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INZ Fund

INZ Fund is a CMVM-regulated investment fund managed by STAG Fund Management, investing primarily in private equity with 60-month minimum holding period.

INZ is a closed-ended Private Equity fund focused on renewable energy and energy-efficiency assets across Iberia, fully engineered for 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.

Fund Snapshot

Key Facts

Min Investment€150,000
RedemptionsEnd of Term
Open to USYes
Lock-up60 months
Fund Size (AUM)€50M

Fees

Management Fee
1.6%
Performance Fee
15%

Additional Details

NAV Frequencysemi-annually
Established2023
Regulated ByCMVM — Comissão do Mercado de Valores Mobiliários

Compliance

Capital at risk. Past performance isn't indicative of future returns. This is not investment advice.

Historical Performance

No performance data available
Performance metrics will appear when data is provided

Fund Overview

About the Fund

The STAG INZ Fund is a regulated Private Equity vehicle designed to capitalise on Europe’s accelerating transition to clean energy, with a clear mandate to invest in renewable power generation, energy-efficiency technologies, and low-carbon infrastructure across Portugal and Spain. Structured as a Fundo de Capital de Risco Fechado, the fund combines the resilience of infrastructure-like assets with the growth potential of equity, making it a compelling option for investors seeking long-term value creation in the Net Zero economy. At its core, INZ targets high-impact opportunities that generate predictable, recurring revenue streams, such as distributed rooftop solar, subscription-based energy services, storage systems, and electrification solutions. These assets tend to benefit from stable demand fundamentals, inflation-linked pricing, and supportive European regulatory frameworks. By focusing on proven technologies and operational businesses rather than speculative development plays, the fund maintains a balanced risk profile while aiming for consistent performance throughout its eight-year lifecycle. INZ is fully aligned with the UN Sustainable Development Goals, especially Affordable and Clean Energy and Climate Action. Investments are screened against strict KPIs to ensure measurable environmental impact alongside financial return. The fund is managed by STAG Fund Management, an established CMVM-regulated manager known for its disciplined governance, institutional oversight, and experience operating Golden Visa–eligible funds. Annual audits by Baker Tilly and a transparent, compliance-first structure further strengthen investor confidence. Crucially, INZ meets all requirements of the Portuguese Golden Visa program under the post-2023 legislative framework, with more than 60 percent of capital allocated to Portuguese companies and zero exposure to prohibited real estate activities. With a target fund size of €50 million and a strategic focus on essential energy infrastructure, INZ enables investors to participate directly in Europe’s clean-energy transformation while supporting a more resilient and sustainable future.

For broader context, see our full guide to Portugal Golden Visa investment funds.

Key Terms

Key Terms

Minimum Investment€150,000
Fund StructurePrivate Equity
Fund Term8 years
DomicileLisbon, Portugal
CustodianBison Bank
AuditorBaker Tilly
ISINN/A
Typical TicketN/A
Risk BandN/A
Fund Status
Open
Inception Date2023

Information as reported by fund manager. Terms may vary by investor class.

Financial Details

Fees

Fee Structure

Management Fee1.6%
Performance Fee15%
6% preferred return hurdle
Subscription Fee1%

Fee Calculator

Management fee:€0
Performance fee*:€0
Estimated annual cost:€0
*Performance fee only applies if returns exceed 6% hurdle

Geographic Allocation

Portugal70%
Spain30%

Redemption Terms

Redemption Status
Locked Until Maturity
FrequencyEnd of Term
Lock-up Period60 months (5y)
Additional TermsAs a closed-ended Private Equity vehicle, investors must remain committed until the fund’s maturity. Liquidity is only possible through a private transfer of units to another buyer, subject to manager approval and no guaranteed secondary market.

Redemption terms may vary by investor class. Verify details with the fund manager.

Fund Structure

Regulatory & Compliance

CMVM RegistrationN/A
AuditorBaker Tilly
CustodianBison Bank
NAV Frequencysemi-annually
PFIC/QEF Status
QEF Available

Always confirm regulatory details with the fund manager and legal counsel before investing.

