Oxy Capital
Oxy Capital is a leading Portuguese alternative asset manager with more than €1. 4 billion under management across private equity, special situations, and public-market strategies.
About Oxy Capital
Founded in 2012 during Portugal’s economic recovery period, Oxy Capital has grown into one of the country’s most sophisticated independent investment managers. Its origins in corporate restructuring shaped a culture built on rigorous analysis, operational improvement, and close engagement with portfolio companies. Over time, the firm expanded into growth capital, special situations, and public-market investing, evolving into a multi-strategy platform with offices in Lisbon and Milan.
Open Opportunities
Currently accepting new investments
Mercúrio Fund II, FCR
Mercúrio Fund II, FCR is a closed-ended private equity fund managed by Oxy Capital, focused on acquiring and transforming mature Portuguese SMEs. Launched in 2025, it targets special situations, operational turnarounds, and growth-stage opportunities while remaining fully compliant with Portugal’s post-2023 Golden Visa rules and maintaining zero real-estate exposure.
Portugal Liquid Opportunities, FCR
Open-ended, FACTA-compliant public equities vehicle managed by Oxy Capital – SGOIC, S.A., investing over 60% in Portuguese listed equities and under 40% in international equities via Oxy's proprietary strategy; perpetual subscriptions with daily liquidity and no redemption fee after three years for Golden Visa investors.
Key Highlights
Strategic Crisis-Era Foundations
Born during Portugal’s post-crisis restructuring period, Oxy developed rare expertise in reviving struggling companies and executing complex operational turnarounds across multiple sectors.
Dual-Market European Presence
With hubs in Lisbon and Milan, the firm accesses deeper industrial deal flow, giving investors broader exposure than managers focused solely on the Portuguese market.
Major Transaction Capability
Oxy has executed notable deals such as acquiring a 25% stake in Brasmar and backing unicorn Feedzai, demonstrating strong access to both traditional and high-growth opportunities.
Hands-On Investment Approach
The team works directly with company leadership, shaping strategy, capital allocation, and operations rather than acting as a passive financial investor.
Meaningful Partner Co-Investment
Oxy’s senior partners commit substantial personal capital to their strategies, creating strong alignment with investor interests and reinforcing long-term accountability.
Private Equity Discipline in Public Markets
The firm applies intensive research and concentrated positioning to listed companies, blending private-equity decision-making with the liquidity of public markets.
Favorable for U.S. Investors
Oxy’s public-equity structures are often easier for U.S. citizens navigating FATCA and PFIC rules compared to traditional private equity or venture capital funds.
Independent Verification of Results
Top-tier auditors validate performance reporting for key strategies, providing investors with an extra layer of transparency and reliability.
Social Impact Integration
Oxy actively promotes profit-sharing models within its portfolio companies, supporting fairer value distribution and stronger employee participation in long-term gains.
Liquidity Without Complexity
Unlike 7–10-year lock-up funds, Oxy offers Golden-Visa-eligible vehicles with real liquidity options, giving investors flexibility without compromising eligibility rules.
Team
Bernardo Canedo Gomes is a Senior Associate at Oxy Capital, where he supports transaction execution and portfolio value creation across multiple...
Bernardo is an Associate at Oxy Capital, working across deal analysis, portfolio monitoring and strategic support to several industrial and...
Francisco Gião is an associate at OxyCapital, contributing to transaction execution, financial modelling, and portfolio strategy across multiple...
Gonçalo Mendes is a founding partner at Oxy Capital and one of the firm’s key strategic leaders. With a background that includes an MBA from Harvard...
Guilherme Valadares Carreiro is a Partner at Oxy Capital and one of the leads behind its Liquid Opportunities and Golden Visa-focused strategies....
Igor Pereira is a long-standing Partner at Oxy Capital with more than a decade of experience driving the firm’s investment strategies. Before joining...
Marco Henriques is a Partner at Oxy Capital and has been with the firm since 2012, working across investment execution, operational turnaround, and...
Marta Mendes is an Associate at Oxy Capital, where she supports investment analysis, transaction execution and portfolio value creation. She joined...
Frequently Asked Questions
Oxy blends proprietary research with deep industry networks in Portugal and Italy. Many opportunities come through direct outreach, sector experts, and longstanding relationships with founders, family businesses, and corporate leaders.
Their team spends significant time onsite with companies, reviewing operations, supply chains, and leadership dynamics. This “ground truth” approach often reveals strengths or risks that don’t appear in financial statements.
Most strategic actions are led internally. Oxy frequently appoints board members, restructures governance, and collaborates closely with management rather than outsourcing oversight to temporary consultants.
While selective, Oxy avoids over-concentration in any single industry. Its portfolios typically include a mix of industrials, consumer goods, technology, and export-driven businesses to balance cyclical and defensive themes.
Yes. The team actively adjusts its opportunity set based on economic conditions, leaning into special situations during downturns and growth-orientated plays when market sentiment strengthens.
Support varies by company but often includes capital allocation guidance, margin-improvement initiatives, expansion planning, and helping management teams professionalise financial reporting and governance.
Investors receive detailed periodic reports, portfolio updates, and commentary explaining performance drivers. Oxy’s transparency allows investors to understand both the strategic rationale and ongoing execution.
Yes. Oxy occasionally collaborates with European institutional investors on larger transactions, giving its portfolio companies access to broader expertise and additional capital when needed.
Contact & Regulatory Information
Contact Details
Regulatory Information
Get in Touch with Oxy Capital
Contact the fund manager team. They will respond within 24-48 hours.