Alpac Capital

Pedro Vargas David and Luís Santos serve as the firm's co-founders and managing partners, jointly overseeing investment decisions. Vargas David brings a background that includes prior roles at Portuguese financial institutions, while Santos' professional experience spans European private equity and corporate finance. Their specific investment committee structure is not publicly documented.

The Euronews acquisition sits within Alpac Capital II, the firm's media-for-impact fund that invests in European media assets undergoing digital transformation. The fund's stated thesis combines financial return with a public-interest mandate: supporting editorial independence and EU cohesion while operating as a commercial enterprise. The transaction replaced external non-European ownership with a Portuguese-licensed fund manager, which was viewed as strategically aligned with the channel's EU-facing editorial mission (per Euronews, 2022).

Alpac Capital I focuses on buyouts of small- and medium-sized enterprises, primarily in Portugal but across Europe, with a stated preference for export-oriented companies holding defensible intellectual property. Sectors of interest include industrial manufacturing, technology, and specialized services with scalable cross-border potential. The fund seeks control positions and active operational involvement rather than passive minority stakes.

Alpac Capital does not publicly disclose its assets under management. The firm operates at least two funds, with Fund II structured to hold its controlling interest in Euronews — an asset that itself carries significant enterprise value. Absent a formal AUM disclosure, the firm's scale can only be estimated based on its single publicly visible anchor asset.