What is a typical performance fee?

The industry standard is 20% of profits, but rates range from 10% to 25% depending on the fund strategy. Some funds charge no performance fee at all, particularly debt-focused funds with lower return profiles.

What is a hurdle rate?

A hurdle rate is the minimum annual return (e.g., 6% or 8%) that must be achieved before the manager can charge performance fees. This protects investors from paying for modest returns.

What is a high-water mark?

A high-water mark ensures you only pay performance fees on new profits above your previous highest value. If the fund drops and recovers, you don't pay fees on the recovery portion.

Can I pay performance fees even if returns are modest?

Without a hurdle rate, yes—you could pay performance fees on any positive return. Funds with proper hurdle rates and high-water marks provide better investor protection.

When are performance fees calculated?

This varies by fund. Some calculate annually, others only at exit or when gains are realized. Annual crystallization can result in paying fees even if later years underperform.

Are performance fees negotiable?

Performance fee terms are typically fixed in the fund documents. However, some funds offer different share classes with varying fee structures for larger commitments.

Last updated: September 2026

30 funds

Performance Fee: Portugal Golden Visa Funds (2026)

A fee charged on investment gains above a specified threshold, aligning manager interests with investor returns.

Fee information is based on disclosed sources and may change. This is not investment advice—verify fees and terms in official documents.

How Performance Fee Works

Performance fees are typically charged as a percentage (often 20%) of profits above a hurdle rate or high-water mark.
The hurdle rate is a minimum return threshold that must be met before performance fees apply (e.g., 6% annually).
High-water marks ensure managers only earn performance fees on new gains, not recovered losses.
Some funds use "catch-up" provisions where the manager receives a larger share of returns once the hurdle is met.

Funds with Disclosed Performance Fee

30 funds have this fee disclosed in their documentation.

3CC Atlantic Bond Fund

Credit

10%

Min: €100,000Lock-up: Not disclosed

3CC Portugal Golden Income Fund

Other

20%

Min: €100,000Lock-up: Not disclosed

Alpha Fund

Private Equity

20%

Min: €100,000Lock-up: 10 years

Corporate Bond Fund

Credit

None

Min: €100,000Lock-up: Not disclosed

Explorer V

Private Equity

20%

Min: €250,000Lock-up: 10 years

Flex Space Fund

Private Equity

20%

Min: €100,000Lock-up: 8 years

Fortitude Portugal Special Situations II – Fundo de Capital de Risco Fechado

Private Equity

20%

Min: €100,000Lock-up: 4 years

Greenpower Fund

Private Equity

None

Min: €100,000Lock-up: 5y 8m

Greytech III Fund

Private Equity

22.5%

Min: €100,000Lock-up: 10 years

Growth Blue Fund

Private Equity

20%

Min: €50,000Lock-up: 10 years

Heed Top Investment Fund

Debt

20%

Min: €100,000Lock-up: Not disclosed

Horizon Fund

Crypto

20%

Min: €100,000Lock-up: 5 years

What to Verify in the Docs

Performance fee rate: What percentage of profits does the manager take?
Hurdle rate: Is there a minimum return before fees apply? What rate?
High-water mark: Are performance fees only on new gains above previous peaks?
Calculation timing: When are performance fees crystallized (annually, at exit)?
Catch-up provisions: Does the manager catch up on deferred fees?

Performance Fee: Portugal Golden Visa Funds (2026)

How Performance Fee Works

Funds with Disclosed Performance Fee

What to Verify in the Docs

Performance Fee FAQs

Have a lawyer review the fund evidence before you subscribe.