Indirect SIFIDE was, for years, one of the main drivers for attracting private capital to the venture capital ecosystem in Portugal. Its elimination, approved by the Council of Ministers following legislative authorization from the Assembly of the Republic, fits within the context of Portugal's commitments to reduce fiscal benefits assumed before the European Commission, but the author, Lurdes Gramaxo, president of Investors Portugal, believes this decision should have been made on a more robust factual basis and with a more thorough analysis of its consequences.
The author disputes the idea that capital was "parked" in SIFIDE funds, noting that data demonstrates the opposite. At the end of 2024, SIFIDE funds had approximately one billion euros, a value that had already decreased to 549 million euros by February 2026, according to a study by Investors Portugal. This investment pace is consistent with the normal lifecycle of a venture capital fund, which ranges between three and five years. However, the Early Stage Investment Barometer, published in July 2026, reveals that 76% of investors stated they had made fewer investments in the first half of 2026, signaling a financing shortage in the ecosystem.
A Nova SBE study on the economic impact of venture capital funds and SIFIDE funds in Portugal demonstrates that, although there is an initial cost to the State, this is temporary, while the benefits for companies and the economy are permanent. In the first two years, additional revenue from VAT, income tax, social contributions, and corporate tax already exceeds the cost of the fiscal benefit. Every 100 million euros invested in venture capital generates a 1.01% increase in GDP over ten years. Venture capital more than doubles the creation of jobs and the turnover of invested companies, in addition to more than tripling their profitability.
The national innovation ecosystem has demonstrated its capacity to create value, with the technology sector already representing approximately 1% of national GDP, growing at more than 10% per year and employing approximately 28,000 highly qualified professionals. The author leaves the question about what instruments will replace SIFIDE and argues that the discussion should focus on how Portugal intends to continue financing innovation and entrepreneurship in a consistent manner, calling for stable, predictable, long-term oriented public policies and a national strategy that ensures continuity and confidence for those who invest and undertake.