Team Information

Fund Team

122 team members

AF
Investment Analyst

Afonso Ferreira joined Heed Capital in January 2024 as an Investment Analyst, supporting the CIO and fund managers across the firm’s securities...

AP
Head of Legal

Afonso Castel-Branco Próspero leads the Legal and Compliance Department at Lince Capital and serves as a board member, overseeing the regulatory...

AL
Co-Founder & Managing Director

Alex Lawry-White is the Co-Founder and Managing Director of Impacto Pela Terra, where he leads strategy, fundraising and investor alignment for...

ACES
Partner & Investment Committee Member

Alexandre Câmara e Silva is a Partner at Fortitude Capital and a member of its Investment Committee. He brings extensive experience in special...

ACE
Business Development Director
AD
Marketing Manager

Ana Devesa is Marketing Manager at Heed Capital, where she leads brand development, digital strategy, and cross-team communication. She holds a...

AE
Founder & Chief Executive Officer

António Esteves is the Founder and CEO of Fortitude Capital, bringing over two decades of experience in international financial markets. Prior to...

AP
Partner/ Co-CEO

António Pereira brings deep operational and regulatory expertise to STAG, where he oversees core business functions, financial operations, and...

AN
CEO & Founder

Armando Carvalho Nunes is President of BIZ Group and a senior Portuguese investment executive with over three decades of experience in asset...

BCG
Senior Associate

Bernardo Canedo Gomes is a Senior Associate at Oxy Capital, where he supports transaction execution and portfolio value creation across multiple...

BM
Fund Manager

Bernardo Moreira joined Heed Capital’s investment team in 2010 after an internship at Caixa Geral de Depósitos. Starting as an analyst, he developed...

BP
Associate

Bernardo is an Associate at Oxy Capital, working across deal analysis, portfolio monitoring and strategic support to several industrial and...

CR
Financial Assistant

Carla Rodrigues brings extensive financial and administrative support experience, with a long background in accounting and operational assistance...

CP
Senior Investment Manager

Carlos Pinto is Senior Investment Manager at Optimize Investment Partners and part of the core team managing the Optimize Golden Opportunities fund....

CPL
Chief Financial Officer

Carlos Pontes Lopes serves as Executive Board Member and Chief Financial Officer at Celtis Venture Partners, overseeing financial management,...

CV
Private Investors Manager

Carlos Varela is a private investors manager focused on supporting international clients investing through Portugal’s Golden Visa framework. He works...

CM
Program Onboarding Manager

Chessel Christiana Magat is Partnerships Manager at Tejo Ventures, supporting strategic relationships and business development across the firm’s...

CBQ
Finance Manager

Cláudia Balugas Quintas is the Finance Manager at Octanova SCR, bringing nearly two decades of experience in operational finance, middle-office...

DSDP
Partner/ Co-CEO

Diogo Saraiva de Ponte is an experienced investment leader who has managed more than €1 billion across global private equity, real estate and...

DG
Head of Compliance

Domenico is an Investment Associate at Ventures.eu and Dealflow.eu, working closely with startups in deep tech, AgTech, and EU-funded innovation. His...

DC
DF
Head of Legal

Duarte is a legal advisor with international experience supporting private equity, venture capital, and investment funds, with a background in...

EN
Partner

Edwyn Neves is a Partner at Fortitude Capital with deep experience in private equity and special situations investing. He has spent over two decades...

EB
Head of Operations

Eric Buechli leads operations at Ventures.eu, drawing on a hybrid Swiss–Brazilian background and strong analytical training. He played a central role...

ELP
Operations Manager

Eunice Leão Pinto is Operations Manager at Octanova, overseeing fund setup, day-to-day operations and investor reporting across private equity,...

FF
Fund Manager

Fernando Fonseca has more than three decades of financial and operational experience across banking, consumer finance and investment management. He...

