Alpac Capital is a Portuguese investment group established in 2013 and headquartered in Lisbon, claiming to manage three investment funds focused on technology, telecommunications, and media sectors. The company positions itself as making equity investments to achieve active involvement in the business development of its portfolio companies and is regulated by the Portuguese Securities Market Commission (CMVM). According to available information, key personnel have included Pedro Vargas David and Luis Santos, with the company maintaining regional offices in Budapest and Dubai in addition to its Lisbon headquarters. Alpac Capital holds a 97.6% ownership stake in Euronews, the European international news channel, having acquired the outlet from Naguib Sawiris. According to investigative reporting, €45 million of the €150 million Euronews acquisition was provided by Hungarian state capital fund SZTA, with Pedro Vargas David described as having close ties to Hungarian Prime Minister Viktor Orbán’s government. The International Federation of Journalists has called for a parliamentary inquiry into the acquisition. In May 2024, the Portuguese Securities Market Commission imposed a €100,000 fine on the company for failures related to customer identification data compliance and due diligence procedures.