Growth Blue Fund
Growth Partners Capital
Growth Blue Fund
Growth Blue Fund
Growth Blue Fund is a closed-end alternative investment fund regulated by CMVM – Comissão do Mercado de Valores Mobiliários and managed by Growth Partners Capital, investing in private equity with a minimum commitment of €50,000 and a 10 years lock-up period.
- Manager
- Growth Partners Capital
- Regulator
- CMVM – Comissão do Mercado de Valores Mobiliários
- ISIN
- PTGWTKIM0009 (Cat. B), PTGWTLIM0008 (Cat. C)
- Strategy
- Private Equity
- Min. Investment
- €50,000
- Fund Size
- €50M
- Management Fee
- 2%
- Performance Fee
- 20% (8% hurdle)
- Lock-up
- 10 years
- Redemptions
- Not disclosed
- Auditor
- Forvis Mazars
- Status
- Open
- GV-intended
- Manager-stated GV intent
Fund Snapshot
Key Facts
| Min Investment | €50,000 |
|---|---|
| Open to US | Not confirmed |
| Lock-up | 10 years |
| Fund Size (AUM) | €50M |
Fees
| Management Fee | 2% |
|---|---|
| Performance Fee | 20% |
Additional Details
| NAV Frequency | Annual |
|---|---|
| Established | 2024 |
| Regulated By | CMVM – Comissão do Mercado de Valores Mobiliários |
Compliance
Figures are reported by the fund manager. Movingto verification of this profile is pending.
Capital at risk. Past performance isn't indicative of future returns. Figures are shown in euro (EUR); fees reduce returns, and for investors funding from another currency amounts may rise or fall with exchange rates. This is not investment advice.
Investor decision panel
What to know before shortlisting this fund
Profile facts
- Strategy recorded as Private Equity.
- Status recorded as open for subscriptions.
- Manager-reported risk band: Aggressive.
Confirm before shortlisting
- Confirm the stated 120-month lock-up against current fund documents.
- US-person onboarding and FATCA/PFIC handling are not confirmed.
Key unknowns
- CMVM ID
- Custodian
- Redemptions
Main diligence flags
- No major flags detected. Confirm current documents before investing.
Golden Visa note: The manager states this fund is intended for Golden Visa applicants, but this claim is not shown as independently verified here.
Historical Performance
About the 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.
Growth Blue – Fundo de Capital de Risco Fechado is a private equity fund dedicated to scaling SMEs and Mid-Caps operating within the Blue Economy, with a particular focus on companies established in Portugal. The fund is managed by Growth Partners Capital and brings together more than two decades of investment experience in the Iberian Peninsula. Its strategy centres on acquiring meaningful equity and quasi-equity positions, typically between 40% and 60%, allowing the fund to participate actively in strategic decision-making, governance oversight, and long-term value creation. A defining feature of Growth Blue is the presence of the European Investment Fund as an anchor investor, supported by the Capital and Quasi-Capital Funds of Banco Português de Fomento and the European Commission’s InvestEU program. This institutional backing provides additional credibility and aligns the fund with broader European objectives in sustainable economic development. The fund’s investment policy promotes environmental and social characteristics by targeting companies that contribute to the Blue Economy while excluding those operating in sectors deemed incompatible with sustainability criteria. Each investment undergoes a detailed due diligence process that assesses governance structures, board practices, compensation frameworks, risk controls, and operational integrity. Growth Partners Capital often places a representative on the board of each investee company to ensure continued oversight and alignment with best-practice governance. With at least 85% of its capital deployed in Portugal and the remainder across the European Union, Growth Blue aims to support businesses with strong fundamentals, scalable models, and potential for both organic and inorganic expansion. As a closed-end fund with a defined term and CMVM supervision, it offers a structured approach to long-term private equity investing in one of Europe’s fastest-growing sustainability-orientated sectors.
Regulatory Identifiers
We source from CMVM-regulated managers where applicable. Verify each fund's registration and GV suitability with counsel.
| ISIN | PTGWTKIM0009 (Cat. B), PTGWTLIM0008 (Cat. C) |
|---|
Fund Documents
Provided by the fund manager. Review the fund's official documents before subscribing; Movingto has not independently verified their contents.
Key Terms
| Minimum Investment | €50,000 |
|---|---|
| Fund Structure | Private Equity |
| Lock-up Period | 10 years |
| Domicile | Portugal |
| Custodian | Not disclosed |
| Auditor | Forvis Mazars |
| ISIN | PTGWTKIM0009 (Cat. B), PTGWTLIM0008 (Cat. C) |
| Typical Ticket | Not disclosed |
| Risk Band | Aggressive |
| Fund Status | Open |
| Inception Date | 2024 |
Figures are reported by the fund manager. Movingto verification of this profile is pending. Terms may vary by investor class.
Fees
Fee Structure
8% preferred return hurdle
Fee Calculator
Geographic Allocation
Redemption Terms
| Lock-up Period | 120 months (10y) |
|---|
Additional Terms
Growth Blue is a closed-end private equity fund with no redemption rights during its full 10-year term. Units cannot be redeemed early under any circumstances. Transfers are only possible through private secondary transactions, subject to manager approval, KYC/AML checks, and CMVM rules. Investors should expect their capital to remain fully locked until the end of the fund’s life or final liquidation of its portfolio.
