Paulo Fernandes, co-founder of Cofina, ranks 50th on Forbes Portugal’s list of the country’s wealthiest individuals, with an estimated fortune of €310 million. However, his media empire is coming to an end, as Cofina SGPS is in the process of being dissolved.
Fernandes, along with Ana Menéres de Mendonça and João Borges Oliveira, is a key shareholder in listed companies Altri, Ramada, and the now-defunct Cofina. His investment vehicle, Actum Capital, holds significant stakes in Altri (13.6%), Ramada (15.6%), and Cofina SGPS (13.85%).
Originally a media and industrial conglomerate, Cofina underwent a major restructuring in 2005, leading to the creation of Altri, a leading player in the cellulose and paper industry. In 2021, Altri spun off Greenvolt, a renewable energy company later acquired by KKR.
Fernandes and his partners chose to exit the media sector, selling Cofina Media—owner of Correio da Manhã, CMTV, and other publications—in a €56.8 million management buyout. The deal included high-profile investor Cristiano Ronaldo, who now owns 30% of the new company, Expressão Livre. Fernandes retained a 10% stake.
Cofina SGPS was delisted in February 2025 due to a lack of attractive investment opportunities, marking the end of an era. The company’s remaining €2 million in cash will be distributed among shareholders.
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