Portugal Golden Visa Private Equity Funds Compared (2026)
Compare 14 current Private Equity fund listings by fees, minimums, lock-up terms, verification status, and manager disclosures.
1.5% – 2.0%
per annum
€50K – €500K
range across funds
0 verified
document checks
4 years – 10 years
fund term range
How to compare Private Equity Golden Visa funds
Private Equity is a strategy label, not proof that a fund qualifies for Portugal's ARI route. Use the 14 live listings below to compare disclosed terms, then have Portuguese counsel verify the fund and proposed evidence pack before subscription.
AIMA's current ARI guidance describes a capital transfer of at least EUR 500,000 into units of non-real-estate collective investment vehicles constituted under Portuguese law, with at least five years of maturity at the time of investment and at least 60% of the investment value placed in commercial companies headquartered in Portugal. AIMA's fund-route evidence checklist sets out the investment documents required for the application file.
| Compare | What to examine | Evidence to request |
|---|---|---|
| ARI fund-route evidence | Legal structure, fund maturity, Portugal-company allocation, and the documents the manager can issue for the application file. | Fund regulations or prospectus, manager declaration, participation-unit certificate, and counsel review before subscription. |
| Strategy and concentration | Portfolio stage, sectors, number of positions, follow-on reserves, and exposure to a single company, project, or exit route. | Investment policy, portfolio schedule, concentration limits, valuation policy, and the latest audited accounts. |
| Total fees | Management-fee base, performance fee, hurdle and catch-up terms, subscription charges, fund expenses, and exit costs. | Full fee schedule and a worked cost example using the intended subscription amount and expected holding period. |
| Liquidity and timing | Fund term, extensions, redemption rights, gates, transfer restrictions, and whether distributions depend on portfolio exits. | Redemption and transfer clauses. A five-year fund maturity requirement does not create a guaranteed exit after five years. |
| Governance and verification | Manager registration, depositary, auditor, reporting frequency, document freshness, and unresolved data gaps. | Current CMVM records, service-provider confirmations, audited accounts, and the latest investor report. |
| US-person compatibility | Written US-person acceptance, FATCA onboarding, PFIC reporting, and QEF information support where relevant. | Written confirmation from the manager and advice from a qualified US tax professional before subscription. |
Movingto verification is a documentation check, not an endorsement, rating, investment recommendation, or legal determination of ARI eligibility. Treat "Not disclosed" as a question to resolve, not as a neutral score.
Continue with the fee comparison, liquidity guide, due-diligence checklist, or US-person directory.
14 funds in Private Equity category
Alpha Fund
The Alpha Fund is a private equity fund focused on special situations. Its primary objective is to invest in companies with sound business models but distressed balance sheets, typically resulting from external events that have impacted their financial structure in recent years. The fund is currently open for subscription and is eligible for the Golden Visa programme, offering investors both attractive return potential and residency benefits.
Explorer V
Explorer V is a CMVM-regulated private equity fund managed by Explorer Investments, focused on control investments in high-potential Portuguese companies. Backed by over 20 years of experience, the fund transforms lower mid-market businesses through active ownership, operational improvements, and international expansion.
Flex Space Fund
A CMVM-regulated, SFDR Article 8 venture capital fund managed by Insula Capital that invests in Portuguese flexible workspaces, offering Golden Visa–eligible exposure to the “future of work” with targeted dividends from year two onwards.
Fortitude Portugal Special Situations II – Fundo de Capital de Risco Fechado
Fortitude Portugal Special Situations II is a CMVM-regulated private equity fund focused on special situations across Portugal and Iberia. Backed by institutional partners and led by former Goldman Sachs leadership, the fund targets event-driven opportunities in industries from energy to hospitality. It aims for 15–20% net returns while remaining eligible for Portugal’s Golden Visa program.
