Portugal Golden Visa Investment Funds: Complete Directory (2026)
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Speak to a Portugal Golden Visa lawyer
Work with licensed Portuguese lawyers on your Golden Visa application.
Speak With a Portuguese LawyerSince the October 2023 reforms eliminated real estate from the Golden Visa programme, investment funds have become the primary pathway to Portuguese residency. But the fund landscape is fragmented: private equity and venture capital options are typically discussed separately, making it difficult to see the full universe of eligible vehicles in one place.
This directory brings every CMVM-regulated Golden Visa fund into a single reference — PE and VC side by side — so you can evaluate the entire market before committing €500,000.
For deep-dives into each category, see our dedicated comparisons:
Key Takeaways
- 24+ funds are currently eligible for the Golden Visa fund route (15 PE + 9 VC)
- Management fees range from 0.5% (RYSE Fund) to 2.5% (Insight Venture funds)
- Lock-up periods span 0 months (IMGA Silver Domus) to 120 months (multiple funds)
- Target returns range from 6.5% (conservative PE) to 20% (aggressive VC) — where disclosed
- Only 5 funds explicitly confirm US investor eligibility
- Minimum investments start at €50,000 (Growth Blue) but most require €100,000–€500,000
- The €500,000 qualifying threshold can be met across multiple funds if individual minimums allow
Complete Golden Visa Fund Directory: All Funds Compared
| Fund | Manager | Category | Min. Investment | Mgmt Fee | Perf Fee | Lock-Up | Target Return | Risk | US Eligible |
|---|---|---|---|---|---|---|---|---|---|
| Mercúrio Fund II | Oxy Capital | PE | €100,000 | 2% | 20% | 96 months | Not disclosed | Aggressive | ✅ Yes |
| Quadrantis PE Credits & Bonds – Sub B | Quadrantis Capital | PE | €100,000 | 1.5% | 20% | 60 months | 10% | Conservative | Not disclosed |
| Quadrantis PE II | Quadrantis Capital | PE | €100,000 | 1.5% | 20% | 120 months | 6.5–10% | Conservative | Not disclosed |
| Fortitude Special Situations II | Fortitude Capital | PE | €100,000 | 2% | 20% | 48 months | 15–20% | Aggressive | Not disclosed |
| Lince Growth Fund I | Lince Capital | PE | €100,000 | 1.5% | 20% | 96 months | 15–20% | Balanced | Not disclosed |
| Greytech III | Iberis Capital | PE | €100,000 | 1.75% | 22.5% | 120 months | 8–15% | Not disclosed | Not disclosed |
| Growth Blue | Growth Partners Capital | PE | €50,000 | 2% | 20% | 120 months | Not disclosed | Aggressive | Not disclosed |
| INZ Fund | STAG Fund Mgmt | PE | €150,000 | 1.6% | 15% | 96 months | 8% | Balanced | ✅ Yes |
| Pela Terra II | STAG Fund Mgmt | PE | €500,000 | 2% | 20% | 96 months | 8–10% | Conservative | ✅ Yes |
| Emerald Green | STAG Fund Mgmt | PE | €500,000 | 2% | 20% | 96 months | 11%+ | Aggressive | Not disclosed |
| Greenpower Fund | BIZ Capital | PE | €100,000 | 2% | 0% | 68 months | 10–15% | Not disclosed | Not disclosed |
| New Frontiers Energy II | FundBox | PE | €100,000 | 1.5% | 25% | 84 months | 10–12% | Not disclosed | Not disclosed |
| Portugal Investment 1 | Saratoga Capital | PE | €500,000 | 1% | 20% | None | 8–11% | Aggressive | ✅ Yes |
| Flex Space Fund | Insula Capital | PE | €100,000 | 1.5% | 20% | 96 months | 11.65%+ | Aggressive | Not disclosed |
| Lince Growth Fund II | Lince Capital | PE | €100,000 | 1.5% | 20% | 96 months | 15–20% | Balanced | Not disclosed |
| BlueWater Fund | Insight Venture | VC | €500,000 | 2.5% | 12.5% | 84 months | Not disclosed | Balanced | Not disclosed |
| Crown Fund | Insight Venture | VC | €500,000 | 2.5% | 12.5% | 84 months | Not disclosed | Aggressive | Not disclosed |
| Digital Insight Fund | Insight Venture | VC | €500,000 | 2.5% | 12.5% | 84 months | Not disclosed | Aggressive | Not disclosed |
| Prime Insight Fund | Insight Venture | VC | €500,000 | 2.5% | 12.5% | 84 months | Not disclosed | Aggressive | Not disclosed |
| IMGA Futurum Tech Fund | IMGA | VC | €500,000 | 1.5% | 0% | 84 months | Not disclosed | Aggressive | ✅ Yes |
| IMGA Silver Domus Fund | IMGA | VC | €500,000 | 1.5% | 0% | 0 months | Not disclosed | Balanced | Not disclosed |
| PEEIF II | Dunas Capital | VC | €500,000 | 1.5% | 30% | 120 months | 6–8% | Aggressive | Not disclosed |
| RYSE Fund | RYSE | VC | €500,000 | 0.5% | Not disclosed | 84 months | Not disclosed | Not disclosed | Not disclosed |
| Ventures.eu | Ventures.eu | VC | €500,000 | 2% | 20% | 84 months | 20% | Aggressive | Not disclosed |
Methodology & Data Sources
This comparison uses data from the Movingto Funds database, sourced from CMVM filings, fund prospectuses, management regulations, and direct manager communications. All data was last reviewed in March 2026.