FF
Fund Manager

Fernando Freire has more than three decades of experience in banking, operations and investment management. He began his career in 1987 at Banco BBM...

FPF
General Partner

Fernando Peres Ferreira is a Partner at Ventures.eu and a senior private equity and venture capital investor with a long track record backing...

FS
Business Development
FM
Office Manager

Office ManagerFrancisca Montenegro supports Fortitude Capital’s day-to-day operations, overseeing office management and administrative coordination...

FA
Investor Relations

Francisco serves as Investor Relations at STAG Fund Management, combining a marketing background with hands-on experience across acquisitions, asset...

FDL
Associate

Francisco Dias Lopes is a Private Equity Associate at Growth Partners Capital, with experience across investment analysis, transaction execution, and...

FG
Private Equity Associate

Francisco Gião is an associate at OxyCapital, contributing to transaction execution, financial modelling, and portfolio strategy across multiple...

GXM
Board Member

Gisela leads STAG’s Legal and Compliance functions, ensuring adherence to regulatory requirements across all funds. With more than 20 years of...

GF
Associate

Gonçalo Freire is a Private Equity Associate at Growth Partners Capital, with a background in investment analysis, deal execution, and portfolio...

GM
Partner

Gonçalo Mendes is a founding partner at Oxy Capital and one of the firm’s key strategic leaders. With a background that includes an MBA from Harvard...

GSR
Investment Director

Gonçalo Sommer Ribeiro is Investment Director at Fortitude Capital, bringing extensive experience in investment analysis, structured products, and...

GDB
Head of Business Development

Guilherme Durão Barroso leads Business Development at Lince Capital, driving strategic partnerships, commercial growth, and investor engagement...

GVC
Partner

Guilherme Valadares Carreiro is a Partner at Oxy Capital and one of the leads behind its Liquid Opportunities and Golden Visa-focused strategies....

GCG
Head of Investor Relations and Board Member

Gustavo Caiuby Guimarães brings a global perspective to Heed Capital’s leadership team, shaped by more than a decade in wealth management and...

HA
Managing Director

Henrique Anjos is a partner at Octanova SCR and a seasoned investment banker with more than 15 years of experience across Europe, North Africa, and...

HN
IT Manager

Henrique Nunes is responsible for the information technology and systems infrastructure supporting BIZ Group’s operations. With over a decade of...

HS
Senior Analyst

Henrique Simão is a Private Equity Senior Analyst at Growth Partners Capital, supporting investment analysis, valuation, and portfolio monitoring...

IP
Partner

Igor Pereira is a long-standing Partner at Oxy Capital with more than a decade of experience driving the firm’s investment strategies. Before joining...

ICES
Partner

Inês Cunha e Silva is a Partner at Celtis Venture Partners, overseeing operational governance, investor coordination, and fund execution. She is also...

IM
Compliance Analyst

Maria Inês Macedo is responsible for Compliance at Growth Partners Capital, bringing extensive experience in regulatory compliance, risk management,...

JS
Financial and Operations Manager

Jéssica Sousa trained as an accountant and began her career in 2007. She spent seven years managing a tax and accounting services provider in Brazil...

JF
Compliance Trainee

Joana Fernandes holds a degree in Law and completed a study semester in Madrid at Universidad Rey Juan Carlos. She joined Heed Capital in 2025 as a...

JB
Partner

João Baptista is a Partner at Celtis Venture Partners, contributing to strategic oversight, capital structuring, and investor relations. He is also...

JF
PE/VC Portfolio Manager

João Fialho is a PE/VC Portfolio Manager at STAG Fund Management and a member of the Investments Committee. With extensive experience at Santander in...

JVM
Head of Compliance and Risk

João Valente Martins is a lawyer with more than three decades of experience in compliance. He began his career in 1991 and has led compliance...

JMMLG
CEO and Board Chairman

Joaquim Maria Magalhães Luiz Gomes is the driving force behind Heed Capital’s long-term growth, bringing more than thirty years of hands-on...

