INCARI | Anuario de Capital Riesgo 2024

Diana Ribeiro Duarte and Pedro Capitão Barbosa have once again contributed to the 2024 edition of the Anuario de Capital Riesgo, a publication by the Instituto de Capital Riesgo (INCARI), by writing the chapter on the Portuguese market.

Entitled Private Equity Portuguese Market Annual Report 2024, it provides a thorough analysis of the sector in Portugal, covering key statistical data, market trends, and national initiatives that have stimulated private equity investment, including the Consolidar Programme, the Venture Capital Programme, SIFIDE, and the incentives linked to the Golden Visa scheme.

This year's edition focuses on the impact of new tax legislation and the consolidation of the new Asset Management Regime (RGA), which was introduced in 2023 and became operational throughout 2024. These regulatory developments have strengthened the Portuguese market's appeal to private and institutional investors.

The chapter also describes the main transactional movements of 2024, emphasising operations in sectors such as renewable energy, technology, real estate and manufacturing. It also considers the increasing involvement of domestic private capital, the growing professionalism of management, and the ongoing challenges, particularly the necessity for a larger and more diverse investor base.

See the full chapter in the attachment below.