Club Conversation with Pedro Sousa, Private Equity Meets Microcaps

This discussion took place live on April 23rd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 

Pedro Sousa is a partner at Oxy Capital, a Portuguese investment firm based in Lisbon, where he leads the public markets strategy. He joined Oxy as an intern during his economics degree at Nova, spent two years at Bain in Spain, and returned to help build out the public book, which has grown from €20M of partner capital in December 2018 to over €100M today, compounding at roughly 20% net annualized.

In this episode, Pedro explains how Oxy applies a private-equity approach to European small caps, five-year underwriting horizons, six-to-ten position concentration, and a sleeve of special situations covering spin-offs, asset-heavy liquidations, and partial M&A RemainCos. He walks through two current positions: The Gym Group, the UK's number two low-cost fitness chain, where he breaks down the local-monopoly unit economics of a single club; and Relais Group, the leading independent aftermarket player for commercial vehicles in the Nordics. He and David also discuss why European management teams get less inbound than US peers, how the team re-underwrites when a company misses expectations, and why Oxy hires undergraduates straight out of Portuguese universities

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Chapters

00:00 Introduction to Pedro Sousa and Oxy Capital

04:15 Pedro's Journey into Investing

07:07 Growth and Performance at Oxy Capital

10:01 Investment Strategy: Private Equity Meets Public Markets

12:58 Special Situations in Investing

15:32 Team Dynamics and Investment Sourcing

19:09 Market Dynamics: Public vs. Private Equity

22:03 Case Studies: Successful Investments and Lessons Learned

33:31 Understanding Gym Economics and Market Dynamics

36:45 In-Depth Analysis of Relays Group

46:54 Investment Re-Underwriting and Portfolio Management

49:55 Recruitment Strategies and Talent Development

54:09 Long-Term Investment Philosophy and Capital Management

59:21 Future Aspirations and Closing Thoughts

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