Portugal’s venture capital market grows 35%

Portugal’s M&A market cooled through the first three quarters of 2026, with 379 transactions worth a combined €7.8 billion, according to the latest report by TTR Data. The figures mark a 27% decline in deal volume and a 45% drop in capital mobilized compared with the same period in 2025.

Despite the overall slowdown, Venture Capital emerged as a bright spot. The segment registered 76 investment rounds totaling €872 million, a 35% increase in capital raised year-on-year, even as broader market activity contracted.

Advisory rankings

TTR Data’s report also ranks financial and legal advisors active in M&A, Private Equity, Venture Capital and Capital Markets through September 2026, measured by both deal count and total value. Among legal advisors, Cuatrecasas Portugal led by number of transactions with 23 deals, while Morais Leitão topped the value ranking with €1.1 billion. On the financial advisory side, Accuracy, Houlihan Lokey and Savills Portugal tied for the lead by transaction count with two deals each, while BTG Pactual led by value with €698.66 million.

Deal of the quarter

TTR Data highlighted the acquisition of Data Center Covilhã by Asterion Industrial Partners as the standout transaction of the third quarter, with a reported value of €120 million. Morais Leitão and Uría Menéndez Portugal provided Portuguese legal advice on the deal, while EY handled financial advisory and due diligence.

Sector and quarterly breakdown

Real Estate was the most active sector in 2026, accounting for 62 transactions. In the third quarter alone, 120 mergers and acquisitions were recorded—both announced and completed—with a combined value of €4.7 billion.

Private Equity activity also retreated, with 53 transactions recorded, representing a 40% drop in deal count compared with the same period of 2025. Asset Acquisitions moved in the opposite direction, with 86 transactions worth €3.8 billion, a 3% increase in capital mobilized.

Cross-border activity

Spain remained the top foreign investor in Portugal by transaction count, with 28 deals during the period. Portuguese companies, meanwhile, directed their outbound investment primarily to Spain and the United Kingdom, with 37 and nine transactions respectively. Foreign acquisitions in the Technology and Internet sector fell 16% compared with the same period in 2025.