João Pagani Toscano, Founder & CEO, Pagani Capital: Connecting Indian Investors with Portugal Investment Opportunities

1. You started your investment journey in Portugal in 2012 through Livingroup. What led you to build Pagani Capital, and how has the firm evolved from real estate development into private equity?

Livingroup was a registered brand belonging to us, launched in 2012 to promote our work in international markets. We started working with China, Hong Kong and Southeast Asia. Pagani Capital was always behind Livingroup as the holding company. Our journey began in Portugal with the development and delivery of real estate projects, particularly in urban rehabilitation. This gave us first-hand experience of how value is created and where it can be lost across an investment's lifecycle.

Over the years, we built expertise across acquisition, planning, financing, construction, and execution. As the business evolved, we expanded into companies and investment structures across different projects. Private equity was a natural extension of this experience. It allows us to take a long-term view, support businesses as they grow, and participate in the value they create. Today, Pagani Capital combines capital allocation with operational knowledge, particularly in hospitality, backed by our experience in developing and executing projects.

2. Pagani Capital's philosophy is "Invest with Purpose. Build with Integrity." What does that mean in practice when you evaluate a project or structure an investment?

Pagani is my family name, and it carries a sense of responsibility and tradition. Integrity is central to everything we do because I cannot change my name. The holding company carries my family name, which brings an additional level of responsibility. For us, purpose begins with a practical question: what useful business are we building, and why should it succeed? Every project must respond to real demand and create lasting value for customers, investors, and the people working there.

We consider all stakeholders, including our investors and the customers who will use the business. Social responsibility, environmental considerations, local job creation, and the contribution to the local economy are also part of our evaluation. Integrity is reflected in how we make decisions and communicate them. We work with realistic assumptions and business plans, addressing the risks before discussing the upside. In hospitality, we examine the location, operator, guest experience, and business economics. We are prepared to walk away from an opportunity if the numbers, structure, or operating requirements do not make sense. Investor trust comes from maintaining this discipline, particularly when market conditions become difficult.

3. India is one of the world's fastest-growing major economies. Why, then, are Indian investors increasingly looking beyond India for long-term wealth creation?

India remains an important source of wealth for Indian families, and international investments serve a complementary purpose. Many successful entrepreneurs have a significant share of their businesses, income, property and financial assets linked to one economy. International allocation helps families manage this concentration while accessing other markets and investment opportunities.

Portugal offers opportunities across tourism, IT, technology, and infrastructure, alongside an established international investment environment. Families are also considering their children's education, international business expansion, and exposure to different currencies. However, international diversification must be aligned with each family's circumstances. Investors need to assess currency, tax, liquidity, and execution risks, along with the track record of the fund manager, sponsor, and people responsible for the investment. Every allocation should have a clear purpose and contribute to the family's long-term financial plans.

4. Is going global a sign of reduced confidence in India, or a more mature approach to wealth? How do you explain this shift to Indian families?

I don't see it like that. I see it as a more mature approach to managing wealth. Indian families remain confident in the Indian economy and its future while building investments in other markets. They continue running their businesses in India while broadening their financial exposure internationally.

The conversation should begin with the family's objectives, liquidity requirements, access to capital, and future expenses, particularly those with an international dimension. There is no single percentage that works for everyone. Indian investors often reinvest heavily in their businesses, while families preparing for succession or overseas education have different priorities. A well-considered international strategy supports these objectives while preserving strong economic and personal connections with India.

5. Why did Pagani Capital choose to open an India desk in Mumbai, and what role do you see India playing in the firm's international strategy?

India has an important place in Pagani Capital's international strategy. We are strengthening the relationship between our teams, investors, and advisers in both countries, with a focus on building long-term connections and creating opportunities for business, expertise, and hospitality partnerships.

Our Mumbai office gives clients, partners, and other stakeholders a permanent local point of contact. We have established a dedicated team to support these relationships, maintain transparent communication, and ensure that investors receive the assistance they need when engaging with Pagani Capital. Our focus is on building trust through consistent work and delivering results that justify investors' continued confidence.

6. For an Indian investor, why should Europe, and Portugal specifically, be part of a global allocation alongside markets like the US or the Middle East?

Portugal provides investors with an entry point into Europe, a euro-area base, and access to investment opportunities in sectors where Pagani Capital has direct operating experience, particularly hospitality. When investors look at Portugal, they are also looking at the wider European market. This makes Portugal an important part of a globally diversified portfolio.

The right comparison with the US, the Middle East or the UK depends on the investor's objectives. Every investment must be assessed on expected returns, risk, liquidity, fees, and its role in the family's portfolio. A country name alone does not make an investment case. Recent developments in the Middle East and uncertainty around international mobility have also encouraged some Indian families to consider spreading their assets across different jurisdictions.