"Not disclosed" means the fund or manager has not publicly disclosed the data point in available documentation. It does not mean the information doesn't exist — it means it wasn't available in regulatory filings, prospectuses, or direct communications at the time of review.
Important: This is a factual comparison, not investment advice. Past performance does not guarantee future returns. Fund eligibility criteria and regulatory status may change. Always verify current status directly with the fund manager and your immigration lawyer before investing.
For detailed methodology on how we evaluate funds, see How to Evaluate a Golden Visa Fund.
Understanding Fund Categories: Private Equity vs Venture Capital
PE funds invest in established businesses (buyouts, growth capital, real assets), while VC funds invest in earlier-stage companies. In the Portuguese Golden Visa context, both are typically structured as FCRs (Fundos de Capital de Risco) regulated by the CMVM.
In Portugal's regulatory framework, most Golden Visa–eligible funds are structured as FCRs (Fundos de Capital de Risco) or SCRs (Sociedades de Capital de Risco). The classification as "PE" or "VC" reflects the fund's investment strategy rather than its legal structure.
Private Equity (15 funds)
PE funds in this comparison invest across a range of strategies:
- SME buyouts & growth capital: Fortitude, Lince Growth I, Lince Growth II, Mercúrio
- Renewable energy & infrastructure: INZ Fund, Greenpower, New Frontiers Energy II
- Agriculture & sustainability: Pela Terra II
- Tourism & hospitality: Emerald Green, Portugal Investment 1
- Technology & innovation: Greytech III, Growth Blue
- Credit & bonds: Quadrantis PE Credits & Bonds, Quadrantis PE II
- Flexible workspace: Flex Space Fund
PE funds generally offer more return disclosure, lower risk classifications, and wider minimum investment ranges (€50,000–€500,000) compared to VC funds.
Venture Capital (9 funds)
VC funds focus on earlier-stage companies with higher growth potential and higher risk:
- Technology/digital: IMGA Futurum Tech, Digital Insight
- Energy efficiency: PEEIF II
- Diversified multi-sector: BlueWater, Crown, Prime Insight
- Start-ups/innovation: RYSE, Ventures.eu
- Real estate–adjacent: IMGA Silver Domus
VC funds have less return disclosure (only 2 of 9 publish targets), higher average management fees, and a higher proportion of Aggressive risk classifications.
For detailed analysis of each category:
Speak With a Golden Visa Lawyer
Have questions about the fund route, fees, or your application? Speak directly with a licensed Portuguese lawyer — no commitment required.
Speak With a Golden Visa LawyerFee Comparison: Cheapest to Most Expensive
Management fees range from 0.5% (RYSE) to 2.5% (Insight Venture funds). Performance fees range from 0% (IMGA, Greenpower) to 30% (PEEIF II). The cheapest all-in cost structures are IMGA funds (1.5% mgmt / 0% perf) and RYSE (0.5% mgmt / undisclosed perf).
Fees are the single most controllable factor in your Golden Visa investment outcome. Over a 7-year hold, a 1% difference in management fees on €500,000 compounds to €35,000+ in additional cost.
