Two equity funds backed by Belgian financial services company European Union's small and medium-sized businesses (SMEs) financial services unit, Luxembourg-based European Investment Fund (EIF), plans to invest 190 million euros ($217 million) in Portuguese SMEs that tackle a range of social, environmental and related issues.

The funds are backed by EIF investment vehicles, including InnovFin Equity, which provides seed and start-up funding to life sciences, clean energy and high-technology companies.

A $171.7 million fund managed by Vallis Capital Partners would support companies that addressed issues such as demographic growth and scarcity of natural resources.

A $45.7 million fund managed by Mustard Speed Maze would offer funding to social enterprises that plough profits back into their communities and which address social and environmental issues.