Currency exposure is another important consideration. Portugal offers euro exposure, which Indian families need to assess in relation to their future European spending and financial plans. Exchange-rate movements affect returns when measured in rupees. At Pagani Capital, our proposition is built around access to specific businesses and investment opportunities supported by local execution capabilities. Investors should examine the underlying business and the people responsible for delivering it.

7. Pagani Capital is focusing on Portugal's hospitality sector. What makes hospitality an attractive and resilient sector for long-term international capital?

Established the international tourism market, and according to Turismo de Portugal, it recorded approximately 82 million overnight stays and €29 billion in tourism revenue in 2025. These figures demonstrate the scale of the tourism market and provide important context for investment opportunities in the sector.

Hospitality interests us because operating decisions have a direct effect on value. Experience, distribution, pricing, and cost control influence business performance. Our flagship hospitality project is the MGallery Collection Algarve by Accor Group. The investment thesis centers on developing a business with a distinct product and a professional hotel operator. Brand recognition supports distribution, but successful execution remains essential. Pagani Capital brings its real estate development and execution experience to this process.

Portugal is also attracting several international hotel brands, with around 120 hotels in the pipeline. We are seeing established names enter destinations such as the Algarve, Comporta, and Lisbon. This strengthens the country's position in the international hospitality market. However, hospitality remains cyclical. Seasonal demand, development delays and operating costs affect performance, which makes project selection, the right operator and realistic business assumptions essential. The sector's growth needs to be supported by quality projects and strong execution.

8. How can Indian families approach residency planning in Portugal to support their long-term global mobility, lifestyle, and wealth management goals?

Having been in this industry for more than 14 years, we have seen one common mistake: investors do not separate the investment from the residence. Our approach has always been clear: investment comes first and residence comes second. Families must begin by defining what they want residency to achieve, whether it is greater travel flexibility, the possibility of spending time in Portugal, or a long-term family plan.

For many Indian investors, education is a major consideration. Families invest significantly in their children's education and want them to have access to leading European and US universities. A fund that qualifies under the Golden Visa framework provides an investment route linked to residency. However, the investment must make financial sense on its own. Families need to understand where their money is going, the underlying business, its performance, liquidity and the associated conditions.

Residency is a separate outcome that requires independent legal assessment and approval by the authorities. Indian residents must also plan remittance and tax matters with their banks and advisers. Our advice is to evaluate the investment and residency requirements separately and make an informed decision based on both.

9. What should Indian investors, wealth managers and family offices look for before choosing an overseas investment partner in terms of governance, structure, and transparency?

Trust is everything in this business. Track record is one of the most important factors investors must examine. Today, investors have access to substantial information to conduct due diligence before making a decision. They should understand the fund strategy, how long the sponsor and asset management company have been in the market, what they have done, and what they have delivered. In our case, we have advised more than 500 families, giving us considerable experience in understanding investor requirements and guiding them through the process.

Investors must also understand who makes the investment decisions, who holds the assets, and who is responsible for reporting. They should examine the roles of the sponsor, fund manager, depository bank, and auditor and verify the relevant registrations and responsibilities. It is equally important to follow the money: which companies receive it, how it will be used, what fees apply, and whether there are related-party transactions.

I always encourage investors to ask about the downside and the worst-case scenario. Projected returns and reporting frequency are not enough; investors must understand the conditions attached to liquidity and access to capital. A credible investment partner should explain what could go wrong and how those risks will be managed. Risk is a reality in every investment, and it must be discussed openly. This level of transparency is essential to building a lasting relationship.

10. Looking ahead, what is your vision for Pagani Capital over the next five years, and how do you plan to strengthen the India–Portugal investment relationship?

My vision is to build Pagani Capital into a stronger European investment platform with a larger international investor base. Our growth will be driven by our ability to deliver projects, develop successful operating businesses, and maintain clear reporting for investors. We plan to establish our second fund in January, a pure real estate fund focused on developing multifamily projects. Over the next five years, our strategy is to establish multiple funds across hospitality and real estate.

India has an important place in our vision. We intend to strengthen our Mumbai presence and deepen relationships between our teams, investors, and advisers in both countries. There are opportunities to build partnerships around business, expertise, and hospitality. We want this relationship to develop through consistent work and long-term engagement.

Our permanent Mumbai team supports clients, partners, and other stakeholders who want to engage with Pagani Capital. The office strengthens our local presence and gives investors a direct point of contact for transparent communication. Our ambition is to give Indian investors a European partner they can understand, trust, evaluate, and work with over the long term.