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An Experienced Team

Led by Pedro Seabra - one of the most experienced Real Estate professionals in the market with more than €2bn of Commercial Real Estate transactions supervised in Portugal, and benefiting from the experience of Frederico Arruda, experienced fund manager and board member of APFIPP since 2016, the team combines a diversified background in investment banking, asset management and project management.

Board Members

Board Member and major shareholder of Refundos Explorer. He joined Explorer Investments in 2012 as responsible for the Discovery Fund. Since 2017 he is responsible for the real estate area, namely the real estate fund EREF I (Explorer Investments Real Estate Fund) and Penha Longa. Joined CBRE in Madrid in 1987 and founded CBRE in Portugal in 1988. Since then and until 2012 headed CBRE operation in Portugal. During that time supervised more than €1.5bn of Commercial Real Estate Transactions, headed property Funds such as Selecta and Fundo Primeiro Imobiliário (today Square Asset Management) and was board member of Neoturis. Was professor in the University (ESAI and on the Masters degree in real estate finance of ISCTE), Chairman of ACAI, the Association of Property Consultant and Valuers, and board member of RICS in Portugal and represented RICS as responsible for the acceptance of the Master degree students in ISEG as RICS. He has a degree in Systems Engineering from Instituto Superior de Matemáticas Aplicadas and a master in Finance and Company Financial Management from ISCTE-INDEG. He is a Fellow of the Royal Institution of Chartered Surveyors (RICS) and appraiser certified by the CMVM.
Pedro Seabra
Senior Partner
Partner of Refundos Explorer and CEO of Refundos. He joined Refundos in 2007 as Director and Member of Executive Committee responsible for the development of the Real Estate fund Maxirent. Joined the Real Estate department of the Queiroz Pereira Family Group where Refundos was integrated, in 2005 until 2022, as Member of Executive Committee, and later as an advisor and board member, developing and advising a Real Estate portfolio over 350m. Previously he was a Construction Engineer at Teixeira Duarte (1998-99) and Structural Engineering Projects Leader at STA (1999-2005). He is a professor in the University ISCTE, for Executive Education in Real Estate Investment Vehicles and Portfolio Management, Executive Board Member of APFIPP, that represents 90%+ of the national funds, responsible for Real Estate industry relations with other institutions and the government, and vice-chair of Portugal National Council. Member of ULI – Urban Land Institute. He has a degree in Civil Engineering from Instituto Superior Tecnico (IST), a Real Estate Appraisal Post Graduation from ESAI (School of Real Estate Activity) and an Executive MBA from AESE/IESE Business School.
Frederico Arruda
President of the Board of Directors and Executive Committee and Board of Directors of several portfolio companies of the Private Equity funds. Previously she was a partner at Midas Investimentos, being a member of the Board of Directors between 1994 and 2001, where she led the sales team and oversaw the research team. In 2002 she founded and led Explorer Advisors, a company specialized in financial communications. She began her professional career in Benito y Monjardín in Madrid. She then worked in Schroders in London where she led the team responsible for the Spanish market. She has an MA (Hons) in European history and literature from Edinburgh University, Scotland (1987).
Elizabeth Rothfield
Board Member
Founding Partner and Administrator (January 1996 to date) of the Law Firm, SGFC – Seabra, Cunha, Marta & Associados, SP, RL. University Lecturer at UAL – Universidade Autónoma de Lisboa and UL – Universidade Lusíada between 1986 and 1994 (Real Law, Succession Law and Civil Procedural Law). Within the scope of professional relations with clients, he holds the position of Chairman of the Board of the General Meeting in several companies. President of the Disciplinary Council of the Portuguese Rugby Federation between 1988 and 1995. Lawyer registered with the Bar Association since 1988, with a predominant professional activity in the field of Commercial and Company Law, Real Estate Law and Succession Law. Degree in Law from the Faculty of Law of the University of Lisbon, in 1986.
Francisco Seabra
Board Member