JD
Venture Capital Lead

John Darling partnered with Saratoga Capital in 2022 and leads the firm’s venture capital initiatives through Impact Counsel. He has overseen a US$42...

JMC
Managing Partner

José María Cantero de Montes-Jovellar is Chairman and Partner at Growth Partners Capital, bringing extensive experience in corporate governance,...

JST
President at Optimize

José Santos Teixeira is the President of Optimize Investment Partners and one of the firm’s longest-serving leaders, with more than 17 years shaping...

JJR
Managing Partner

Juan José Rodriguez-Navarro is a seasoned investment executive with decades of experience across European private equity and financial markets.

JJ
General Partner

Julian Johnson is Co-Founder and General Partner at Tejo Ventures, where he leads renewable energy investments structured for Portugal’s Golden Visa...

KDS
Financial and Operations Manager

Kizola da Silva holds a degree in Economics from the Autonomous University of Lisbon and is currently completing a Master’s in Financial Analysis at...

LCDS
Fund Manager

Lourenço Cornélio da Silva brings a multidisciplinary foundation to Heed Capital’s investment team, shaped by a first career in architecture and...

LM
Head of Growth Funds

Lourenço Mayer leads the Growth Funds division at Lince Capital, overseeing strategy, portfolio development and value-creation initiatives across the...

MS
Finance and Operations Director

Mafalda Santos is Chief Financial and Operations Officer at Fortitude Capital, with extensive experience in fund accounting, financial reporting, and...

MA
Strategy Advisor

Manuel A. is a renewable energy founder, university professor, and senior energy consultant with over 20 years’ experience in the Iberian power...

MPDA
Head of Real Estate

Manuel leads STAG’s Real Estate division, bringing over a decade of international experience in investment management, financial oversight, and...

MC
Senior Director

Marcello Cavalcanti is a senior director at Octanova's Horizon Fund, bringing more than 25 years of global market experience across derivatives...

MH
Partner

Marco Henriques is a Partner at Oxy Capital and has been with the firm since 2012, working across investment execution, operational turnaround, and...

MGB
Head of Marketing

Maria Gabriela is the Marketing Manager at Dealflow.eu and Ventures.eu, where she leads demand generation, brand strategy, and multi-channel growth...

MV
Chief Investment Officer & Partner

Mário Dias Vigário is CIO and Partner at Fortitude Capital, with more than 30 years of experience in asset management, trading, and investment...

MG
Chief Operating Officer

Mark Gomes is an Executive Board Member at Celtis Venture Partners, bringing extensive experience in transaction services, portfolio management, and...

MADC
Investment Director

Marta Carvalho is Investment Director at Fortitude Capital, with a background in M&A and renewable energy investments across institutional and...

MF
Investment Analyst

Marta Fernandes is a private equity analyst at Octanova. She contributes to portfolio research, asset monitoring, and investment analysis across...

MM
Associate

Marta Mendes is an Associate at Oxy Capital, where she supports investment analysis, transaction execution and portfolio value creation. She joined...

MK
Head of Platform

Merel Kraaijenbrink is an investor at Ventures.eu and Investment COO at Dealflow.eu, combining legal training with hands-on venture experience across...

MA
Chief Executive Officer

Miguel Alpendre is the Chief Executive Officer of Celtis Venture Partners, bringing over two decades of experience in venture capital, private...

MBR
Principal

Stefano Visalli leads Oxy Capital Italia, bringing extensive experience from more than a decade as a Senior Partner at McKinsey & Company. In 2014,...

MC
Investment Analyst

Miguel Castelo is an Investment Analyst at Heed Capital, bringing a strong academic background and hands-on experience across asset management,...

MH
Partner

Miguel Herédia is a Board Member at Growth Partners Capital, bringing a strong background in private equity, strategy, and maritime-focused...

