Alpac Capital

Alpac Capital is a Portuguese investment group established in 2013 and headquartered in Lisbon, with additional regional offices in Budapest and Dubai. The firm manages investment vehicles oriented toward technology, telecommunications and media. Its publicly identified funds include the East West EuVECA Fund, focused on technology investments; the Luso Pannon EuVECA Fund, focused on telecommunications; and the Future Media EuVECA Fund, which owns a controlling interest in the European news broadcaster Euronews. The group’s investment activity is therefore concentrated on corporate and growth-capital transactions rather than consumer-facing financial products. The firm was founded and is managed by Pedro Vargas David and Luis Santos. Vargas David has been identified as Alpac Capital’s chief executive and previously held strategy responsibilities at Jerónimo Martins. Santos previously worked at McKinsey and has academic qualifications in business and political science and international relations. Through its funds and related interests, Alpac Capital has been associated with investments in technology companies including Dreamshaper, Codevision, Biometrid, Login and TC2, as well as the divested company Petapilot. Its telecommunications portfolio includes a qualified minority interest in the Hungarian telecommunications group 4iG. Alpac Capital became substantially more visible internationally through its acquisition of a controlling stake in Euronews. In December 2021, the firm signed an agreement to acquire the broadcaster from Egyptian telecommunications investor Naguib Sawiris. The Future Media EuVECA Fund subsequently became associated with control of approximately 98% of Euronews. The transaction drew political and media scrutiny because of Pedro Vargas David’s reported connections within the political environment of Hungarian prime minister Viktor Orbán and concerns about the potential effect of Hungarian influence on a pan-European news organization. These concerns were amplified by wider criticism of the Hungarian government’s record on media freedom and regulation. In April 2024, the International Federation of Journalists called for a European parliamentary inquiry into alleged Hungarian government influence over Euronews through Alpac Capital. The matter reflected concerns about editorial independence and the role of media ownership in European political communication, rather than a finding that Alpac Capital had been convicted of wrongdoing in relation to Euronews. In May 2024, Portugal’s securities regulator, the Comissão do Mercado de Valores Mobiliários, fined Alpac Capital €100,000 for deficiencies related to the prevention of money laundering and terrorist financing. The cited shortcomings included customer and counterparty identification, assessment of beneficiaries, enhanced due diligence and compliance-officer notification procedures. Beyond its principal funds, the firm’s managing partners have been associated with interests in renewable solar energy through Luz.ON and in media through Newsplex.SA. Publicly available information does not establish a complete picture of Alpac Capital’s assets under management, fund performance, institutional client base or full portfolio. Accordingly, the group is best described as a privately held Portuguese investment manager with a cross-border focus on technology, telecommunications and media, whose public profile has been shaped particularly by its Euronews ownership and subsequent regulatory and political scrutiny.

Alpac Capital was founded in Portugal in 2013 by Pedro Vargas David and Luis Santos. It developed as a private investment group with a cross-border orientation and established its global headquarters in Lisbon alongside regional offices in Budapest and Dubai. The firm’s investment model is organized around specialized funds rather than a broad retail-financial-services platform. Its principal publicly identified vehicles are the East West EuVECA Fund, the Luso Pannon EuVECA Fund and the Future Media EuVECA Fund. The technology fund invested in companies including Dreamshaper, Codevision, Biometrid, Login and TC2, and previously held an investment in Petapilot that was later divested. The telecommunications fund acquired a qualified minority position in 4iG, a Hungarian telecommunications conglomerate. The media fund became the vehicle through which Alpac Capital established its most prominent holding. In December 2021, Alpac Capital agreed to purchase the controlling stake in Euronews from Naguib Sawiris. The Future Media EuVECA Fund subsequently became associated with ownership of about 98% of the broadcaster. Euronews gave Alpac Capital a significant presence in European media and transformed the firm from a relatively obscure investment manager into a subject of political and journalistic debate. Scrutiny focused on Pedro Vargas David’s reported links to the political network surrounding Hungarian prime minister Viktor Orbán and on the possibility that ownership of Euronews could create avenues for political influence over a pan-European news outlet. These concerns were connected to broader international criticism of Hungary’s media environment. On 18 April 2024, the International Federation of Journalists called for a European parliamentary investigation into alleged Hungarian government influence over Euronews through Alpac Capital. The call reflected concerns over editorial independence and alleged attempts to shape European political communication. It did not itself constitute a judicial finding against Alpac Capital. On 31 May 2024, Portugal’s securities-market regulator fined Alpac Capital €100,000 for failures in its anti-money-laundering and counter-terrorist-financing controls. The deficiencies described publicly included incomplete customer and counterparty identification, inadequate assessment of beneficial owners, insufficient additional and enhanced due-diligence measures, and failures concerning notification and replacement of the person responsible for compliance. This regulatory action became another major element of the firm’s public record. The group has also been associated with partner interests in renewable solar energy through Luz.ON and media through Newsplex.SA. Available public sources do not provide a complete chronology of fundraising, assets under management, returns, staffing or all investments. Alpac Capital is therefore best understood as a privately held Portuguese investment group whose documented business centers on specialized technology, telecommunications and media funds, with Euronews as its most internationally prominent holding.

