Horizon Equity Partners

What Horizon Equity Partners does

Horizon Equity Partners is an independent Portuguese alternative asset manager founded in 2017 and headquartered in Lisbon, operating through two regulated entities: Horizon Equity Partners SCR, S.A. (CMVM-authorized since April 2025) and Horizon Equity Partners Management II S.à r.l. (CSSF-registered AIFM in Luxembourg since November 2020). The firm invests across two business lines: (1) Infrastructure — long-term, resilient assets in Iberia with primary focus in Portugal across energy transition, essential services, and social infrastructure (e.g., motorway concessions, hospital PPPs, solar portfolios, telecom towers); and (2) Private Equity — Portuguese small and mid-cap companies through Growth Equity, Leveraged Buyouts, and Distressed-to-Control approaches, with sector focus on industrials, healthcare, tourism, transport, logistics, agrobusiness, and services. Fund vehicles include Horizon Growth Fund I (€82M subscribed capital as of 2024, up from €70M at launch), HEP Follow-On Fund, and HEP Fund I, with cumulative capital invested exceeding €150M across energy transition, social services, telecommunications, and transportation assets.

The firm monetizes through management fees on committed capital under management plus carried interest on fund returns, with terms negotiated bilaterally with institutional investors. Distribution is direct-to-institutional via anchor support from Banco Português de Fomento (Programa Consolidar) and the European Investment Fund. The platform is built around a 15-person team including four founding partners with multi-sector experience, applying an ESG framework aligned with UN PRI and SFDR Article 8. Differentiation rests on local origination depth (8% proprietary deal flow, all portfolio companies Portugal-based), dual regulatory standing, and active engagement in portfolio operations — including roll-up plays such as TEEM, S.A., which consolidates five Portuguese telecom infrastructure and renewable energy companies.

Name

Horizon Equity Partners

Legal name

Horizon Equity Partners, S.A.

Website

https://horizonequitypartners.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Horizon Equity Partners is an independent Portuguese fund manager headquartered in Lisbon that invests in Iberian infrastructure assets and Portuguese small and mid-cap companies via PE buyout and growth strategies, managing over €150M in capital across funds including the €82M Horizon Growth Fund I.

Ownership category

akta.pro rank

Product category

Private Equity and Infrastructure Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

akta.pro secondary industries

Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA), Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

Keywords

• Private equity funds
• Infrastructure investment
• Fund management services
• Portfolio management
• Alternative investments

Headquarters

HQ city

Lisbon

HQ country

Portugal

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Horizon earns management fees on committed capital under management across its funds including HEP Growth Fund I (€70-82M subscribed capital), HEP Follow-On Fund, and HEP Fund I. Fees are typically calculated as a percentage of committed capital under management.
2. Carried Interest: Performance-based carried interest on fund returns, typically earned after returning capital to investors and achieving hurdle rates. Horizon Growth Fund I dedicated to Portuguese lower mid-market buyout and growth segment.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Horizon Equity Partners is an independent Portuguese fund manager that invests in high-quality infrastructure assets and Portuguese small/mid-cap private equity opportunities through multiple fund vehicles. The firm manages Horizon Growth Fund I (€82M subscribed capital) for lower mid-market buyout and growth investments, plus the HEP Follow-On Fund and HEP Fund I for infrastructure assets. Investments span energy transition, essential services, social infrastructure, telecommunications infrastructure, healthcare, textiles, precision manufacturing, and renewable energy, with all deals screened through an ESG framework aligned with UN PRI and SFDR Article 8.

Product overview

Horizon Equity Partners is an independent Portuguese fund manager offering two core investment services: Infrastructure investment targeting long-term resilient assets in Iberia (Portugal focus) across energy transition, essential services, and social infrastructure; and Private Equity investment in Portuguese small and mid-cap companies through Growth Equity, Leveraged Buyouts, and Distressed-to-Control approaches. The firm manages multiple fund vehicles including Horizon Growth Fund I (€82M private equity fund), HEP Follow-On Fund, and HEP Fund I. The product portfolio includes diverse portfolio companies across telecommunications infrastructure (TEEM/SinalCabo, Omtel), mobility infrastructure (Euroscut Açores, Campo Pequeno), renewable energy (Horizon PV), healthcare infrastructure (Hospital de Loures, Hospital Soerad, Haçor, Dilectus), EV charging (Wow Plug), heating solutions (Energie), precision manufacturing (Quantal), and textile manufacturing (LBT). All investments incorporate ESG integration aligned with UN PRI principles and SFDR Article 8 standards.

