First-half activity in Portugal

According to a report by the Portuguese private equity and venture capital association APCRI, the Portuguese market saw a proportionately higher value invested in replacement capital operations in the first half of 2003 compared with the same period last year. In contrast, early-stage, seed and buyout operations fell both in volume and value. In the first half of 2002, buyouts represented 10% of total private equity investment, whilst this year the figure fell to just 1%. This year, however, expansion financing represented 59% of total investment, compared to 75% last year. The amount invested over the first half of this year is equal to around 69^ of the total amount invested in the whole of 2002, whilst exits were disappointing, with only €18.3m generated from exits in the first half of this year – just 24% of the total amount generated over the whole of last year.

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• Topics
• Southern Europe