1. 2024Journalists’ federation requests European inquiry

   The International Federation of Journalists calls for a European parliamentary inquiry into alleged Hungarian influence over Euronews through Alpac Capital.

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2. 2024Portuguese regulator imposes compliance fine

   Portugal’s securities regulator fines Alpac Capital €100,000 for deficiencies in anti-money-laundering and counter-terrorist-financing controls.

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3. 2022Future Media EuVECA Fund becomes Euronews controlling shareholder

   The Future Media EuVECA Fund becomes associated with control of approximately 98% of Euronews following the ownership transaction.

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4. 2021Agreement to acquire Euronews control

   Alpac Capital signs an agreement to acquire the controlling stake in Euronews from Naguib Sawiris through its media investment structure.

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5. 2013Alpac Capital is founded

   Alpac Capital is established in Portugal as an investment group focused on corporate and fund-based investment activity.

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Private investment group and fund manager specializing in technology, telecommunications and media assets.

• East West EuVECA FundTechnology investment fund

  Alpac Capital’s technology-oriented fund invests in growth companies and has been publicly associated with Dreamshaper, Codevision, Biometrid, Login and TC2. Petapilot is identified as a former investment that was later divested. Detailed fund size, strategy parameters, performance and investor composition are not established by the available sources.

• Luso Pannon EuVECA FundTelecommunications investment fund

  The Luso Pannon EuVECA Fund is Alpac Capital’s telecommunications-focused vehicle. Its publicly documented portfolio includes a qualified minority stake in 4iG, a Hungarian telecommunications conglomerate. Public information does not specify the fund’s total commitments, full portfolio or investment returns.

• Future Media EuVECA FundMedia investment fund

  The Future Media EuVECA Fund is Alpac Capital’s media-focused vehicle and the structure associated with its controlling ownership of Euronews. The fund provides the group with exposure to European news media, while detailed information on its other holdings, capital base and governance is limited in public sources.

• 2024Respond to securities-regulatory compliance enforcementOther

  Portugal’s securities regulator identified deficiencies in Alpac Capital’s controls for preventing money laundering and terrorist financing.

  What changed. The regulator imposed a €100,000 administrative fine covering multiple identification, due-diligence and compliance-notification failures.

  Aftermath. The enforcement action added a formal regulatory matter to Alpac Capital’s public corporate record. No broader financial impact is established by the available sources.

  Regulatory fine. €100,000 fine (31 May 2024)

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• 2021Acquire a controlling stake in EuronewsM&A

  Alpac Capital sought to expand its media investment activities through a transaction with Naguib Sawiris, the Egyptian telecommunications investor associated with Euronews.

  What changed. The firm signed an agreement to acquire the controlling interest in Euronews, with the Future Media EuVECA Fund later associated with approximately 98% ownership.

  Aftermath. The deal made Euronews Alpac Capital’s most prominent publicly documented asset and led to sustained scrutiny concerning media independence and possible Hungarian political influence.

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• 2024Political scrutiny over Euronews ownershipControversy

  Alpac Capital’s ownership of Euronews attracted scrutiny because of Pedro Vargas David’s reported connections to the political environment surrounding Hungarian prime minister Viktor Orbán. Critics raised concerns that Hungarian political influence could affect the editorial independence or wider political role of the European broadcaster.

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• 2024Portuguese anti-money-laundering compliance fineControversy

  Portugal’s securities regulator fined Alpac Capital €100,000 for failures involving customer and counterparty identification, beneficiary assessment, enhanced due diligence and compliance-officer procedures related to anti-money-laundering and counter-terrorist-financing obligations.

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• 2021Alpac Capital agrees to acquire controlling stake in Euronews

  Alpac Capital signed an agreement to acquire the controlling interest in Euronews from Egyptian telecommunications investor Naguib Sawiris. The transaction became the firm’s most visible international investment.

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1. Alpac Capital