Private Equity Golden Visa Investment Funds
Compare 14 Private Equity investment funds for Golden Visa applications.
1.0% – 2.0%
per annum
€50K – €500K
range across funds
11.5%
target return p.a.
4 months – 10 months
fund term range
About Private Equity Funds
Private Equity funds in Portugal typically target mature companies or tangible assets (Agriculture, Industry, Hospitality) with established cash flows. They offer a middle-ground risk profile compared to high-risk Venture Capital and low-yield Bonds.
14 funds in Private Equity category
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.
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.
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.
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.
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.
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.
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.
Emerald Green Fund
A Golden Visa–eligible private equity fund targeting sustainable tourism and hospitality development in Portugal's Douro Valley, focusing on a 5-star luxury eco-resort.
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.
Lince Growth Fund I, FCR
Lince Growth Fund I, FCR is a regulated Portuguese growth-equity fund investing in established, revenue-generating SMEs. Focused on industrial, healthcare, agri-food, and tech companies, it targets scalable businesses that need capital to modernise, expand, or internationalise. Fully compliant with Golden Visa rules, it provides exposure to Portugal’s real economy with professional, active management.
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
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.
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.
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.
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. For Portugal Golden Visa investment funds, this is a trust and governance signal (oversight, required disclosures, regulated service providers). However, CMVM regulation does not automatically guarantee the fund qualifies as an eligible Golden Visa fund—eligibility still needs legal confirmation.
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.
Click Request introduction on any fund page or use the category page CTA. Share your timeline, citizenship, and preferences (risk, liquidity, target strategy). We'll connect you with the fund manager and—if you want—our Portugal Golden Visa legal team to confirm eligibility and next steps.
No. Movingto Funds provides information and introductions 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.