ML
Managing Partner

Miguel Lucas is the Managing Partner and founding member of Oxy Capital, a leader in alternative investments and private equity since 2011. He sits...

NH
Director of Sustainability & Innovation

Nathan Hadlock is an engineer and agricultural strategist with background in soil technology, regenerative farming, and sustainable land management....

NH
Director of Business Development

Nathan leads Business Development at STAG Fund Management, focusing on international client acquisition, strategic partnerships, and tailored...

NMDLMP
CFO and Board Member

Nuno Miguel de Lemos Montes Pinto brings a long and steady track record in financial leadership, shaped by more than two decades in corporate...

NS
Executive Director / Commercial Director

Nuno Santos is Executive Director and Commercial Director at Optimize Investment Partners. He started his career in 1992 in insurance consulting,...

PJ
Head of Finance and Operations

Patrícia Jordão is responsible for leading Finance and Operations at Heed Capital, bringing more than 15 years of specialised experience across fund...

PA
Chief Investment Officer

Pedro Alves is Heed Capital’s Chief Investment Officer, bringing more than two decades of hands-on experience in portfolio management, market...

PG
Board of Directors

Pedro Geada brings a rare combination of deep technical expertise and large-scale leadership to Heed Capital’s Board. With an academic background...

PL
CEO & CIO

Pedro Lino is CEO and CIO of Optimize Investment Partners and Chairman of Optimize SICAV in Luxembourg. He has over 20 years’ experience in asset...

PMDC
Partner

Miguel Raposo is a shareholder at Octanova SCR and a seasoned executive with more than two decades of leadership across healthcare, pharmaceuticals...

PO
Board Member

Pedro Oliveira is a Board Member at Optimize Investment Partners, bringing almost a decade of leadership across compliance, governance, and...

PSP
Investment Director

Pedro Sanz Pinto is Investment Director at Fortitude Capital, with experience across private equity, corporate M&A, and special situations investing....

PS
Partner

Pedro Sousa is a Partner at Oxy Capital and a key figure behind the firm’s public-market and Liquid Opportunities strategies. Before joining Oxy, he...

RC
Head of Finance

Raquel Costa leads the Finance Department at Lince Capital, overseeing financial reporting, fund operations, budgeting, and performance control...

RC
Principal, Real Estate Group

Rene Cuerten heads Saratoga Capital’s real estate division, bringing nearly 30 years of experience in development, project management, and...

RD
Head of Private Equity

Rodrigo Duarte serves as a Board Member at Lince Capital and was previously the firm’s Head of Operations, overseeing fund execution, investment...

RS
Board Advisor

Ruben Sequeira is a Board Advisor at Optimize Investment Partners, bringing more than eight years of experience across performance analysis, risk...

RA
Chief Financial Officer & Compliance
RH
Board Advisor

Ryan Hamilton is an Advisor to the Board at Tejo Ventures and Managing Partner at Inception Financial. He brings 20 years of strategy, operations,...

SH
Investment Analyst

Sofia blends deep technical training in financial due diligence and valuation with hands-on experience across real estate, private equity, and...

SM
COO and Partner

Sofia Martins is a Partner at Fortitude Capital with extensive experience in operations, compliance, and asset management. She has held senior...

SM
Managing Partner

Sónia Magalhaes is a managing partner at Octanova SCR, leading the firm’s strategy across alternative assets, digital finance, and deep-tech venture...

SM
Principal, Investment Migration

Stelios Marangos serves as principal and co-head of Saratoga Capital’s regulated products group, leading all investment-migration solutions. With...

SF
Senior Director

Stenio Franco is a Senior Director at Octanova, bringing more than twenty years of experience in cross-border M&A, private equity, venture capital...

SMP
Founder & Principal

Steven Pepa is a founding member of Saratoga Capital and co-head of its regulated products group. With more than 26 years’ experience across North...

TC
Legal Counsel

Tânia Nunes Carvalheiro joined Heed Capital SGOIC, S.A. in March 2024 and serves as Legal Counsel and Secretary General. She works across corporate...