Greenpower Fund
The Greenpower Fund is a renewable‑energy infrastructure fund focused on generating stable, recurring operational cash flows through investments in solar and wind energy assets. With flexibility to invest across Europe, the Fund targets projects characterized by predictable revenues, strong margins, and low operational risk. Investment Strategy: The Fund develops and acquires renewable energy projects—mainly photovoltaic and wind—benefiting from long‑term market fundamentals. Renewable energy currently accounts for around 20% of global energy consumption, and this figure is expected to rise to 85% of global electricity production by 2050, representing one of the most significant structural growth trends worldwide. The strategy emphasizes: Cash‑flow visibility through operational assets with contracted or stable revenue profiles Portfolio diversification across technologies and geographies Low operational volatility supported by experienced technical management teams (20+ years) Attractive tax treatment on capital gains and distributions, depending on investor jurisdiction. Governance & Risk Management The Fund operates under a robust governance framework. All investment and divestment decisions are supervised by an Investor Board, including independent advisors. Exposure to any single project is capped at 33% of total fund assets, reinforcing diversification and concentration control. Operational management teams oversee each asset along its lifecycle, from development to ongoing performance monitoring, ensuring rigorous standards in engineering, risk oversight, and financial discipline. Institutional Investor Fit The Greenpower Fund is designed for institutional investors seeking: Infrastructure exposure with long‑term income stability Participation in Europe’s renewable energy expansion through a structured, professionally managed vehicle Predictable return streams driven by real assets and stable operating environments Low correlation with traditional financial markets Distribution‑focused performance, aligned with the cash‑flow generative nature of renewable assets
Greytech III Fund
Greytech III focuses on Growth and Buyout opportunities. The targets are established Portuguese mid-market companies with solid track record of cash flow generation and EBITDA between €2M and €10M. The Fund invests in the Portuguese economy with a solid balance of growth potential and downside protection. Greytech III targets a net IRR >15%, consistent with Iberis' historical performance.
Growth Blue Fund
Growth Blue is a closed-end private equity fund focused on Portugal’s Blue Economy, investing in SMEs and Mid-Caps with strong operational foundations and clear growth potential. Supported by the European Investment Fund and overseen by CMVM, it aims to create value by actively managing its investments and following a policy that focusses on sustainability.
INZ Fund
INZ is a closed-ended Private Equity fund focused on renewable energy and energy-efficiency assets across Iberia, fully engineered for Golden Visa eligibility. Managed by STAG Fund Management and in line with UN Sustainable Development Goals, the fund aims to create steady, long-term value by investing in distributed solar, clean transportation, and low-carbon infrastructure using a careful, impact-focused approach.
Mercúrio Fund II, FCR
Mercúrio Fund II, FCR is a closed-ended private equity fund managed by Oxy Capital, focused on acquiring and transforming mature Portuguese SMEs. Launched in 2025, it targets special situations, operational turnarounds, and growth-stage opportunities while remaining fully compliant with Portugal’s post-2023 Golden Visa rules and maintaining zero real-estate exposure.
New Frontiers Energy Fund II
New Frontiers Energy Fund is a CMVM regulated Portuguese private equity fund designed to qualify under Portugal’s €500,000 Golden Visa investment route. Managed by the award winning fund management house FundBox, the fund combines regulatory oversight with institutional grade governance, providing international investors with a compliant and professionally structured pathway to Portuguese residency. The fund achieved its target of 10% annual returns in both 2024 and 2025, investing in early stage solar energy projects that have already received government guarantee and are listed on the official ACORDO list. By focusing on early stage renewable projects within Portugal’s expanding clean energy sector, the strategy aims to capture value at an early phase while benefiting from strong national support for solar infrastructure. The fund is supported by an expert origination team with years of sector experience, ensuring disciplined project selection and execution. To enhance flexibility for international investors, early withdrawals are available subject to fund terms, and subscriptions can be made via Jumbo structures, removing the need to open a Portuguese bank account. New Frontiers Energy Fund is designed for investors seeking Golden Visa eligibility, exposure to Portugal’s renewable energy growth, and access to a regulated, professionally managed investment platform. Non Golden Visa related investments also welcome.
Pela Terra II Regenerate Fund
Pela Terra II: Regenerate is a Portugal-based, CMVM-regulated closed-end venture capital fund focused on regenerative agriculture and farmland private equity. Structured to meet Portugal Golden Visa requirements without direct real estate exposure, the fund invests in agricultural operating companies that acquire, regenerate, and operate farmland in Portugal’s interior regions.
