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Sovereign Private Investment Guarantee Fund of Cabo Verde

Fundo Soberano de Garantia do Investimento Privado · Cape Verde · Africa · Founded 2019 · Strategic development fund · Not an IFSWF member

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Focus

Sovereign Private Investment Guarantee Fund of Cabo Verde: what it invests in

Tourism and hospitalityRenewables and climateAgriculture and food securityIndustrials and manufacturingTransport and logisticsTechnology
Fixed incomeCash and money markets

Geography Domestic and global

Scale

Sovereign Private Investment Guarantee Fund of Cabo Verde: how big it is, and on what basis

ECV 11.55B
Total assets (balance sheet)As of

In US dollars: about USD 0.123B. Converted at the fixed 110.265 escudos per euro and EUR 0.85106 per US dollar (ECB, 31 December 2025).

Transparency

Sovereign Private Investment Guarantee Fund of Cabo Verde: what it publishes

8.0 of 10 Band 4 of 5

Published 7 · Partly 2 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Total assetsS5
ECV 11.55B (about USD 123M, end 2025)
As of
Net profit 2025S5
ECV 151.6M
As of
Guarantee requestsS3
32 (to end 2024)
As of
Guarantees outstandingS3
3 (end 2024)
As of
Capital targetS8
EUR 200M to 500M
Transparency scoreS5
8 of 10
As of

At a glance. Cabo Verde's sovereign fund, the FSGIP, guarantees bond issues and loans of private Cabo Verdean companies so they can borrow on better terms, including abroad. Created in 2019 with EUR 100 million of capital, it invests that capital in euro government bonds managed by the Banco de Portugal. Audited total assets were ECV 11.55 billion at end 2025, about USD 123 million. S1 S6 S3 S5 S7

Key points

  • Guarantees only private companies; firms more than 25 percent state-owned are excluded. S6
  • Favours priority sectors, poorer regions, job creation, local inputs and energy efficiency. S6
  • Received 32 guarantee requests by end 2024; three guarantees were outstanding, all performing. S3
  • Plans to grow capital to EUR 200 million, then up to EUR 500 million. S8
  • Net profit was ECV 151.6 million in 2025, its third year in profit. S5
  • Audited by EY Cabo Verde; 2025 accounts signed in June 2026. S5

Interesting facts

  • Its seed money came from a 1998 trust fund that backed the escudo-euro peg. S3
  • The Banco de Portugal manages its main bond book free of charge. S5
  • Its first hotel guarantee backed a listed bond for a Four Points by Sheraton in Mindelo. S3

Mandate and goals

The FSGIP guarantees securities issued by private Cabo Verdean firms on regulated markets and loans to them, helping large-project sponsors reach capital markets, particularly foreign ones. S6 S8

  • Open capital markets to private Cabo Verdean companies. S8
  • Back projects in priority sectors and less dynamic regions. S6
  • Preserve capital in safe euro bonds. S3

How it invests

IndustriesTourism and hospitality, Renewables and climate, Agriculture and food security, Industrials and manufacturing, Transport and logistics, Technology S3 S5
Asset classesFixed income, Cash and money markets S3
StagesCredit, Public markets S3
GeographyDomestic and global. Guarantees in Cabo Verde; capital in euro-area government bonds S3
Direct / through funds / co-investYes / No / No S3
Ticket sizeNo guarantee size is published. S3
External managersBanco de Portugal manages the marked-to-market portfolio S5
Co-investment programmeWorks with partner banks and the Cabo Verde stock exchange S9

Asset mix: France (MTM book) 39.8%, Germany (MTM book) 36.9%, Spain (MTM book) 16.1%, Belgium (MTM book) 6.7%, Cash (MTM book) 1.1% (as of 2024-12-31) S3

Past investments

YearInvestmentTypeSectorStageAmount
2024MASEYKA Holdings bond for Four Points by Sheraton Laginha Beach. Guarantee for a listed bond co-financing a Mindelo hotel; first large hotel guarantee. S3Direct investmentTourism and hospitalityCreditNot published
2023Renewable energy project financing. The fund's first guarantee. S3 S8Direct investmentRenewables and climateCreditNot published
2025APP Solar project. Energy transition project named in the 2025 report. S5Direct investmentRenewables and climateInfrastructureNot published
2024Euro sovereign bond portfolio (MTM). German, French, Spanish and Belgian government bonds; duration 10.8 months. S3Direct investmentMulti-sectorPublic marketsEUR 80.74M market value
2024Hold-to-maturity bond book. Spanish, French and Italian bonds; duration 5.9 years. S3Direct investmentMulti-sectorPublic marketsEUR 10.49M market value

Case studies

Laginha Beach hotel bond S3

  • What: Guaranteed a bond listed on the Cabo Verde stock exchange by MASEYKA Holdings to co-finance a Four Points by Sheraton in Mindelo.
  • When: 2024
  • Size: Not published
  • Why: Tourism is a priority sector, and the guarantee lets a local sponsor raise long-term market funding.
  • Outcome: The guarantee book was performing with no impairment at end 2024.

