PME Investimentos

PME Investimentos was majority-owned by IAPMEI, the Portuguese Agency for Competitiveness and Innovation, making it a state-controlled investment vehicle. Its mandate focused on deploying public capital to fill financing gaps for small and medium enterprises. This public ownership structure meant its investment priorities aligned with national economic development goals rather than private shareholder returns.

All assets were absorbed by Banco Português de Fomento (BPF) in November 2020 as part of a government consolidation of state-backed financial institutions. BPF, which continues PME's legacy as a member of ELTI and the SME Finance Forum, now manages the combined portfolio of venture investments, guarantee instruments, and specialized real estate funds under a unified development-bank charter.

PME Investimentos used both approaches: it made direct co-investments alongside partners like Portugal Ventures into early-stage companies, and it managed dedicated fund structures such as the Revive Natureza Fund and the Tourism Low Density Territories Fund. The firm also played a significant role in SME credit guarantees rather than pure equity, operating through its membership in AECM.

The Social Innovation Fund was a philanthropic initiative administered by PME Investimentos that channeled capital into social-impact projects across Portugal. It operated as a distinct vehicle separate from the commercial investment funds, using blended finance and impact-first approaches to address challenges in areas like employment and social inclusion. This fund is now managed under the BPF structure.

No. PME Investimentos ceased to exist as an independent entity after its merger into Banco Português de Fomento in November 2020. All investment mandates, fund management responsibilities, and institutional memberships transferred to BPF. The PME Investimentos name no longer operates in the market; former principals, including José Fernando Figueiredo, have moved on.