Paulo Duarte Group (“the Group”), the leading Iberian provider of specialised road freight transportation solutions, and ICG, the global alternative asset manager, today announced a partnership to support the Group’s continued development.
ICG’s European Infrastructure team (“ICG Infra”) will work closely with Co-CEOs Gustavo Paulo Duarte and António Paulo Duarte, to facilitate growth across the Iberian market. The transaction provides continuity of ownership within the Paulo Duarte family, which will continue to lead the business.
ICG Infra’s backing will support continued investment in the Group’s operations, fleet, infrastructure, technology and service capabilities, enabling Paulo Duarte Group to respond to growing customer demand and pursue its strategic priorities across Iberia.
Founded in 1946, Paulo Duarte Group is a Portuguese family-owned business, focused on high-value freight transportation across three core segments: transport of liquid food, energy and chemicals, and temperature-controlled goods. The Group has built a market-leading position and operates a large and predominantly owned fleet across Portugal and Spain, serving a diversified base of blue-chip clients across essential end-markets, with high barriers to entry and medium-term contracts.
For ICG Infra, which closed its second fund at €3.15bn in 2025, the transaction builds on the team’s existing portfolio of assets in Portugal and Spain, where it has a dedicated team on the ground in Madrid.
Victor Valverde, Managing Director, ICG European Infrastructure, commented:
Paulo Duarte Group has built an exceptional platform in specialised transport across Iberia, with a strong market position, long-standing customer relationships and a proven operational track record supported by exposure to essential end-markets. We believe the business is well positioned to benefit from increasing client requirements for reliability, safety and sustainability in logistics, supported by ongoing investment in fleet modernisation, operational capabilities and ESG initiatives. We are delighted to partner with Gustavo and António to support the Group’s growth ambitions in what is a highly compelling investment for ICG Infra.
Gustavo Paulo Duarte, CEO of Paulo Duarte Group, said:
ICG’s investment supports the next phase of Paulo Duarte Group’s development. It strengthens our capacity to invest in our operations, people and customer service, while preserving the ownership, management and values that have long defined the Group. Our customers across Iberia remain our priority, and the relationships we have built with them over many decades will continue under the leadership of the family they have always known. This partnership simply enhances our ability to deliver the reliability, efficiency and quality they expect of us.
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For further information please contact:
Paulo Duarte Group
Magda Teixeira
Head of Corporate Communications
+351 913 536 902
[email protected]
ICG
Maisie Le Masurier
Corporate Communications
+44 20 3545 1624
[email protected]
About ICG
ICG (LSE: ICG) is a global alternative asset manager with $126bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
*As at 31 March 2026.
About Paulo Duarte Group
Paulo Duarte Group operates across transport, logistics, distribution, energy and specialised services, with operations in Portugal and Spain. The Group provides operational solutions to customers in sectors including energy, industry, distribution and retail. For more information visit our website and follow us on LinkedIn.
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