Social Investment

Social investment is an investment strategy that aims to combine the generation of positive social impact/change with financial return, while prioritizing social objectives. It has experienced significant growth in recent years boosted by European legislation on Social Entrepreneurship Funds regulated in Portugal by the CMVM (Portuguese Securities Market Commission).

The dissemination of innovation and social entrepreneurship projects in Portugal and abroad has been playing a decisive role in attracting players such as business angels, venture capital funds, entrepreneurship and/or social investment funds and other structures. As these players prefer to invest in such "social businesses" they have been contributing to the creation of a new "impact market" in line with new ESG (Environmental, Social and Governance) trends.

VdA has been keeping a close eye on this trend from its inception and has actively contributed towards the development of this ecosystem alongside the main public and private stakeholders, including the Portugal Social Innovation Mission Unit. We have an extensive experience in providing legal advice to both social investors and promoters of social and environmental impact projects, having been involved in the most significant social investment operations in Portugal, including projects launched under the Portugal Social Innovation program.


  • Incorporating Social Entrepreneurship Funds and Enterprises
  • Supporting promoters and social investors in their transactions
  • Drafting shareholders' agreements and other relevant corporate or legal instruments to govern relations between investors, partners and promoters
  • Advising on regulatory and governance matters
  • Advising investors in Social Entrepreneurship Funds and Enterprises
  • Incorporating (non-regulated) philanthropic and/or impact "funds", establishing their governance schemes and drafting operating regulations
  • Development and implementation of training programs
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