Focus
Three verticals. The criteria below are the ones we apply at the initial screening. They are written so that a counterparty can tell, without prior contact, whether a transaction fits.
Real estate
Acquisition, repositioning and disposal of identified assets.
Asset types
Urban buildings (prédios urbanos) for refurbishment. Autonomous units (frações) with an established use. Land with building capacity verified against the municipal plan. Assets whose land registry, tax register or licensing position is awaiting regularisation.
What we analyse first
Land registry position (situação registal) and encumbrances. Licensing and compliance with the applicable territorial planning instrument. Physical condition verified on site. Title of occupation, where one exists.
What makes us withdraw
Pending litigation over title. Occupation without title with court proceedings under way. Inability to verify the complete registry history. A price that only works on an assumption of an increase in market value.
If you are on the other side
If you are an owner, an heir, a broker or a creditor with an asset in these conditions, the first conversation costs nothing and is confidential.
Companies
Acquisition of shareholdings and transfer of business establishments (trespasse de estabelecimento comercial).
The distinction
In an acquisition of shareholdings, what is acquired is the company, with its history, its contracts and its liabilities. In a trespasse, what is acquired is the de facto universality (universalidade de facto) that makes up the business establishment, without the company that holds it changing hands. The two transactions have different risk profiles and call for different due diligence.
Typical situations
Succession with no family continuity. One shareholder who wants to leave and another who wants to stay. An establishment with consistent results and an inadequate corporate structure. A sound company with a resolvable problem and a seller under calendar pressure.
What we analyse first
The accounts for the last three financial years and their consistency with the cash position. Declared liabilities and signs of undeclared liabilities. Contracts with clients and suppliers, and whether they are transferable. The employment position and the responsibilities attached to it. The dependence of the business on the person of the seller.
What makes us withdraw
Accounts that do not reconcile. Tax or social security liabilities not disclosed in the first conversation. A business whose revenue disappears when the founder leaves, with no transition plan. A seller who refuses a handover period.
If you are on the other side
If you are preparing the sale of a company or the transfer of a business establishment, the first contact is under confidentiality and requires no documentation.
Early-stage
Minority holdings in companies at an early stage.
Profile
Incorporated companies, with a product in the market or in the final stage of development, with revenue or with a verifiable path to it. Minority holdings, with a shareholders' agreement (acordo parassocial).
What we analyse first
Capital structure and earlier dilutions. Shareholders' agreements (acordos parassociais) in force and obligations assumed towards earlier investors. Title to the intellectual property and its effective transfer to the company. Dependence on a single client or on a single channel.
What makes us withdraw
Intellectual property held by an individual outside the company. A capitalisation table that does not add up. Accumulated liquidation preference obligations that make the minority holding economically irrelevant. A founding team without full-time dedication and without a plan to have it.
On risk
Holdings in companies at an early stage carry a high probability of total loss of the capital invested. This is the defining characteristic of this vertical, not a caveat.
Digital assets
The firm has a history and technical competence in digital assets and in the associated infrastructure. That competence is applied as an instrument in support of the transactions in the three verticals above, in particular in documentary recording and in integrity verification.
Digital assets do not constitute an autonomous investment vertical of Impunent Capital.
Geographies
Portugal and São Tomé and Príncipe. Active geographies to be confirmed by documentation.