Inter-Risco was incorporated as a partnership between Banco Português de Investimento (BPI), 3i, IFC, Credit Lyonnais and other institutional investors, and was the first private equity player in Portugal. During its early years, Inter-Risco backed a great majority of spin-offs and management buyouts in Portugal, such as Maconde, Ibersol, Clipóvoa, Barbosa & Almeida and F. Ramada, and assumed a leading position in the domestic private equity market.
BPI increased its equity stake in Inter-Risco to 83.0% and established a partnership with the Portuguese Governmental Investment Agency for small and medium enterprises (IAPMEI) who acquired the remaining 17.0% of the company. During the following 7 years, Inter-Risco was dedicated to invest from its own balance sheet and from BPI’s liquidity.
IInter-Risco assumed its independent role as a private equity managing company, shifting from its previous business model to a limited partnership model, whereby it incorporated its first private equity fund (Fundo Caravela, presently named as Fundo Inter-Risco I) next to external investors. Inter-Risco closed Fundo Caravela, totaling Eur 30.0 Mn with the purpose of carrying expansion and build-up investments in Portuguese small and medium enterprises (SMEs).
BPI acquired IAPMEI’s stake of 17.0% in Inter-Risco. Inter-Risco’s strategy focuses on market consolidation and expansion investments, with a new management team created since then.
Inter-Risco closed the investment period of Fundo Caravela, with 7 companies on its portfolio, focused on buy-and-build and expansion opportunities, in the highly fragmented SME market in Portugal.
Inter-Risco started the fundraising process of its new fund, Fundo Inter-Risco II. Simultaneously, management team agreed on the acquisition of a majority stake of Inter-Risco, with BPI remaining as sponsor for its private equity funds.
Inter-Risco performed the first closing of Fundo Inter-Risco II, with total commitments of Eur 75.0 Mn. Reference investors of the new fund include BPI, as sponsor, European Investment Fund (through PVCi) and Fundação Calouste Gulbenkian.
Inter-Risco closed Fundo Inter-Risco II, with total commitments of Eur 81.5 Mn, after one major re-up by the European Investment Fund (through PVCi), along with a set of high net worth individuals.
Inter-Risco launched Fundo Inter-Risco II CI, with total commitments of Eur 30.05 Mn, entirely underwritten by BPI and Inter-Risco. Fundo Inter-Risco II CI was exclusively dedicated to co-invest and divest alongside Fundo Inter-Risco II, during the investment period of the latter.
Inter-Risco closed the investment period of Fundo Inter-Risco II, with total committed capital amounting to Eur 66.5 Mn. Fundo Inter-Risco II CI started to invest on a stand-alone basis, until the termination of its investment period.
Inter-Risco closed the investment period of Fundo Inter-Risco II CI, performing two investments on a stand-alone basis, within a total of five investments on the portfolio, including international expansion and consolidation strategies.