Fortitude Capital is an alternative investments firm founded in 2022 and headquartered in Lisbon.
We set out to fill a clear gap in the Portuguese market by delivering institutional-quality private equity to Iberia, combining rigorous investment discipline, hands-on value creation and a global network.
We invest in companies with genuine transformation potential across many sectors, from agri-food, logistics, flex-living, to critical infrastructure sectors. Backed by the investment capacity of BTG Pactual and a network of international co-investors, our scale enables us to pursue transactions well beyond the capacity of a traditional Iberian fund, with the ability to target deals of €0.5–1 billion alongside co-investors.
We back Iberian businesses and leave them stronger.
We back Iberian businesses and leave them stronger, better run and better positioned than at entry. Our edge is active ownership, sector depth and a local presence global sponsors cannot match, delivering long-term value for our LPs and real impact on the Iberian economy.
Fortitude Capital is licensed by the CMVM and fully compliant with the regulatory framework governing alternative investment fund management in Portugal and the European Union.
Shareholders
Fortitude Capital was co-founded by António Esteves, BTG Pactual and Atrium - three founding shareholders who, between them, bring together decades of global investment banking experience, the balance sheet and network of Latin America’s largest investment bank, and deep institutional roots in the Portuguese market. All three are also investors in the firm’s funds, ensuring full alignment between firm ownership and capital deployment.
António Esteves is a former Partner at Goldman Sachs and Managing Director at Merrill Lynch. He brings over 30 years of experience in investment banking and private equity across Europe.
BTG Pactual is the largest investment bank in Latin America, with total assets of US$181 billion and AUM of US$263 billion. Its stake in Fortitude Capital - alongside a direct LP commitment to the first fund - reflects a conviction investment rather than a passive financial interest. BTG brings global deal flow, co-investment firepower and the credibility of a tier-one institutional name to every transaction Fortitude pursues.
Atrium is a leading independent Portuguese asset manager with approximately €1.6 billion in AUM and over 26 years of history in the Portuguese financial market. Its presence in Fortitude Capital brings local institutional depth, an established investor base and a long track record of navigating the Portuguese regulatory and financial landscape. Atrium also acts as Depositary for the firm’s funds, reinforcing the operational integration between the two firms.
Regulatory Framework
Fortitude Capital is duly authorized and supervised by the Portuguese Securities Market Commission (CMVM) as an alternative investment fund manager (AIFM), in accordance with the AIFMD Directive and applicable national legislation.
The funds managed by Fortitude Capital are constituted and administered in compliance with applicable Portuguese and European law, including rules on disclosure, anti-money laundering and investor protection.