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Esteves said on Tuesday that, though focused on investing in
Portugal, the fund would not exclude opportunities abroad, and
was targeting any sector through instruments such as equity,
hybrid debt or senior debt.
He said that, contrary to the majority of funds in Portugal, the
first Fortitude fund would be mostly funded by private investors
and its founders will be the fund's biggest investors.
"Regardless of the 500 million euros of (future) size of the
fund, our firepower will go far beyond that due to the gigantic
capacity of BTG Pactual and a series of international
institutional clients that may co-invest (with the fund)," he
told reporters.
Esteves said the fund "could aim to make transactions of 1 or 2
billion euros with these co-investors".
He added that Portugal, only sporadically on the radar of global
private equity funds and international investment banks, was
always short of private capital and very dependent on national
banks.
In Portugal, private equity funds are normally funded by public
money and tend to be up to 100 or 200 million euros.
Esteves said the fund was looking at the agriculture, health,
energy, and entertainment and content sectors.
The first investment should be 50 million euros in the
agricultural sector "in the next two months", with an investment
of 350 million euros also in the pipeline by the end of the
year.
Esteves and Atrium each hold 37.5% of Fortitude Capital, while
BTG Pactual has 25%.
($1 = 0.9084 euros)
(Reporting by Sergio Goncalves; Editing by Mark Potter)
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