The Portuguese Securities Commission (CMVM) published its Report on Venture Capital Activity 2024, setting out key developments in Portugal’s venture capital alternative investment fund (AIF) sector and summarising its supervisory work. The report describes continued market growth in 2024 and notes that supervisory priorities shifted toward a reinforced ex post approach following changes introduced by the Asset Management Regime (RGA) and CMVM Regulation No. 7/2023. By end-2024, 80 venture-capital-focused AIF management entities were active, up 13% year on year, while the number of active venture capital AIFs rose 23% to 348; assets under management increased 11% to EUR 10.3 billion and participants grew about 14% to 17,020, of which 82% were non-professional. Seed, start-up and early-stage investment reached EUR 2,080 million (up about EUR 427 million, or 26%), expansion investment rose 48% to EUR 2,908 million, and turnaround investment fell 26% to EUR 678 million; “investments in units of venture capital AIFs” increased 200% to EUR 328 million and “equity interests” rose 38% to EUR 3,676 million. Supervisory activity highlighted governance and internal controls, prevention of conflicts of interest, greenwashing risk, and anti-money laundering and counter-terrorist financing procedures, alongside a review focused on valuation and assessment of portfolio companies and the publication of FAQs on the RGA with particular attention to venture capital, including marketing issues.

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