A new report suggests Portugal’s private equity sector is poised for a significant rebound in 2026, driven by improved financing, technology integration, and growing international interest, especially in mid-cap deals and cross-border investments.
A new report from strategy consultancy Roland Berger signals a turning point for private equity in Portugal as markets head into 2026. According to the firm’s European Private Equity Outlook 2026, more than three quarters of industry practitioners expect deal volumes to pick up, a recovery the report links to improved financing environments and the resumption of transactions that had been postponed during the past two years.
Roland Berger identifies the Iberian Peninsula as an increasingly attractive destination for cross‑border investment, describing Portugal and Spain as “safe harbours” for international capital. The consultancy notes that, although the region experienced a modest 5% fall in transaction volume between 2024 and 2025 while the broader European market expanded by about 13%, sentiment among investors points to a clear reversal in 2026. The firm also highlights greater activity in sponsor‑to‑sponsor sales, a resurgence in strategic buyer transactions and renewed momentum in initial public offerings as market conditions stabilise.
João Cunha, Principal at Roland Berger, argued that “Portugal e Espanha encontram-se bem posicionados para capitalizar as oportunidades emergentes”, adding that “este dinamismo não só reflete a resiliência destes mercados, como também evidencia o potencial para retornos substanciais sobre o investimento. Olhando para o futuro, a aposta na inovação e no crescimento sustentável em Portugal e em Espanha irá, certamente, atrair mais capital, tornando este um momento particularmente estimulante para os investidores de Private Equity na região”.
The report sets out three priority themes shaping fund strategies next year. First, the integration of digital technologies and artificial intelligence into portfolio companies is presented as a central route to operational improvement and value creation. This emphasis on AI in deal rationale is echoed by other industry studies: PwC’s 2026 M&A outlook found that AI was a prominent strategic driver in large corporate transactions, while SI Global’s 2025 M&A insights show half of buyers view AI and machine learning among their top investment priorities. Separate research referenced by Roland Berger and industry commentators suggests rising practical adoption of generative AI in M&A workflows, with surveys indicating a growing share of deal professionals already using such tools and many more planning to do so within a few years.
Second, the mid‑market is expected to lead activity, as small and mid‑cap companies typically present more reasonable valuations and numerous consolidation opportunities. Roland Berger anticipates add‑on acquisitions will be a key mechanism for scaling platforms and extracting operational efficiencies in this segment. Third, funds are likely to concentrate on sectors judged to be resilient and to benefit from structural tailwinds: technology and software, healthcare and logistics feature prominently in investor preferences.
The Roland Berger study draws on responses from roughly 3,500 private equity practitioners and M&A advisers across Europe, and reports that while half of respondents still regard valuation multiples as high, about 40% now consider assets to be fairly priced. The consultancy warns that successful deals in the coming cycle will hinge on clearly articulated and internally validated value‑creation plans presented early in investment committees’ decision processes. “O sucesso dependerá cada vez mais da preparação estratégica prévia e da capacidade de apresentar, desde o início, planos de criação de valor claros e validados internamente, capazes de assegurar aprovação célere nos comités de investimento”, the report stresses.
Local market observers in Spain and Portugal have similarly detected renewed appetite for private capital. According to reporting on Roland Berger’s regional insights, Iberia’s relative growth prospects and its role as a gateway to Latin America reinforce its appeal to foreign investors, particularly in the mid‑market. That view aligns with previous analysis, which positioned the region as a strategic foothold for Southern European deals and cross‑border expansion.
Taken together, these assessments portray 2026 as a year in which better financing conditions, a heavier focus on technology and AI, and concentrated interest in mid‑cap consolidation could revive dealflow in Portugal. Funds will need to demonstrate concrete operational roadmaps and employ digital levers effectively if they are to convert improving sentiment into realised returns.
- https://jornaleconomico.sapo.pt/noticias/private-equity-em-portugal-2026-sera-o-ano-da-retoma-impulsionado-por-ma-e-ia/ – Please view link – unable to able to access data
- https://www.rolandberger.com/en/Insights/Publications/European-Private-Equity-Outlook-2026.html – Roland Berger’s ‘European Private Equity Outlook 2026’ reveals that over 75% of industry professionals anticipate an increase in mergers and acquisitions (M&A) activity. The report highlights that Portugal and Spain are viewed as ‘safe harbours’ for international capital, with expectations of a recovery in the private equity market in 2026, driven by improved financing conditions and the resumption of previously delayed M&A transactions. The study also underscores the central role of digitalisation and artificial intelligence (AI) in private equity strategies for 2026.
- https://www.pressdigital.es/articulo/economia/2026-03-03/5793119-consultora-roland-berger-detecta-apetito-creciente-private-equity-espana – Roland Berger’s study, ‘Expert insight from Spain & Portugal del European Private Equity Outlook 2026’, identifies a growing appetite for private equity in Spain. The report describes the Iberian region as a ‘safe harbour’ offering more attractive economic growth conditions compared to the rest of Europe. Despite a gradual recovery in the Spanish market, there is a clear appetite for increased activity, with both investors and sellers poised to unlock growing liquidity in the mid-market segment.
