In today’s article, we welcome a distinguished guest: Santiago Navarro, Co-founder and CEO of Portfolio Stock Exchange. This new pan-European market, regulated in Spain, is redefining access to capital for high-growth companies, alternative investment funds and hybrid structures. A platform that blends technology, regulation and efficiency to unlock new routes to institutional funding.
By Santiago Navarro – Co-founder and CEO, Portfolio Stock Exchange
For years, stock markets have been reserved for large corporations with costly processes, long timelines and layers of intermediaries. But access to capital shouldn’t be a privilege for the few. In Europe, innovative companies need markets that match their speed, structure and ambition.
That’s why we created Portfolio Stock Exchange —a pan-European market, regulated in Spain, designed for high-potential companies, from scaleups to alternative investment funds, to go public with less friction, greater control and enhanced efficiency.
In just two years, we’ve reached break-even, surpassed €2 billion in total listed assets, and led the market in admitting more SOCIMIs than any other operator in Europe. Most importantly, we’ve built a working, digital-first infrastructure that removes friction without compromising on rigour.
Listing as a tool — not a final destination
In today’s capital environment, going public is no longer just a milestone for mature corporations. It can be a strategic lever for professionalisation, visibility and financial maturity. At Portfolio, the listing process is streamlined, with no minimum free float and timeframes as short as two months.
Our direct listing model —with no public offering or capital increase— enables companies to list existing shares without altering their cap table. Key advantages include:
- Zero dilution for founders and existing shareholders.
- Total costs 60% to 80% lower than traditional exchanges like BME or Euronext.
- Fully digital onboarding: from account creation to share distribution.
- Compatibility with shareholder agreements: including lock-up, drag-along, tag-along and pre-emption rights.
- Enhanced confidentiality: no requirement to disclose shareholder identities or report significant holdings post-listing.
For example, a scaleup valued at €25 million can list without issuing new shares —gaining visibility, enhancing its corporate governance, attracting institutional co-investors, and preparing for future rounds or a potential dual listing. You no longer need to be a unicorn to access the public markets.
A new path for alternative investment funds
In March 2025, the first venture capital firm in Spain was listed on Portfolio —a landmark that showed alternative investment funds (AIFs) can benefit from listing while maintaining their private structure.
Benefits for AIFs include:
- Orderly liquidity from day one.
- Greater transparency and valuation traceability.
- Access to qualified investors and improved leverage capacity.
- Full compatibility with existing fund governance and co-investment models.
Portfolio enables GPs to structure liquid, listed vehicles with full control —avoiding forced exits or end-of-life divestments. What once required a complete exit can now be managed progressively, with visibility and market-based valuation.
Infrastructure designed for growth — in Europe and beyond
Portfolio is not here to replace major exchanges. It acts as a strategic staging ground —a structured step for companies preparing to reach markets like London or New York.
And they’re not alone. Law firms, auditors, asset managers, private banks and family offices are already structuring listings on Portfolio. The professional ecosystem is growing around a clear principle: listing should be accessible, efficient and aligned with how real companies grow.
Can your company afford not to list?
Public markets are no longer the end of the road. They can —and should— be part of your roadmap from the start. Listing on Portfolio is a way to gain visibility, bring structure to your equity, strengthen corporate governance and access institutional capital —without sacrificing agility or control.
At Across Legal, we advise innovative companies, scaleups and funds on their strategic growth —including exploring capital markets and corporate financing options. If you’re considering a move to market, now is the time to evaluate the opportunity.
📩 Wondering if your company is ready to list? Get in touch —we’ll help you assess the path forward.
Author: Santiago Navarro – Co-founder and CEO (www.portfolio.exchange)
↳ Discover more content in the section Insight.
↳ Do you want to stay up tp day about the sector related news? Follow us on LinkedIn.