Management Fees: Ranked
| Fee | Funds |
|---|---|
| 0.5% | RYSE Fund |
| 1% | Portugal Investment 1 |
| 1.5% | Quadrantis PE Credits & Bonds, Quadrantis PE II, Lince Growth I, Lince Growth II, New Frontiers Energy II, Flex Space Fund, IMGA Futurum Tech, IMGA Silver Domus, PEEIF II |
| 1.6% | INZ Fund |
| 1.75% | Greytech III |
| 2% | Mercúrio Fund II, Fortitude SS II, Growth Blue, Pela Terra II, Emerald Green, Greenpower Fund, Ventures.eu |
| 2.5% | BlueWater, Crown, Digital Insight, Prime Insight |
Performance Fees: Ranked
| Fee | Funds |
|---|---|
| 0% | IMGA Futurum Tech, IMGA Silver Domus, Greenpower Fund |
| 12.5% | BlueWater, Crown, Digital Insight, Prime Insight |
| 15% | INZ Fund |
| 20% | Mercúrio II, Quadrantis (both), Fortitude II, Lince Growth I, Lince Growth II, Growth Blue, Pela Terra II, Emerald Green, Portugal Investment 1, Flex Space Fund, Ventures.eu |
| 22.5% | Greytech III |
| 25% | New Frontiers Energy II |
| 30% | PEEIF II |
| Not disclosed | RYSE Fund |
The hidden cost layer: Management and performance fees are not the full picture. Most funds also charge administration, custody, depositary, and audit fees that can add 0.3–0.8% annually. Always request the full fee schedule from the fund prospectus. See our Hidden Math of Golden Visa Fund Fees for a deeper analysis.
Red Flags
- •Any fund that refuses to provide a complete fee schedule including admin, custody, and depositary charges
- •Performance fees above 20% without a disclosed hurdle rate — the manager profits before you see meaningful returns
- •Stacking high management fees (2%+) with high performance fees (20%+) creates a punitive cost structure
"Can you provide a complete fee schedule, including all administration, custody, depositary, and audit fees — not just management and performance fees?"
Lock-Up Periods: Shortest to Longest
Lock-ups range from 0 months (IMGA Silver Domus) to 120 months (10 years). Most funds cluster at 84–96 months. Only 2 funds offer lock-ups of 60 months or less, aligning with the 5-year citizenship timeline.
Lock-up period is critical for Golden Visa investors because Portugal's citizenship pathway requires 5 years of maintained investment. A lock-up shorter than 60 months creates potential liquidity before citizenship, while a lock-up longer than 84 months means your capital is committed well beyond the minimum residency period.
| Lock-Up | Funds | Category |
|---|---|---|
| 0 months | IMGA Silver Domus | VC |
| None stated | Portugal Investment 1 | PE |
| 48 months | Fortitude Special Situations II | PE |
| 60 months | Quadrantis PE Credits & Bonds | PE |
| 68 months | Greenpower Fund | PE |
| 84 months | New Frontiers Energy II, BlueWater, Crown, Digital Insight, Prime Insight, IMGA Futurum Tech, RYSE, Ventures.eu | PE + VC |
| 96 months | Mercúrio Fund II, Lince Growth I, Lince Growth II, INZ Fund, Pela Terra II, Emerald Green, Flex Space Fund | PE |
| 120 months | Quadrantis PE II, Greytech III, Growth Blue, PEEIF II | PE + VC |
Strategic implications:
- Citizenship-aligned (≤60 months): Fortitude SS II, Quadrantis Credits & Bonds, Portugal Investment 1, and IMGA Silver Domus let you exit around the citizenship milestone
- Standard (84–96 months): The largest cluster — your capital is locked ~2–4 years beyond the minimum citizenship timeline
- Extended (120 months): Requires a 10-year commitment — suitable only if you have a long-term investment horizon independent of immigration goals
Caveat: A 0-month lock-up (IMGA Silver Domus) doesn't mean instant liquidity. The underlying assets may be illiquid, and redemption may be subject to gates or notice periods. See our Liquidity Traps Guide for what to watch.
"What are the exact redemption mechanics after the lock-up period ends — is there a gate, a notice period, or pro-rata distribution?"
Speak With a Golden Visa Lawyer
Have questions about the fund route, fees, or your application? Speak directly with a licensed Portuguese lawyer — no commitment required.
Speak With a Golden Visa LawyerReturn Targets Across All Categories
Target returns range from 6.5% (Quadrantis PE II, conservative) to 20% (Fortitude II, Lince Growth I, Ventures.eu, aggressive). However, 8 of 24 funds do not disclose return targets. No fund guarantees returns.
Return disclosure varies significantly between PE and VC funds. PE funds are considerably more transparent: 13 of 15 PE funds disclose target returns, compared to just 2 of 9 VC funds.
