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Decree Law No. 38/2020

Publication: Republic Diary No. 137/2020, Series I of 2020-07-16
  • Issuer: Presidency of the Council of Ministers
  • Diploma Type: Decree Law
  • Number: 38/2020
  • Pages: 4 - 6

Summary in plain english

What is it?

This decree-law creates the “Transfer and Disposal” Venture Capital Fund, hereinafter referred to as Fund.

What is going to change?

It envisages the creation of a new fund, which will allow the management of venture capital participations in companies, benefiting from their valuation, with a view to their short-term sale to private investors.

The Fund's capital will be paid up by means of the entry of the stakes that IAPMEI - Agência para a Competitividade e Inovação, I.P. holds or will hold by sharing the assets of the funds in liquidation, as well as of ancillary liquidity.

Portugal Capital Ventures - Sociedade de Capital de Risco, S.A. is responsible for the management of the Fund, since it is an entity integrated in the State's business sector, in which IAPMEI holds a majority stake.

What advantages does it bring?

This decree-law guarantees an efficient management of the stakes transmitted to IAPMEI, as a result of the liquidation of venture capital funds in which IAPMEI participates.

When does it enter into force?

This decree-law enters into force on 17 July 2020.

Original Version


  • Legal translator is the translation of texts within the field of law


Legislative consolidation integrates the various amendments and rectifications made into an original legal diploma in order to make its consultation more accessible to the citizen.