João joined Explorer Investments in December 2017. Previously, he worked in Permian Global and in Dunas Capital, having been in European Credit Management (ECM) from 2001 to 2012 where he raised more than 1200 million euros in Portugal and France for different funds. In this period he was also director of different SICAVS in Luxemburg. Previously he carried out several roles in investment banking in Portugal, in fixed income, having worked for “BESI” and Santander Negócios in Portugal. He has a degree in Business Management from Universidade Católica Portuguesa (1991).
João Sarmento Vasconcellos
Investment Director
Micaela joined Explorer Investments in 2020. Previously, she worked at DTZ in Lisbon and Madrid as head of valuation. She joined BNP PARIBAS RE in 2014 where she headed the valuation team and was responsible for the setting up of the RICS valuation department and to develop local business. Micaela is Member of the Royal Institution of Chartered Surveyors (RICS) and she was board member of the RICS Valuation Professional Group in Madrid from 2014 to 2017. Micaela has a degree in Economics from ISCTE Business School, Lisbon (2003) and a post grad in Real Estate Management and Valuation from ISEG Business School, Lisbon (2007).
Micaela Figueiredo
Investment Manager
Nuno joined Refundos S.A. in September 2022 as Controller. He graduated in 1991 by Instituto Superior de Economia e Gestão and is a member of the Portuguese Order of Chartered Accounts since 1992. He is a professional with a relevant background in the financial area in multinational/national companies, in diversified industries. Nuno has relevant professional experience in strategy implementation with broad experience in corporate plans, controlling and reporting.
Nuno Amiguinho
Gonçalo is responsible for project development and Capex initiatives. He began his career in 2007 as Production and Market Director at Cimpor Group. In 2009 he became General Manager of Cimpor’s Ready- Mixed concrete company in Egypt. As of 2011, he took on several management, consultancy and direction positions in Portugal, South Africa, Mozambique, Brazil and Argentina. Since 2019, he has taken on challenges at Norfin (Arrow Group) as a Senior Associate and Manager in asset management mandates for development and yield portfolios, at Castle (Arrow Group) as a Director and at VGP, one of the largest developers of European logistics parks, as responsible for the development of new businesses in Portugal. He has an Integrated Master’s Degree in Civil Engineering from the University of Coimbra (2006) and attended the Post-Graduate Course in Real Estate Management and Valuation at ISEG (2020).
Gonçalo Seabra Pereira
Head of Development & ESG
Renata joined Refundos in 2021 as a Real Estate Asset Manager. For over than 25 years she worked in Asset Management/ Real estate funds in Norfin and Altamira (Duvalue). Her initial academic degree was Agriculture Engineer by the Universidade de Évora (1995) having worked in this field (forest management) until 1998, in Portucel. She also has a post graduation in General Management by Universidade Nova de Lisboa (2009).
Renata Belo
Asset Manager
João joined Refundos S.A. in 2022 as legal and compliance officer. He graduated After finishing the curricular fase of his master’s degree in Management and Law at the Nova School of Law in partnership with Nova School of Bussines and Economics (2018), worked at the General- Consulate of Portugal in Barcelona. Was Due Diligence Officer for the Belgium in the compliance department and a member of the Quality Control Team at BNP Paribas. Was legal and compliance officer at Fund Box, Sociedade de Capital de Risco S.A.. He has a degree in Law from Universidade Coimbra (2017).
João Ferraz Diogo
Head of Legal & Compliance
Graça joined Refundos S.A. in 2017 as a Head of Accounting. She graduated in 1998 by the Universidade Autónoma de Lisboa is a Certified Accountant and a member of the Portuguese Order of Chartered Accountants since 1999. Before she joined Refundos she worked for more than 17 years at Newsourcing, Lda. where she started as junior accountant, achieving the position of Senior accountant.
Graça Ramalho
Head of Accounting
Telma joined Refundos S.A. in 2007 and it is since then the team’s Administrative Assistant. She graduated in 2001 in Instituto Politécnico de Portalegre and worked in the Associação de Professores de Português until 2006.
Telma Teixeira
Personal Assistant
Cristina joined Explorer Investments in June 2021 as personal assistant. She is graduated at Universidade Internacional and has been working in the administrative areas.
Cristina Grosso
Personal Assistant
Miguel joined Refundos Explorer in 2023.
He holds a degree in Accounting and Management.
Before joining Refundos Explorer, Miguel worked for over 24 years at Banif Gestão de Ativos, now known as Profile, in the role of Assistant Director.
In 1999, he worked in the Asset Management division of Finibanco.
Miguel Costa

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