Portugal Investment 1
Portugal Investment 1, a closed-end private equity fund structured as a Fundo de Capital de Risco (FCR). The fund mainly puts money into Portuguese companies, especially in hospitality, tourism, and industry, aiming for long-term growth while following the new rules for Portugal's Golden Visa funds after 2023.
Quadrantis Private Equity Credits & Bonds Fund – Subfund B
A CMVM-recognised private equity fund managed by Quadrantis Capital, combining private equity, credit and high-grade bond investments to target a 10% annual return and provide a Golden Visa-eligible route for investors.
QUADRANTIS PRIVATE EQUITY II
The fund adopts a diversified and risk-focused strategy based on two core pillars: secured credit and investment-grade bonds. It finances contracts between established entities with strong guarantees and protective mechanisms, enhancing security for investors. In parallel, the fund invests in BBB to AAA-rated government and corporate bonds from Portugal and international markets, aiming to deliver stable and consistent returns while preserving capital.
Frequently Asked Questions about Private Equity Portugal Golden Visa Investment Funds
Private Equity Portugal Golden Visa investment funds (often called Golden Visa funds) are Portuguese investment funds that invest in private companies (or private assets) and can be used for the Portugal Golden Visa fund route when they meet the program requirements. Instead of buying property, you subscribe to fund units (typically €500,000+) and use the subscription evidence in your Golden Visa application file.
Some Private Equity Golden Visa funds are eligible, but eligibility depends on how the fund is structured and documented. A fund being "private equity" is not enough on its own. Always confirm that the specific fund qualifies as a Portugal Golden Visa investment fund with Portuguese legal counsel before investing.
Private Equity Golden Visa funds are typically higher risk and less liquid than public-market investments. Returns depend on manager skill, portfolio quality, fees, and exit conditions. Key risks include valuation uncertainty, limited liquidity, long lock-ups, concentration risk, and delayed exits. If you need flexibility or short time horizons, private equity Portugal Golden Visa investment funds may not fit.
For the Portugal Golden Visa fund route, the commonly referenced minimum is €500,000 invested into qualifying Portugal Golden Visa investment funds (Golden Visa funds), subject to current rules and legal interpretation. Individual funds may set higher minimum subscription amounts.
Many Private Equity Portugal Golden Visa investment funds have multi-year lock-ups and limited redemption windows. Some are effectively "locked" until realizations occur (company sales or fund maturity). Always check lock-up length, redemption frequency, notice periods, and whether there are gates or "best efforts" liquidity.
When comparing Private Equity Golden Visa funds, focus on: Subscription / entry fees (if any); Annual management fees; Performance fees / carried interest (hurdles, catch-up mechanics); Underlying fund and portfolio expenses; Exit or redemption fees (if any). Fees can meaningfully change net outcomes, especially in private equity Portugal Golden Visa investment funds.
"CMVM regulated" generally means the fund/manager operates within Portugal's regulated investment framework — oversight, required disclosures, and regulated service providers. This is not a quality, safety, performance, or eligibility signal: CMVM regulation does not guarantee the fund qualifies as an eligible Golden Visa fund (eligibility needs legal confirmation under the AIMA rules) and does not reduce investment risk. Capital is at risk.
Some Private Equity Golden Visa funds may have indirect exposure through operating businesses or structures, but "real estate exposure" is often a sensitive point for Golden Visa eligibility and for how investors evaluate strategy. Check the fund's permitted investments and ask for clear confirmation on the fund's exposure and compliance position if this matters to you.
To compare Private Equity Portugal Golden Visa investment funds (Golden Visa funds), prioritize: Strategy (buyout, growth, venture, sector focus); Diversification (number of portfolio companies); Track record (realized vs unrealized); Liquidity terms (lock-up, redemption mechanics); Fees (especially performance fees); Governance (administrator, custodian/depositary, audit); Clarity of Golden Visa documentation.
Use the fund page or category page CTA to contact Movingto. Share your timeline, citizenship, and preferences (risk, liquidity, target strategy). Your enquiry goes to Movingto first; any fund-manager coordination happens only after client engagement and your request.
No. Movingto Funds provides general information and client-intake support for Golden Visa funds and Portugal Golden Visa investment funds. We do not provide investment advice or recommend any specific fund. Always obtain independent financial advice and Portuguese legal advice before investing.