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Portugal's Amorim conglomerate, whose holdings range from cork to banking, construction and oil, said on Tuesday it set up a private equity fund with an initial investment capital of 100 million euros.

Amorim Investimentos e Participacoes umbrella group, owned by Portugal's richest man Americo Amorim, said the new fund, Amorim Global Investors, will "explore investment opportunities in companies with a good profitability record, leaders in their sectors".

“At an initial phase, AGI expects to invest 100 million euros for periods of three to five years. It can also mobilise additional funds from third parties, if any greater dimension opporunities are identified."

"AGI tends to give preference to sectors and geographical regions with a long-term growth potential," it added.
Amorim owns the world's biggest cork producer, Corticeira Amorim  and is a major shareholder in Portugal's oil and fuel company Galp.