Deal-by-Deal Co-Investment Program

The program aims to promote investment and capitalization of companies through operations carried out in conjunction with private investors. It focuses on supporting new business initiatives, boosting the growth of viable companies, and strengthening their financial autonomy. Furthermore, it contributes to reducing undercapitalization, addressing market failures, and strengthening the resilience of the national economic fabric.

Geographical Scope

National Territory

Financing

Up to 50.000.000,00€

Funders

FdCR

Eligible Entities

Early-stage companies

Deal-by-Deal Co-Investment Program

The program aims to promote investment and capitalization of companies through operations carried out in conjunction with private investors. It focuses on supporting new business initiatives, boosting the growth of viable companies, and strengthening their financial autonomy. Furthermore, it contributes to reducing undercapitalization, addressing market failures, and strengthening the resilience of the national economic fabric.

Geographical Scope

National Territory

Financing

Up to 50.000.000,00€

Funders

FdCR

Eligible Entities

Early-stage Companies

Objectives and characteristics

  • The Deal-by-Deal Co-Investment Program is designed to carry out direct investment/financing operations in companies, in co-investment with private investors, with the aim of achieving the following objectives (not necessarily cumulative):
    • Encourage the creation of new companies and/or business capitalization, primarily in the early stages
    • Promote market entry and the growth/expansion of viable companies through the development of new products/services or markets, or through strengthening and professionalizing staff
    • Reinforce the solvency of companies operating in national territory and affected by the impact of COVID-19
    • Contribute to solving the undercapitalization problem of Portuguese businesses, fostering increased financial autonomy
    • Bridge the market gap regarding companies’ access to financial and equity instruments
    • Support business consolidation, given that the market is highly fragmented
    • Promote the financial resilience of the Portuguese economy, equipping it with tools to meet the challenges of European and national priorities for the twin climate and digital transitions

  • Non-financial companies, primarily in the early stages
  • Companies operating in national territory

  • Equity instruments, including ordinary or preferred shares, without initially taking stakes equal to or greater than 50% of the share capital or voting rights of the investee company.
  • Quasi-equity instruments, including convertible bonds (or other hybrid instruments, such as participative loans), generating a minimum annual return of 2% for maturities up to 5 years (inclusive) or 3% for maturities over 5 years (exclusive).
  • For equity instruments, the valuation of the Final Beneficiary, as well as the method used, is the responsibility of the co-investor, who must submit in the proposal all supporting information that allows BPF to assess the valuation presented.

  • Maximum Financing per Beneficiary
    • As a preferential condition, the investment/financing amount from the Fund of Funds (FdCR) in each company should not exceed €10,000,000.00
    • The amount must be aligned with the investment/financing needs resulting from a business plan suitable to current macroeconomic conditions and supporting the company’s operational and financial viability in the medium/long term after the investment
    • Exceptionally, subject to the submission of a detailed justification and if the operation records a valuation above 2.0, the investment/financing amount from the FdCR in each company may exceed €10,000,000.00, but never more than €50,000,000.00
    • The maximum investment by the FdCR is 70%
    • Private investment must represent at least 30%, and cannot be provided by partners, team members, or governing bodies.

Objectives and characteristics

The Deal-by-Deal Co-Investment Program is designed to carry out direct investment/financing operations in companies, in co-investment with private investors, with the aim of achieving the following objectives (not necessarily cumulative):
Encourage the creation of new companies and/or business capitalization, primarily in the early stages
Promote market entry and the growth/expansion of viable companies through the development of new products/services or markets, or through strengthening and professionalizing staff
Reinforce the solvency of companies operating in national territory and affected by the impact of COVID-19
Contribute to solving the undercapitalization problem of Portuguese businesses, fostering increased financial autonomy
Bridge the market gap regarding companies’ access to financial and equity instruments
Support business consolidation, given that the market is highly fragmented
Promote the financial resilience of the Portuguese economy, equipping it with tools to meet the challenges of European and national priorities for the twin climate and digital transitions

Non-financial companies, primarily in the early stages
Companies operating in national territory

Equity instruments, including ordinary or preferred shares, without initially taking stakes equal to or greater than 50% of the share capital or voting rights of the investee company.
Quasi-equity instruments, including convertible bonds (or other hybrid instruments, such as participative loans), generating a minimum annual return of 2% for maturities up to 5 years (inclusive) or 3% for maturities over 5 years (exclusive).
For equity instruments, the valuation of the Final Beneficiary, as well as the method used, is the responsibility of the co-investor, who must submit in the proposal all supporting information that allows BPF to assess the valuation presented.

Maximum Financing per Beneficiary
As a preferential condition, the investment/financing amount from the Fund of Funds (FdCR) in each company should not exceed €10,000,000.00
The amount must be aligned with the investment/financing needs resulting from a business plan suitable to current macroeconomic conditions and supporting the company’s operational and financial viability in the medium/long term after the investment
Exceptionally, subject to the submission of a detailed justification and if the operation records a valuation above 2.0, the investment/financing amount from the FdCR in each company may exceed €10,000,000.00, but never more than €50,000,000.00
The maximum investment by the FdCR is 70%
Private investment must represent at least 30%, and cannot be provided by partners, team members, or governing bodies.