Portuguese ventriloquist concealing affair (5)
I believe the answer is:
event
'affair' is the definition.
(I've seen this in another clue)
'portuguese ventriloquist concealing' is the wordplay.
'concealing' says the answer is hidden in the clue.
'EVENT' is hidden within 'portuguese ventriloquist'.
(Other definitions for event that I've seen before include "heat, perhaps" , "Sporting contest" , "A noteworthy happening or occurrence" , "Planned public or social occasion" , "Something happening" .)