Launched in 2019, Fomento Portugal Growth is a €100 million investment program created to support established Portuguese SMEs and mid-caps whose ambition is to grow, become stronger, and internationally expand their business.
The program is a partnership between Banco Português de Fomento (BPF) and the EIF, and it invests through growth capital, private equity and mezzanine funds (including first-time funds) managed by Portuguese teams.
Portugal Growth is our second equity partnership with BPF - following the early-stage focused Fomento Portugal Tech initiative - under the EIF-NPI Equity Platform and the cooperation with EU National Promotional Institutions initiated through the Investment Plan for Europe (EFSI). BPF became a founding member of the EIF-NPI Equity Platform’s General Forum in September 2016.
Key achievements
To date, five investment funds have been selected by Portugal Growth which have mobilised over €300 million in investments in 31 SMEs and mid-caps. Currently, over 80% of the portfolio companies are headquartered in Portugal with notable success stories including Autodelta, AVK, Vidraria Mortágua, Rocha e Filhos, Zolve e Insparya (Saude Viavel).
| Fund name | Signature |
Total invested (EURm) |
No. of companies |
| Vallis Sustainable Investments II | May 2019 | 96.1 | 5 |
| Crest II FCR | Dec 2020 | 86.1 | 13 |
| HCapital II FCR | Jun 2021 | 49.9 | 7 |
| Oxy Capital III | Nov 2022 | 91.6 | 12 |
| Vibe Capital I | Jun 2025 | - | - |
| Total | 323.7 | 37 |
Data as of 30 June 2025
In this portfolio
Success story
Saude Viavel is a Lisbon-based clinical group specialising in the treatment of hereditary baldness with a focus on hair transplants alongside advanced therapies, dermo-cosmetics, and medical research. Founded in 2009 by CEO Paulo Ramos, innovation drives the company's success, including proprietary devices and ongoing development of robotic solutions to improve treatments. Backed by Portugal Growth on the pathway to internationalisation - now under the new brand name Insparya.
Portugal Growth
In the news
Application information for fund managers
The initial budget allocated to the programme is fully committed, however the EIF continues to assess investment proposals from Portuguese and European managers through its open calls. Please apply via our generic investment proposal form (dealflow) via the link below.
More funding in Portugal
Further information
The Fund defines with the assistance of the Investment Advisor certain excluded sectors in which the Fund is prohibited to invest directly or indirectly. The selection of such sectors is based on the Investment Advisor ESG guidelines: EIF Environmental, Social and Corporate Governance (ESG) Principles as well as on investment considerations meant to avoid inter alia any actual or potential material social, governance and/or environmental negative impact on the Fund performance. Such excluded sectors are taken into consideration in the investment process and decision-making process of the Fund.
The Fund does not consider adverse impact of investment decisions on sustainability factors at the present time considering that (i) in the absence of regulatory guidance, it is not clear what regulators will expect of entities that elect to consider such matters at this time, and (ii) it is also not clear that there is sufficient data, and data of a sufficient quality, to support entities that do so, in the relevant asset classes, industries or sectors in which investments have been/may be made. Sustainability factors are environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters.