Thumb Up Ícon

One of the most traditional Private Equity firms in Portugal with a large experience in the full cycle of private equity through multiple economic cycles.

Star Ícon

Team with accumulated experience of more than 100 years in Private Equity, M&A and Business Development.

Cards Ícon

127 deals completed on the aggregate of the team at Inter-Risco, representing more than € 220 Mn investment, before the acquisition by new controlling partners in the end of 2022.

Money Ícon

Access to the most important players all over the world due to the deals and expertise of the new controlling partners.


At IR Capital, our value proposition lies in our unique blend of expertise, global reach and strategic focus. As a mid-cap private equity firm operating in Southern Europe with strong commercial ties to Latin America, we offer a compelling proposition for investors seeking lucrative opportunities and diversified portfolios.


With a deep understanding of both European and Latin American markets, we possess the expertise required to navigate the complexities of cross-border investments.
Our team has a proven track record of successfully executing structured deals and handling special situations, enabling us to unlock hidden value and capitalize on unique investment prospects.


Our commercial ties with Latin America provide us with a robust network of trusted partners, industry experts and local connections.
This invaluable network strengthens our deal origination capabilities and allows us to access exclusive investment opportunities across sectors and geographies.
We leverage our extensive relationships to gain unique insights and drive superior returns for our investors.


We specialize in mid-cap investments, recognizing the untapped potential and attractive valuations that these companies offer. Our dedicated focus allows us to provide personalized attention and support to our portfolio companies, helping them achieve sustainable growth and operational excellence. We actively collaborate with management teams to implement value-enhancing strategies and drive long-term success.


We excel in structuring complex deals and addressing special situations, including distressed assets and growth-oriented investments. Our ability to identify hidden value and tailor creative solutions allows us to seize opportunities where others may see challenges. By leveraging our expertise, we can optimize risk-adjusted returns and deliver superior outcomes for our investors.


We uphold the highest standards of transparency, integrity and corporate governance in all our operations. We prioritize open communication, active engagement and ethical practices to build trust with our investors, portfolio companies and stakeholders. Our commitment to responsible investing ensures that environmental, social and governance considerations are integrated into our decision-making processes.

Who we are

1st Portuguese Private Equity firm, operating for 35 years

Imagem descritiva de cooptação de investidores
Imagem descritiva de cooptação de investidores

One of the first Private Equity firms in Portugal, operating since 1988 with deep experience in the full cycle of Private Equity

Private Equity

Years > 35

Team Experience
in PE

Years > 70


> Eur 220 Mn invested


> Anchor # 15
Companies # 112 add-ons

Projects with

# 15 Projects
c. 110 Mn of investment


# 27 Co-Investors
c. 30% international investors

Ratio of I-R
Investment to

1 : 1

Inter-Risco 2022

> 2.15x
Average CoC of last 2 exits


c. # 1,050
Analysed opportunities, 2010-19


New partners Juan Carlos Felix and Hussein Semedah, acquired control of I-R Capital in 2022, aggregate global exposure and diverse sector specific experience to the company

Foto de Juan Calors Felix

Juan Carlos Felix


Juan Carlos has more than 20 years of expertise in Business Strategy and Private Equity.
Ex-Managing partner and Co-head of The Carlyle Group in Brazil and South America for 10 years, where he raised more than US$ 1.5 Bn and led deals of c. US$ 3 Bn across 15 transactions. Before he was a partner at McKinsey for 8 years.
He holds an Economics degree from Pontifica Universidade Catolica of Quito and an MBA from Harvard Business School.

Logo da Harvard
Logo da MCKinsey
Logo da TheCaryleGroup
Foto de Hussein Semedah

Hussein Semedah


Hussein has a extensive experience in founding, scaling and leading businesses in different sectors & geographies.
He owned, led and/or directed portfolios of large and medium size industrials and service companies in sectors ranging from construction chemicals, chemicals manufacturing and distribution, paper mills, infrastructure, environmental services, oil and gas and real estate development.
He is an alumnus of both the Harvard Business School and SDA Bocconi, School of Management and has a Bachelor in Engineering from Farleigh Dickinson University.

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The added values for I-R

At I-R, the full PE cycle in just 14 months

Local team

Over 70 years of accumulated experience in M&A and Business Development in Portugal

Investment Team

Foto de João Amaro

João Amaro


At Inter - Risco since 2010, he has more than 25 years of experience in M&A. He was a Corporate Finance partner at Deloitte, Director of Corporate Finance and auditor at PwC and senior equity analyst at Morgan Stanley. Graduated in Management from the University of Coimbra. He has several executive management and leadership courses. He is an alumnus of IMD Business School, Porto Business School, Nova Business School and Universidade Católica.

Foto de Isabel Martins

Isabel Martins

Investment Director

In Inter-Risco since 2010, holds +20 years of experience in Private Equity.
Former Investment Director at Portugal Ventures, experienced in SME in the industrial, consumer goods and biotech sectors.
BSc in Management and an MBA from Católica University.

Foto de Paulo Silva

Paulo Silva


In Inter-Risco since 2019, as an Associate,
+ 4 years of experience in M&A.
Former Sonae, business intelligence,
and Bank of Portugal.
BSc in Accounting and Management by ISCAP, MSc in Finance by Porto University, and executive course in M&A from Católica University.

Support Team

Foto de Isabel Martins

Sílvia Almeida

Chief Financial Officer

In Inter-Risco since 2012, holds +10 years’ experience in financial, tax, and regulatory compliance in PE, investor reporting, and HR.
Previously, +14 years’ of experience in M&A Tax, Tax Structuring, Tax Compliance, Tax Management, HR & Accounting in Big4 and multinationals.
Holds an MSc in Management from University Portucalense, a Post-Grad in Tax from ISAG, a specialization in M&A from PBS, and PE F&A Course by Invest Europe.

Foto de Paulo Silva

Isabel Ferreira

Financial Assistant

In Inter-Risco since 2013, with +20 years of previous experience in tax, accounting & HR.
Former Tax Management & Accounting Services in PwC.
Holds a BSc in Accounting from Instituto Superior da Maia and is a Certified Public Accountant.


Expert team that have investment experience in diversified sectors of the economy

Current Asset

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Current Asset

Logo de Enc Energy

Current Asset

Logo de Stay Hotels

Exited 2022

Logo de Catari

Exited 2023

Logo de MecWide Group

Exited 2022

Logo de OneVet Group

Exited 2022

Logo de Express Glass

Exited 2019

Logo de Sotkon

Exited 2017

Logo de Frissul / Frigomato

Exited 2017

Logo de MasterTest

Exited 2017

Logo de Grupo Moneris

Exited 2016

Logo de Serlima

Exited 2014

Logo de 32 Senses

Exited 2008

Logo de DouroAzul

Exited 2007

Logo de Chipidea



At I-R Capital, we firmly believe in the transformative power of Environmental, Social, and Governance (ESG) principles.

We recognize that responsible investment practices are not only essential for creating sustainable value but also for positively impacting the world around us. With unwavering dedication, we commit ourselves
to fostering long-term success and driving positive change through our ESG initiatives.

Environmental Stewardship

We are committed to minimizing our ecological footprint by investing in businesses that prioritize sustainable practices and promote environmental preservation. Through diligent analysis and engagement, we will actively seek out opportunities to support companies dedicated to reducing emissions, conserving resources, produce Green Energy and mitigating climate change risks. By championing innovative solutions and promoting circular economy models, we strive to contribute to a healthier planet for current and future generations.

Social Empowerment

We believe in building thriving communities by championing diversity, equality and social inclusion. We commit to investing in businesses that demonstrate a strong commitment to fair labor practices, human rights and fostering a culture of respect. By encouraging our portfolio companies to prioritize employee well-being, community engagement and philanthropy, we aim to make a positive impact on society, creating opportunities for all and promoting social harmony.

Governance Excellence

Transparency, accountability and ethical practices form the foundation of our governance principles. We uphold the highest standards of corporate governance, fostering integrity and trust in all our interactions. We strive to create alignment between our investors, portfolio companies
and stakeholders by actively engaging in open dialogue, respecting shareholder rights and encouraging robust risk management practices. We pledge to promote responsible business conduct and uphold the highest ethical standards in our operations.

Through our comprehensive ESG strategy, we are committed to generating superior risk-adjusted returns while making a lasting positive impact. We will regularly measure and report on our progress, aiming for continuous improvement across all ESG dimensions.

By integrating sustainability into our investment decisions and actively collaborating with our partners, we aspire to be a catalyst for change and a leading force in responsible investing.

Together, let us shape a brighter future, where financial success goes hand in hand with social and environmental progress.

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