural feature of the economy.
The economics of artificial intelligence: between promise and real impact
A critical view of the gap between technological enthusiasm, measurable productivity and sustainable economic value creation.
Fenix Capital Insights
Analysis with practical relevance.
Original content from Fenix Capital Partners and perspectives from its founders on the economy, investment and strategic decisions.
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