Alpac Capital is a generalist investment group, founded in 2013, which manages three Investment Funds regulated by the Portuguese Security and Exchange Commission (CMVM):

• A Tech Fund – East West EuVECA Fund with 6 invested companies (Dreamshaper,[1] Codevision,[2] Biometrid,[3] Login, TC2[4]) and one divested company (Petapilot[5]).

• A Telecom Fund – Luso Pannon EuVECA Fund,[6] with a qualified minority stake in the telecom conglomerate 4iG.

• A Media Fund – Future Media EuVECA Fund which controls 98% of Euronews.[7] In December 2021, Alpac Capital signed an agreement to buy the controlling stake in Lyon-based broadcaster Euronews from Egyptian telecoms magnate Naguib Sawiris.

• Besides the above mentioned Funds, the Managing Partners of Alpac Capital also own interests in Renewable Solar Energy[8][9] (Luz.ON) and Media[10] (Newsplex.SA). The solar business of Alpac has already sold 450Mw in Baixo Alentejo to Galp Energia and is licensing 700Mw with Greenvolt in Alto Alentejo.


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It was founded in 2013 and is headquartered in Lisbon. Besides its global headquarters in Lisbon, the firm also has regional offices in Budapest and Dubai. Alpac Capital makes equity investments in order to achieve active involvement in the business development of its investees.

Key people

Alpac Capital has two Founding and Managing Partners: Pedro Vargas David[11] and Luis Santos.[12] They are both alumni from the Economics degree at Universidade Nova and former Mckinsey & Co consultants. Pedro Vargas David, CEO, was also Former Head of Strategy of Jerónimo Martins and holds an MBA from Instead and Executive education from Harvard Kennedy School and Harvard Business School. Luis Santos,[13] who worked at Mckinsey for 9 years, in Europe, South America and Asia, holds an MBA from Columbia University and a PhD on Political Science and International Relations from Universidade Católica Portuguesa. Pedro is son of former Secretary of State of Portugal and former MEP in the European Union, Mário David[14][15] Luis[16] is the son of Portugal’s Coach Fernando Santos, who won the 2016 UEFA European Cup and 2019 UEFA League of Nations. Luis’ girlfriend, Isabel Figueira, is a known Portuguese actress and TV presenter.

Investments by industry


  1. ^ Forbes, Forbes. "Dreamshaper capta maior ronda de investimento recebida por uma edtech portuguesa".
  2. ^ Ntech News, Ntech News. "Codevision garante investimento de 18 milhões de euros da Alpac Capital".
  3. ^ Blog Cledara. "Hottest Startups in Portugal".
  4. ^ TC2 (28 July 2022). "Finantail Investor at TC2".
  5. ^ Eco Sapo. "Americana Sovos compra Saphety e Petapilot para entrar em Portugal".
  6. ^ Budapest Businness Journal. "4ig capital increases wind up with bartolomeu subscription".
  7. ^ Euronews. "Alpac Capital completes Euronews acquisition".
  8. ^ Solar, Energy. "Megaprojeto Solar leva 1000 milhões ao Alto Alentejo".
  9. ^ Solar, Energy. "Galp compra a Alpac metade de um projeto solar de 450 Mw em Ourique".
  10. ^ Meios e Publicidade. "Alpac controla 91% do capital da Newsplex".
  11. ^ Linkedin. "Pedro Vargas David".
  12. ^ Santos, Luís. "Luís Santos".
  13. ^ Linkedin. "Luís Santos".
  14. ^ David, Mário. "Biografia".
  15. ^ David, Mário. "Parlamento".
  16. ^ Santos, Luís. "Luís Santos, o filho milionário do selecionador nacional".