IMGA Futurum Tech Fund

"Atlantic Bridge" is the fund’s main strategy for value arbitrage. It targets successful Brazilian technology companies that have already proven their business model in Latin America and are looking to expand into Europe. By relocating their headquarters or operations to Portugal (a natural cultural and linguistic entry point), these companies can instantly access the EU single market.

General software, like basic SaaS, has become commoditised. "Future Tech" refers to Deep Tech sectors, specifically Artificial Intelligence (AI), Cleantech, and Life Sciences, where the barriers to entry are higher and the potential for "unicorn" valuations is greater. The fund seeks companies with defensible intellectual property (IP) rather than just marketing-driven growth.

Most Golden Visa funds are managed by small, boutique firms created specifically for the visa program. IMGA (IM Gestão de Ativos) is Portugal’s largest independent asset manager with billions in assets. This organisation offers an institutional layer of governance, compliance, and risk management (auditors, custodians, independent valuation) that smaller firms often lack, providing peace of mind for conservative investors.

A "Hurdle Rate" is the minimum return the fund must achieve before the manager gets paid any performance fee. Most Golden Visa funds have a hurdle of just 6–8%. A 15% hurdle is exceptionally investor-friendly; it means IMGA is so confident in their high-growth strategy that they only take a profit share (carried interest) if you make more than 15% per year. If the fund returns 14%, the manager gets zero performance fee.

No. This company is a Venture Capital Fund (FCR), which is legally classified as a high-risk investment. Unlike a bank deposit or a capital preservation fund, your capital is deployed towards startups. There is a genuine risk of loss if the portfolio companies fail, even though the target returns are high (15%+ IRR). This vehicle is for investors seeking capital appreciation, not capital preservation.

The 70% Portugal allocation ensures strict compliance with the Golden Visa regulation (which requires a minimum of 60%). The remaining 30% Europe allowance gives the manager flexibility to keep some cash liquid or invest in a "safer" European unicorn to balance the risk of the earlier-stage Portuguese startups.

Yes. The 2023 "Mais Habitação" law explicitly banned direct or indirect investment in residential real estate for Golden Visas. The IMGA Futurum Tech Fund invests strictly in equity and quasi-equity of corporate entities (startups and scale-ups). It holds no residential property, making it 100% compliant with the new "Capital Transfer" regulations.

No. This asset class is a Closed-End Fund (FCR) with a fixed 8-year term (extensible by two 1-year periods). You cannot withdraw your capital on demand. Even if you receive your passport in Year 6, your capital remains locked until the fund naturally unwinds and sells its portfolio companies (likely in Year 8, 9, or 10). You should view your investment as an illiquid 8-10 year commitment.

Investors in Venture Capital anticipate the failure of some companies, known as write-offs. The fund mitigates this risk through diversification. By investing in 15–20 companies, the goal is for the massive gains from the top 2–3 "winners" (startups that exit at 10x or 20x multiples) to more than cover the losses of the failures. This is the "Power Law" of venture capital.

Once you transfer the €500,000 and sign the subscription agreement, IMGA (the manager) issues a standardized Regulatory Declaration. Your lawyer submits this document to AIMA (the immigration agency) as your primary proof of investment. This typically happens within 5–10 business days of your funds clearing.

Yes. IMGA is accustomed to institutional reporting standards. For US citizens, this fund is treated as a Passive Foreign Investment Company (PFIC). To avoid punitive US tax rates, you must file a QEF (Qualified Electing Fund) election. IMGA provides the necessary annual statements (PFIC Annual Information Statement) to allow your CPA to file this form, taxing your gains at the favourable long-term capital gains rate rather than the highest marginal income rate.

Yes, it is registered under CMVM ID 2041.

Management Fee: 2%. Performance Fee: None. Subscription Fee: Not disclosed.