|---Module:text|Size:Small---| Venture capital in Portugal is undergoing a quiet but profound transformation. The recent publication of the 2024 Venture Capital Activity Report by the Portuguese Securities Market Commission (CMVM) confirms what had already become clear in previous years. Venture capital activity continues to grow, both in the number of entities and in assets under management. In parallel, and according to public data from the CMVM portal, an additional trend is emerging. Venture Capital Companies (SCR) are expanding beyond Venture Capital Funds (VCF), beginning to manage other types of Alternative Investment Funds (AIF).
According to the report, in 2024 there were 80 entities managing VCF, 13% more than in 2023. The number of VCF increased by 23%, totalling 348, while assets under management rose 11%, reaching 10.3 billion euros. The number of participants grew 14%, to 17,020. These figures confirm the dynamism of the sector, but the real turning point lies in what comes next.
From VCF to AIF: the regulatory shift reshaping the market
The new Asset Management Regime (RGA) and CMVM Regulation no. 7/2023 simplified management categories into two: Management companies of undertakings for collective investment (SGOIC) and Venture Capital Companies (SCR). This shift was more than a bureaucratic simplification. It opened the door for SCR to manage, in addition to VCF, other AIF types, including Real Estate, Credit and the “Other AIF” category (a residual and open category applied to all AIF that do not fall exclusively into any of the other three categories, and which may invest in securities, other financial or non-financial assets, and even in assets permitted for other types of AIF such as real estate, credit and venture capital).
SCR can now manage funds that invest not only in venture capital, but also in securities, financial or non-financial assets, and even in assets previously reserved to other AIF types. The only requirement is to maintain at least one active VCF.
One in six SCR has already diversified
According to the CMVM portal, one in six SCR already manages funds beyond VCF. Of the 74 managers with funds under management, 60 remain focused on VCF, but 14 have expanded into other areas.
Among those investing in “Other AIF” are 3 Comma Capital, ActiveCap, Bluecrow, Golden Monarque, Octanova and Stag Fund Management. In the Real Estate segment, Atlantic Premium Capital Partners, Blue Marlin Asset Management, Onon Partners, Plural Markets Gestão de Ativos and Point Capital Partners are emerging. In Credit, the pioneer was Iberis Semper. Cedrus Atlantica and Magnify Capital Partners manage both Real Estate AIF and Other AIF.
In total, 27 non-VC funds are now managed by SCR: one Credit fund, nine Real Estate funds and seventeen “Other AIF”. The first non-VC fund established by an SCR was SAPORE – SIC IMOBILIÁRIA FECHADA, launched by Point Capital Partners in November 2023, still as an SGOIC, converting into an SCR in July 2025.
Three funds were created before the new regime and transferred from other managers: PLACE2LIVE, BLUECROW Global Discovery Fund and PREDICAIMA. The regulatory opening is therefore reshaping the asset management landscape and attracting portfolios from other segments.
Diversification as a competitive advantage
The ability to manage different types of AIF is a strategic opportunity for SCR. Diversification allows risk-balancing, greater competitiveness, and an enhanced response to more sophisticated investors. Those who master VCF management have the structure and expertise to manage other asset classes, softening the impact of volatile cycles and maintaining an innovative position in a market that values flexibility and international perspective.
However, this evolution brings challenges: new technical skills, more demanding regulatory reporting, and investments in technology. Management software becomes critical to ensuring operational efficiency and compliance.
All-in-One or One-per-Business? The SCR technology dilemma
The technology debate is split between integrated “All-in-One” solutions and specialised “One-per-Business” systems.
“All-in-One” offers centralised management, lower costs and a unified experience, but with more generic functionalities and a risk of vendor dependency. “One-per-Business” ensures optimised flows and specific support, but increases the number of suppliers, costs and complexity.
The decision depends on fund diversity, data history, satisfaction with current systems and technological ambition. There is no right answer, only a strategy that aligns efficiency, scalability, and vision.
The future of SCR depends on technology
Regulatory transformation and rising operational complexity require SCR to think more strategically about the role of digital. The focus today is on strengthening processes with advanced technologies, ensuring data quality, and supporting teams operating in demanding environments. This is not about taking steps larger than the sector’s reality allows. It is about securing a robust technological foundation, ready to evolve at the right pace in a market that values prudence, rigor, and control.
There are clear opportunities to strengthen operational efficiency and simplify critical tasks, particularly as asset management becomes more demanding and diversified. Technological evolution will continue to shape the sector, but in a gradual way and always constrained by regulatory maturity and the practical needs of management teams. The challenge lies in ensuring that any technological adoption preserves process quality and the central role of managers in decision-making.
This Article was published in FundsPeople in December 2025.