Redemption terms may vary by investor class. Verify details with the fund manager.
Fund Category
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Regulatory & Compliance
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Disclaimer: Your enquiry goes to Movingto. Movingto does not provide investment advice or introduce visitors directly to fund managers from this site. Capital is at risk. Target returns are fund-stated objectives, not forecasts or guarantees. Confirm all details against the fund prospectus/KID and qualified advisers.
Important Notice for Investors
You invest in units or shares of the fund, not directly in its underlying assets. Investment in funds involves risks, including the possible loss of principal. Where a fund is described as sustainable, ESG, or impact-oriented, those characteristics reflect the fund's own disclosures — check the fund's documents and any SFDR classification; a sustainability label does not by itself determine return or risk. Please read all fund documentation carefully before making any investment decisions. Past performance is not indicative of future results.
Growth Blue Fund
Managed by
Min Investment
€50,000
Fund-stated objective
Not disclosed
Capital is at risk. Target returns are fund-stated objectives, not forecasts or guarantees. Confirm all details against the fund prospectus/KID and qualified advisers.
No published fund-stated objective
This fund hasn't specified a fund-stated objective, so no return is assumed. Enter your own assumption below to model an outcome — any figure you enter is your own, not the fund's.Ask Movingto what disclosure is missing, then confirm any objective against current fund documents.
Investment Calculator
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Fund minimum: €50,000
Typical holding period
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No published fund-stated objective: This fund hasn't specified a return objective, so no return is assumed. Any figure here is your own assumption, not the fund's or a Movingto projection. Actual performance may differ significantly, and capital is at risk. Confirm fund-specific information against current fund documents and qualified advisers.
Investment Risk Disclosure: The figures shown are an illustration, not a forecast. They are an estimate of future performance based on your own assumptions and on how this type of investment has behaved and/or on current market conditions, and are not an exact indicator — what you actually get will vary with market performance and how long you stay invested. This investment may result in a financial loss, as there is no capital guarantee. Past performance does not guarantee future results. Any future return is also subject to taxation, which depends on your personal situation and may change. Figures are shown in euro (EUR); if you fund from another currency, the amounts you pay and receive may rise or fall with exchange-rate movements. Confirm details against the fund's own documents and a qualified financial adviser before making any investment decision.
Frequently Asked Questions
Growth Blue is a CMVM-regulated Private Equity fund managed by Growth Partners Capital that pursues a growth-equity strategy in Portugal's "Blue Economy," investing in profitable SMEs and mid-caps to generate both financial returns and sustainable ocean-resource impact.
The fund seeks €50 million of total commitments and has secured a €28 million anchor investment from the European Investment Fund (EIF), alongside commitments from national and international private investors.
Investors can join the fund with a minimum subscription of €100 000.
Growth Partners Capital, S.A.—a CMVM-licensed Private Equity firm—is the fund manager, and Deloitte serves as the independent auditor.
Growth Blue has a 10-year lifespan from the initial closing, with a 5-year investment window structured as three years plus two one-year extension options.
A 2 % annual management fee is charged on committed capital, and a 20 % carried-interest applies on profits above a 7 % preferred-return hurdle.
The fund aims for an internal rate of return (IRR) above 20 % per annum and a money-on-money multiple of 3.3× over its life, with annual dividend distributions to investors.
Over 85 % of Growth Blue's investments will be in Portuguese SMEs and mid-caps, leveraging Portugal's strategic maritime position, large exclusive economic zone, and strong Blue-economy tradition.
Core areas include Offshore Renewable Energy, Seafood & Aquaculture, and the Blue Bioeconomy, plus related technologies—each chosen for Portugal's competitive advantage and strong growth prospects.
The fund invests in profitable SMEs and mid-caps with EBITDA above €2 million, deploying approximately €5 – 10 million per deal for large minority or controlling equity stakes.
Value is added through hands-on initiatives—100-day operational plans, cost and supplier optimization, professionalizing management, strategic planning, and support for scale-up and international expansion.
Deals include dividend and liquidation preferences, anti-dilution and non-competition clauses, board representation, drag-along/tag-along rights, and the fund employs no leverage at its own level.
Single-company exposure is capped at 15 % and sector exposure at 30 %. ESG adoption, biannual investor reporting, a formal Guidance Committee, and thorough legal/financial/ESG due diligence underpin the governance framework.
Depending on final size, Growth Blue anticipates 8–10 transactions. It currently has at least three pipeline projects under negotiation or analysis, with tickets ranging from €3.5 million to €7 million.
The Blue Economy is a fast-growing global sector supported by European and international policy. It covers everything from sustainable aquaculture to marine technology, ocean data, coastal innovation, and clean-energy solutions. With strong institutional backing and long-term environmental relevance, it is considered a structural, not cyclical, growth theme.
The profile marks this fund as Golden Visa intended by its manager. Fund-route evidence must still be confirmed against current law, fund documents, and the applicant's own legal file — eligibility is assessed per application, not guaranteed by the fund.
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