Sonae Investment Management, a subsidiary of Portugal-based conglomerate Sonaecom, has purchased stakes in three venture capital funds operated by financial services firm Novo Banco and its Espírito Santo Ventures subsidiary.
Sonae did not disclose how much it paid for its interest in Fundo de Capital de Risco Espírito Santo Ventures Inovação e Internacionalização, Espírito Santo Ventures II and Fundo de Capital de Risco Espírito Santo Ventures III.
The unit will become the lead investor in all three funds, giving it an indirect stake in 23 portfolio companies.