Funds by Target Return (Where Disclosed)
| Target Return | Fund | Category | Risk |
|---|---|---|---|
| 20% | Ventures.eu | VC | Aggressive |
| 15–20% | Fortitude Special Situations II | PE | Aggressive |
| 15–20% | Lince Growth Fund I | PE | Balanced |
| 15–20% | Lince Growth Fund II | PE | Balanced |
| 11.65%+ | Flex Space Fund | PE | Aggressive |
| 11%+ | Emerald Green | PE | Aggressive |
| 10–15% | Greenpower Fund | PE | Not disclosed |
| 10–12% | New Frontiers Energy II | PE | Not disclosed |
| 10% | Quadrantis PE Credits & Bonds – Sub B | PE | Conservative |
| 8–11% | Portugal Investment 1 | PE | Aggressive |
| 8–10% | Pela Terra II | PE | Conservative |
| 8–15% | Greytech III | PE | Not disclosed |
| 8% | INZ Fund | PE | Balanced |
| 6.5–10% | Quadrantis PE II | PE | Conservative |
| 6–8% | PEEIF II | VC | Aggressive |
Funds With No Disclosed Target Return (8 of 24)
Mercúrio Fund II, Growth Blue, BlueWater, Crown, Digital Insight, Prime Insight, IMGA Futurum Tech, IMGA Silver Domus, RYSE Fund.
Why it matters: A fund that won't disclose a target return isn't necessarily bad — VC strategies are inherently uncertain — but it shifts the burden of due diligence onto you. If a fund claims strong performance verbally but refuses to put a target in writing, treat it as a data gap, not modesty.
Speak to a Portugal Golden Visa lawyer
Work with licensed Portuguese lawyers on your Golden Visa application.
Speak With a Portuguese LawyerUS Investor Eligibility: Who Accepts American Citizens?
Only 5 of 24 Golden Visa funds confirm they accept US persons: Mercúrio Fund II, INZ Fund, Pela Terra II, and Portugal Investment 1 (all PE), and IMGA Futurum Tech Fund (VC). The remaining 19 either do not accept US investors or have not disclosed their policy.
US citizenship creates significant compliance complexity for Golden Visa fund investments. American citizens (and green card holders) face:
- PFIC classification — virtually all Portuguese funds are classified as Passive Foreign Investment Companies under IRC §1291–§1298, triggering punitive tax treatment unless a QEF (Qualifying Electing Fund) election is made
- FBAR reporting — foreign fund holdings must be reported annually to FinCEN if aggregate foreign account balances exceed $10,000
- FATCA compliance — the fund itself must be FATCA-compliant to avoid US withholding tax complications
Confirmed US-Eligible Funds
| Fund | Category | Mgmt Fee | Lock-Up | Target Return |
|---|---|---|---|---|
| Mercúrio Fund II | PE | 2% | 96 months | Not disclosed |
| INZ Fund | PE | 1.6% | 96 months | 8% |
| Pela Terra II | PE | 2% | 96 months | 8–10% |
| Portugal Investment 1 | PE | 1% | None | 8–11% |
| IMGA Futurum Tech Fund | VC | 1.5% | 84 months | Not disclosed |
For US citizens, the practical universe is small. 5 funds — 4 PE and 1 VC. If you need both US eligibility and a specific risk profile, strategy, or fee structure, your options narrow further. See our Funds for US Citizens directory for the latest eligibility data.
Always confirm directly: Even "confirmed" US eligibility should be verified directly with the fund manager before subscribing. Policies can change, and the fund's ability to provide QEF/PFIC reporting is a separate (and critical) question.
Speak With a Golden Visa Lawyer
Have questions about the fund route, fees, or your application? Speak directly with a licensed Portuguese lawyer — no commitment required.
Speak With a Golden Visa LawyerRisk Profiles Overview
Risk classifications span Conservative (3 funds), Balanced (6 funds), and Aggressive (10 funds). 5 funds do not disclose a risk band. PE funds skew toward Balanced; VC funds skew toward Aggressive.
Risk classifications are self-reported by fund managers and not standardised across the industry. A "Balanced" classification from one manager may not be equivalent to "Balanced" from another. Use these as directional indicators, not absolute measures.
