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Affiliated companies

Turismo de Portugal

Turismo de Portugal is a shareholder in financial companies that support strategic investment and SMEs.

​​​​​​​​​Affiliated Companies: 

Banco Português de Fomento, S.A.

Banco Português de Fomento, S.A., results from the merger, by incorporation, of PME Investimentos - Sociedade de Investimento S.A., and IFD - Instituição Financeira de Desenvolvimento S.A., into SPGM - Sociedade de Investimento S.A., in accordance with Decree-Law no. 63/2020, of 7 September​, which regulates the activity and operation of Banco Português de Fomento, and approves the respective Articles of Association.

The Decree-Law also provided for an increase in BPF's capital by way of contribution in kind through the transfer to BPF of the shares held by the State, represented for this purpose by the DGTF, IAPMEI, Turismo de Portugal and AICEP, in Portugal Capital Ventures - Sociedade de Capital de Risco, S. A, and the shareholding held by Turismo de Portugal in TF Turismo Fundos. Portugal Ventures and Turismo Fundos, as well as Norgarante, Lisgarante, Garval and Agrogarante, will now form part of the Banco Português de Fomento Group.

Turismo de Portugal is thus one of the 4 shareholders of Banco de Fomento, with 7.9%, together with IAPMEI, which holds 47%, the Directorate-General for Treasury and Finance, with 41.2% and AICEP, with 3.77%.

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Portugal Capital Ventures - Sociedade de Capital de Risco, S.A.

Portugal Ventures is a venture capital company that invests in innovative scientific, technological and tourism projects. 
It establishes partnerships with entrepreneurs and start-ups to reinforce competitiveness at every stage of company development, managing 260M€ of assets. Founded in 2012, it was the result of a merger involving three of the most representative venture capital companies in Portugal: Turismo Capital, INOV Capital and AICEP Capital. In 2020 Portugal Ventures joined the Banco Português de Fomento Group.​​


TF Turismo Fundos - SGOIC​, S.A. 

Turismo Fundos manages and represents five property investment funds. Its mission is to contribute to public policies supporting competitiveness by intervening in the property component of companies operating in the tourism sector. 

The overall amount of the funds managed by Turismo Fundos exceeds ​331M€. The shareholders are: 
_ Banco Português de Fomento: 53,2% (until 2020 this social participation was held by Turismo de Portugal)​
_ Caixa Geral de Depósitos: 33,5% 
_ ​Novo Banco: 13,3%

Turismo Fundos currently manages the following property investment funds: 

_ Closed Tourist Real Property Investment Fund – FIIFT: aims to boost companies’ financial capacity
_ Closed Tourist Real Property Investment Fund​ – FIIFT II: aims to boost companies’ financial capacity
_ Tourism Low Density Territories - Closed Real Estate Special Investment Fund - TBD FEIIF: objective of sustainable development of tourism, as well as dynamization and sustainability of local economies of low density territories; 
 _ Revive Natureza [Revive Nature] Fund - FRN: objective of enhancing the built and natural heritage and promoting regional development;
_ Special Real Estate Fund to Support Companies - FIEAE: created under the SMEs Consolida [Consolidate] Programme as a financial instrument to improve financing conditions for companies, especially SMEs.


National System of Mutual Guarantees (Sociedade Portuguesa de Guarantia Mútua)

The National System of Mutual Guarantees makes it possible to provide guarantees on behalf of SMEs and micro-companies to entities that request them.
Turismo de Portugal is a stakeholder in the Sociedade Portuguesa de Guarantia Mútua, the Fundo de Contragarantia Mútuo the following mutual guarantee companies: ​​​​

_ NORGARANTE - Sociedade de Garantia Mútua, S.A. (Porto)
– LISGARANTE - Sociedade de Garantia Mútua, S.A. (Lisbon)
– GARVAL - Sociedade de Garantia Mútua, S.A. (Santarém)​​​​​​​​​.
All these entities joined the Banco Português de Fomento Group in 2020.​


  • Sociedades participadas
  • Banco Europeu de Investimento
  • Portugal Ventures
  • Turismo Fundos
  • Garantia Mútua
  • Norgarante
  • Lisgarante
  • Garval
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