Differentiator

Problem solved

Functional benefit

Products and services

• Horizon Growth Fund I Private equity fund with €82 million in subscribed capital dedicated to the Portuguese lower mid-market buyout and growth segment. Targets companies across industrials, healthcare, tourism, transport, logistics, agrobusiness, and services.
• HEP Follow-On Fund Infrastructure fund vehicle used by Horizon for follow-on investments and acquisitions, including the 65% stake acquisition in Euroscut Azores toll road concession in partnership with RiverRock.
• HEP Fund I Original Horizon infrastructure fund vehicle that invested in long-term infrastructure assets such as the Campo Pequeno Parking Facility.
• Infrastructure Investment Services Long-term, resilient infrastructure asset investment service in Iberia (primarily Portugal) across energy transition, essential services, and social infrastructure with positive impact focus.
• Private Equity Investment Services Investment service for Portuguese small and mid-cap companies using Growth Equity, Leveraged Buyouts, and Distressed-to-Control approaches across industrials, healthcare, tourism, transport, logistics, agrobusiness, and services.

Quantifiable outcome

• Over €150 million committed to energy transition, social services, telcos and transportation assets
• +1 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• CMVMcoreOthersComissão de Mercado de Valores Mobiliários is the investment and asset management services regulator of Portugal. Horizon SCR is registered with CMVM.
• CSSFcoreOthersCommission de Surveillance du Secteur Financier is the financial services regulator of Grand-Duchy of Luxembourg. Horizon Equity Partners Management II S.à r.l. is registered with CSSF as AIFM.
• Atena Equity PartnerscoreStrategic or Co-development PartnerHorizon, Atena and 3T Portugal jointly acquired Hospital Soerad in Torres Vedras, Portugal in December 2022. This was their second joint healthcare acquisition after Hospital Particular de Almada.
• 3T PortugalcoreStrategic or Co-development PartnerJoint venture partner with Atena Equity Partners in healthcare acquisitions. Horizon, Atena and 3T Portugal acquired Hospital Soerad in Torres Vedras.
• Ferrovial / CintraminorOthersMajor infrastructure company that sold Euroscut Azores stake. Ferrovial manages 1,262 kilometres under 22 concessions in nine countries through its toll road division Cintra.
• BDOminorImplementation/ SI/ Consulting PartnerFinancial and Tax advisor for Horizon on the Dilectus investment transaction.
• Miranda & AssociadosminorImplementation/ SI/ Consulting PartnerLegal advisor for Horizon on the Dilectus investment transaction.
• CS'AssociadosminorImplementation/ SI/ Consulting PartnerLegal advisor for Horizon on the Euroscut Azores acquisition (jointly with KPMG and A3i). Also legal advisor for LBT and TEEM investments.
• KPMGminorImplementation/ SI/ Consulting PartnerM&A, Financial and Tax advisor for Horizon on Euroscut Azores acquisition. Also financial/tax advisor for LBT, Quantal, and TEEM investments.
• A3iminorImplementation/ SI/ Consulting PartnerTraffic and Technical advisor for Horizon on the Euroscut Azores acquisition.
• VdAminorImplementation/ SI/ Consulting PartnerLegal advisor for Horizon on the Quantal S.A. investment transaction.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• RiverRock: Iberian-focused investment firm active in infrastructure and private equity. Co-investor with Horizon on the Euroscut Azores toll road acquisition, with comparable Iberian infrastructure mandate.
• ECS Capital: Independent Portuguese private equity and venture capital manager investing in Iberian SMEs. Direct peer given overlapping Portuguese mid-market PE focus and similar fund size range.
• 3T Portugal: Portuguese private equity investor specializing in healthcare and SMEs. Repeatedly partners with Horizon on healthcare acquisitions, making it the closest peer by deal overlap and target segment.
• Portugal Ventures: Portuguese state-backed venture capital and private equity firm investing across Portuguese SMEs and innovation sectors. Comparable by domestic focus, regulated status, and institutional LP backing.
• Atena Equity Partners: Portuguese private equity firm focused on Portuguese SMEs and healthcare assets. Direct co-investment partner with Horizon on Hospital Soerad and Hospital Particular de Almada, operating the same Iberian lower mid-market PE segment.
• Norfin: Iberian private equity and real estate investment manager with similar mid-market Iberian deal focus. Direct peer in Portuguese/ Iberian SME and infrastructure investing.

Broad incumbents

• Ardian: Global private investment house with significant European infrastructure and PE exposure including Iberia. Overlapping mandate in core infrastructure and mid-market PE, but with much larger AUM and broader geographic reach.
• Antin Infrastructure Partners: Listed European infrastructure investment firm with growing Iberian footprint. Overlaps Horizon's infrastructure mandate but at substantially larger scale and broader European scope.
• BPI Private Equity: Private equity arm of Banco BPI, a major Portuguese bank. Operates in the same Portuguese PE market as Horizon but as part of a larger banking group with broader capital and distribution.

Regional players

• Asabys Partners: Barcelona-based healthcare-focused private equity firm active across Spain and Iberia. Comparable by Iberian healthcare PE thesis and similar lower mid-market ticket size, though geographically Spain-led.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/horizonequitypartners

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Horizon Equity Partners