Risk Distribution
| Risk Band | PE Funds | VC Funds | Total |
|---|---|---|---|
| Conservative | Quadrantis Credits & Bonds, Quadrantis PE II, Pela Terra II | — | 3 |
| Balanced | Lince Growth I, Lince Growth II, INZ Fund | BlueWater, IMGA Silver Domus | 5 |
| Aggressive | Mercúrio II, Fortitude II, Growth Blue, Emerald Green, Portugal Investment 1, Flex Space Fund | Crown, Digital Insight, Prime Insight, IMGA Futurum Tech, PEEIF II, Ventures.eu | 12 |
| Not disclosed | Greytech III, Greenpower Fund, New Frontiers Energy II | RYSE Fund | 4 |
Pattern: PE funds are more evenly distributed across risk bands, with clusters in both Balanced and Aggressive. VC funds are overwhelmingly Aggressive — consistent with earlier-stage investing but worth noting if your risk tolerance is conservative.
Undisclosed risk bands (Greytech III, Greenpower Fund, New Frontiers Energy II, RYSE Fund) represent a data gap. Any fund that cannot clearly state its risk classification in regulatory documents warrants additional due diligence before committing capital.
Which Fund Fits Your Profile?
The Conservative Investor
You want the Golden Visa but prioritise capital preservation over growth. You're comfortable with modest returns if it means lower risk and more predictable outcomes.
Look at the Conservative-rated PE funds: Quadrantis PE Credits & Bonds (10% target, 60-month lock-up), Pela Terra II (8–10% target, sustainable agriculture), or Quadrantis PE II (6.5–10% target). All three offer predictable strategies aligned with capital preservation.
The US Citizen
You need a fund that accepts US persons and can support PFIC/QEF reporting — without PFIC compliance, your tax bill could exceed your investment returns.
Your universe is limited to 5 funds. INZ Fund (1.6% mgmt fee, 8% target) and Portugal Investment 1 (1% mgmt, 8–11% target) offer competitive fee-to-return balance. IMGA Futurum Tech is the only VC option. Always engage a cross-border tax advisor before subscribing.
The Growth-Oriented Investor
You want maximum upside and are willing to accept higher risk, longer lock-ups, and the J-curve effect of early-stage investments.
Fortitude Special Situations II (15–20% target, 48-month lock-up) and Lince Growth Fund I (15–20%, 96-month lock-up) offer the highest disclosed PE returns. In VC, Ventures.eu targets 20% but is Aggressive risk. Consider your true risk capacity — not just tolerance.
The Fee-Conscious Investor
You believe fees are the most reliable predictor of net returns and want to minimise the drag on your €500,000 commitment over 7+ years.
RYSE Fund (0.5% mgmt) has the lowest management fee but doesn't disclose performance fees or risk. IMGA funds (1.5% mgmt / 0% performance) offer the lowest transparent all-in cost. In PE, Portugal Investment 1 (1% mgmt / 20% perf) is the cheapest.
Golden Visa Fund Investment Checklist
Verify the fund is registered with the CMVM and classified as Golden Visa–eligible
Request the full prospectus and management regulations — not just a marketing deck
Get the complete fee schedule: management, performance, administration, custody, depositary, and audit fees
Confirm the lock-up period and understand redemption mechanics after lock-up ends
Ask whether the fund discloses target returns — and if so, what methodology underpins them
Check the fund's risk classification and understand what it means in practice
For US persons: confirm PFIC/QEF reporting capability and FATCA compliance before subscribing
Verify minimum investment amounts and whether you can combine multiple funds to reach €500,000
Understand the fund's sector and geographic allocation — where is your money actually going?
Review the fund manager's track record: prior fund performance, team experience, and AUM history
For a complete document-level checklist, see our [Golden Visa Fund Document Checklist](/blog/golden-visa-fund-document-checklist). For a broader evaluation framework, see [How to Evaluate a Golden Visa Fund](/blog/how-to-evaluate-a-golden-visa-fund).
Frequently Asked Questions
Speak With a Golden Visa Lawyer
Have questions about the fund route, fees, or your application? Speak directly with a licensed Portuguese lawyer — no commitment required.
Speak With a Golden Visa LawyerReady to find the right Golden Visa fund for your situation? Use our tools to filter by strategy, fees, lock-up, risk tolerance, and US eligibility — or speak with our team for personalised guidance.
📊 Comparing private equity Golden Visa funds?
Side-by-side comparison of every PE fund — fees, lock-ups, returns, and US eligibility.
View the PE Fund Comparison →Speak to a Portugal Golden Visa lawyer
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Speak With a Portuguese LawyerAbout the Author
Founder and CEO of Movingto. Has overseen 2,500+ Golden Visa applications with a 100% approval rate and 10+ years in cross-border investment advisory.
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Ordem dos Advogados — 67185P
Reviews for legal/process accuracy on Portugal Golden Visa filing steps, fund regulatory compliance, and immigration procedures. This review does not constitute investment advice.
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