- https://www.rolandberger.com/en/Insights/Publications/European-Private-Equity-Outlook-2025.html – Roland Berger’s ‘European Private Equity Outlook 2025’ anticipates increased M&A activity, with a cautious approach prevailing among investors who carefully analyse arising opportunities. The report highlights a clear preference for quality assets in sectors benefiting from robust tailwinds, such as healthcare and digital solutions, as well as those with substantial consolidation potential, including business and industrial services and agriculture. The study also notes that Iberia serves as a crucial platform in Southern Europe and a bridge to Latin American markets, making it an attractive destination for international investors.
- https://econews.pt/2025/02/06/technology-the-new-diamond-of-portuguese-mergers-and-acquisitions/ – A Bain survey of over 300 M&A professionals indicates that 21% are currently using generative AI in their processes, a 16% increase from the previous year, with one in three anticipating its use by the end of the year. The study suggests that generative AI could be utilised in all stages of an M&A process within the next five years, highlighting its growing importance in deal-making.
- https://www.pwc.ch/en/insights/strategy/m-and-a-industry-trends-2026-outlook.html – PwC Switzerland’s ‘M&A Industry Trends: 2026 Outlook’ reports that AI is accelerating strategic change across industries, influencing decisions on scale, capabilities, data, and talent. The analysis of the 100 largest corporate M&A transactions in 2025 shows that around one-third explicitly cited AI as part of their strategic rationale, with mentions most frequent in technology, manufacturing, and power and utilities sectors.
- https://www.siglobal.com/insights/global-ma-insights-report-2025 – The ‘M&A Insights Report 2025’ by SI Global reveals that 70% of surveyed buyers expect M&A volumes to rise in 2026, indicating growing optimism despite challenges like inflation, interest rates, and geopolitical uncertainty. The report highlights that AI has become a defining theme in deal-making, with 50% of survey respondents identifying AI and machine learning as top investment priorities for the year ahead.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article references Roland Berger’s ‘European Private Equity Outlook 2026’, published on January 19, 2026. The article was published on March 4, 2026, indicating a freshness of approximately 45 days. ([rolandberger.com](https://www.rolandberger.com/en/Insights/Publications/European-Private-Equity-Outlook-2026.html?utm_source=openai)) The content appears original, with no evidence of being republished across low-quality sites or clickbait networks. The narrative is based on a recent press release from Roland Berger, which typically warrants a high freshness score. However, the article includes updated data but recycles older material, which raises concerns about the originality of the content.
Quotes check
Score:
7
Notes:
The article includes a direct quote from João Cunha, Principal at Roland Berger: ‘Portugal e Espanha encontram-se bem posicionados para capitalizar as oportunidades emergentes.’ A search for this quote reveals it is used in Roland Berger’s press release dated March 4, 2026. ([mynewsdesk.com](https://www.mynewsdesk.com/rolandberger/pressreleases/positive-momentum-european-private-equity-sector-expects-increased-level-of-m-und-a-transactions-with-pe-involvement-3311697?utm_source=openai)) The identical quote appears in earlier material, indicating potential reuse. The wording of the quote is consistent across sources, suggesting no discrepancies. However, the reliance on a single source for this quote raises concerns about its independent verification.
Source reliability
Score:
9
Notes:
The article originates from Jornal Económico, a Portuguese news outlet. While it is a niche publication, it is reputable within its domain. The lead source is Roland Berger, a major consulting firm, which adds credibility. However, the article appears to be summarising or rewriting content from Roland Berger’s press release, which may affect the independence of the information presented.
Plausibility check
Score:
8
Notes:
The claims made in the article align with industry trends, such as the expected increase in M&A activity and the integration of AI into private equity strategies. These trends are supported by Roland Berger’s ‘European Private Equity Outlook 2026’. ([rolandberger.com](https://www.rolandberger.com/en/Insights/Publications/European-Private-Equity-Outlook-2026.html?utm_source=openai)) The article lacks specific factual anchors, such as names, institutions, or dates, which reduces its credibility. The language and tone are consistent with the region and topic, and there is no excessive or off-topic detail. The tone is formal and appropriate for a corporate report, suggesting no issues with language or tone.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information from Roland Berger’s ‘European Private Equity Outlook 2026’, published on January 19, 2026. ([rolandberger.com](https://www.rolandberger.com/en/Insights/Publications/European-Private-Equity-Outlook-2026.html?utm_source=openai)) While the content is relatively fresh, it appears to be summarising or rewriting Roland Berger’s press release, which may affect the independence of the information presented. The reliance on a single source for verification, particularly a press release from the same entity, raises concerns about potential bias and the lack of independent verification. The article lacks specific factual anchors, such as names, institutions, or dates, which reduces its credibility. Therefore, the overall assessment is a FAIL with MEDIUM confidence.