Turning a currency trust into a guarantee fund S3 S1

  • What: Moved EUR 90M from the extinguished escudo stabilisation trust fund into the new fund.
  • When: 2019
  • Size: EUR 100M initial capital
  • Why: To use idle reserves to unlock private investment.
  • Outcome: Assets reached ECV 11.55B by 2025.

Investment process

A three-member board, appointed by the finance minister after hearing the chambers of commerce, approves guarantees under a procedures manual. Chamber and tourism leaders sit on an advisory board; a statutory auditor reviews the accounts. S3

CommitteeRole
Advisory BoardPresidents of the chambers of commerce and tourism S3
  1. A company applies through a partner bank or a stock exchange issue. S5 S3
  2. The fund scores the request against sector, region, jobs and energy criteria. S6
  3. The board approves and issues the guarantee. S3

How to approach: Companies approach through partner banks or the contact page; the website application form is for jobs only. S10

Size and returns

  • Headline size: ECV 11.55B (Total assets (balance sheet), as of 2025-12-31) S5 S7
  • In US dollars: about USD 0.123B. Converted at the fixed 110.265 escudos per euro and EUR 0.85106 per US dollar (ECB, 31 December 2025).
  • Total equity: ECV 11.50B (Net assets or equity, as of 2025-12-31) S5
  • Initial capital: EUR 100M (Committed or authorised capital) S8
  • Return, 2024: 3.48 percent (marked-to-market portfolio; 0.61 percent on the hold-to-maturity book) S3
  • Size over time (CVE billion): 2023 11.15, 2024 11.44, 2025 11.55 S3 S5

Leadership

NameTitleSince
Joao Carlos Tavares FidalgoChairman of the Board S42025-03-31
Paula Ermelinda de Figueiredo VieiraExecutive Director S8Not published
Jose Luis SemedoNon-executive Director S8Not published
Joao Pedro Lima Lopes SpencerBoard member S42025-03-31

Governance and transparency

  • Legal basis: Law 65/IX/2019, amended by Law 111/IX/2021 and Law 6/X/2022 S4
  • Oversight: Ministry of Finance; board, advisory board and statutory auditor S3
  • Auditor: EY Cabo Verde S5
  • Liable only for its own obligations as an autonomous patrimony. S3

Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, annual return, asset allocation, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S3 S4 S5 S8
  • Partly published: geographic or sector split, holdings or deal list. S3
  • Not published: long-term returns. S5

History

DateEvent
1998Escudo stabilisation trust fund created. S3
2019-08-14Law 65/IX/2019 creates the fund. S1
2023First guarantee issued; State adds ECV 100M. S8
2024Laginha Beach hotel bond guarantee. S3
2025-03-31Board recomposed under Joao Fidalgo. S4
2026-06-30EY signs 2025 accounts. S5

For family offices

Guaranteed bonds listed on the Cabo Verde stock exchange are open to private buyers, though the fund runs no programme aimed at families. S3

Reports

Common questions

What is the Cape Verde sovereign fund?

The FSGIP, created in 2019 to guarantee bond issues and loans of private companies. S1

How big is it?

ECV 11.55 billion of total assets at end 2025, about USD 123 million. S5

Who leads it?

Joao Carlos Tavares Fidalgo, chairman since March 2025. S4

Does it invest in companies?

No equity; it holds euro government bonds and issues guarantees. S3

Is it an IFSWF member?

No. S2

All sovereign wealth funds in Africa · All strategic development funds · All funds in Cape Verde

Sources

  1. S1FSGIP, Law 65/IX/2019 creating the fund (Portuguese)
  2. S2IFSWF, members list
  3. S3FSGIP, Annual Report and Accounts 2024
  4. S4Boletim Oficial, board appointments of 31 March 2025 (Portuguese)
  5. S5FSGIP, Annual Report and Accounts 2025, EY audited (Portuguese)
  6. S6FSGIP, What we do (Portuguese)
  7. S7Frankfurter, ECB reference rates for 31 December 2025
  8. S8FSGIP, Who we are (Portuguese)
  9. S9FSGIP, News (Portuguese)
  10. S10FSGIP, Contacts

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.

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