About This Fund
Fundo de Capitalização e Resiliência (FdCR) is a Portuguese public investment fund established in July 2021 through Decree-Law No. 63/2021, managed by Banco Português de Fomento (BPF) on behalf of the Portuguese State. With a total committed allocation of €1.3 billion drawn from Portugal's Recovery and Resilience Plan (PRR), the FdCR is one of the largest government-backed investment vehicles in Iberia, providing multi-instrument financial support to Portuguese SMEs, mid-caps, and early-stage companies across mainland Portugal and the autonomous islands.
The fund operates through three distinct investment programs. The Consolidar Program (€500 million) finances subscriptions in venture capital funds managed by CMVM-regulated financial intermediaries, enabling a fund-of-funds approach that channels capital to smaller companies through experienced VC managers. The Strategic Recapitalization Program (€400 million) provides equity and quasi-equity directly to strategically important Portuguese companies, supporting long-term economic growth and post-COVID balance sheet resilience. The Deal-by-Deal Co-Investment Program and Venture Capital Program (up to €400 million combined) invest directly in companies—prioritizing startups and early-stage businesses—to address capital access gaps and stimulate Portugal's innovation ecosystem.
Eligible portfolio companies must be headquartered in Portugal and demonstrate operational viability and strategic importance to the national economy. BPF structures each investment as a temporary participation with expected 10-year program durations, reflecting the FdCR's goal of catalytic patient capital rather than permanent state ownership. The FdCR represents Portugal's most comprehensive post-COVID capitalization initiative, bridging EU recovery financing with domestic venture and private equity market development under the national PRR framework.