TP
Founder & General Partner

Thijs Povel is a Managing Partner at Ventures.eu, where he invests in high-potential European founders backed by deep customer validation. He is also...

TB
Chief Financial Officer

Tiago Botelho is a finance professional with background in audit, fund administration, and corporate finance across private equity and renewable...

TP
Private Equity Associate

Tiago Proença is an Associate at Oxy Capital, where he supports deal sourcing, financial modelling and portfolio value-creation initiatives. He...

TC
Associate

Tomás CasqueiroTomás Casqueiro is an Investment Associate at Fortitude Capital, supporting investment analysis, execution, and portfolio monitoring...

TCDS
Partner

Tomás Castro de Sá is a Partner at Oxy Capital with a strong track record in private equity and operational value creation. Since joining the firm in...

TDA
Financial Manager

Tomás de Almeida is Finance Manager at Growth Partners Capital, overseeing financial reporting, fund operations, and internal control processes. He...

TLP
Head of Venture Capital

Tomás Lavin Peixe is a Partner at Lince Capital, where he plays a central role in shaping the firm’s venture capital strategy and scaling its...

VF
Asset Manager

Vasco Ferreira is an asset manager with experience overseeing European equity, fixed income, and mixed investment funds. At BIZ Group, he is...

VPC
CEO

Vasco Pereira Coutinho is the CEO of Lince Capital and a driving force behind the firm’s growth across private equity, venture capital, and real...

YR
General Partner

Yann Rey is a Partner at Tejo Ventures, where he focuses on investment strategy and portfolio development across Golden Visa–eligible assets. With a...

Get in Touch with INZ Fund

Enquire about INZ Fund. The fund manager will respond within 24-48 hours.

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Important Notice for Investors

Investment in funds involves risks, including the possible loss of principal. Please read all fund documentation carefully before making any investment decisions. Past performance is not indicative of future results.

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Fund minimum: €150,000

Typical holding period

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Fund target: 8-8% p.a.

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Frequently Asked Questions

What type of investments does the INZ Fund focus on?

The fund targets renewable energy and energy-efficiency assets across Iberia, including distributed solar, storage, clean mobility, and infrastructure supporting the energy transition. The emphasis is on operating companies generating recurring, contract-based revenue.

Is the INZ Fund eligible for the Portuguese Golden Visa after the 2023 law changes?

Yes. INZ complies with all updated legislation by investing in Portuguese commercial companies—not real estate—and maintaining a Portugal allocation above 60%. It fully qualifies under the “Capitalisation of Companies” route.

What is the minimum investment amount required?

The fund accepts a minimum subscription of €150,000, though Golden Visa applicants typically subscribe €500,000 to meet ARI eligibility requirements.

How long is the investment locked up?

INZ is a closed-ended fund with an 8-year term. Investors cannot redeem early; exits only occur at maturity or through a secondary transfer of units, subject to manager approval.

What fees does the fund charge?

The fee structure includes a 1.60% annual management fee, a 20% performance fee, and a 6% hurdle rate. A subscription fee of around 1% may also apply. There is no redemption fee.

Does the INZ Fund have any historical performance data?

No. As a 2023/2024-vintage fund still in its subscription phase, INZ has not yet published its NAV history, distributions, or realised exits. Any performance numbers are targets, not historical returns.

How does the fund generate returns for investors?

Returns are expected to come from recurring energy-production revenues (e.g., subscription-based solar), efficiency savings, and eventual exits of portfolio companies. The strategy aims to combine infrastructure-like stability with Private Equity upside.

Who manages the INZ Fund?

The fund is managed by STAG Fund Management (STAG Management SCR, S.A.), a CMVM-regulated investment firm managing multiple alternative funds and experienced in Golden Visa-compliant structures.

Who audits the fund?

INZ is audited by Baker Tilly, an international audit firm that provides independent verification of financial statements and NAV calculations, ensuring transparency and regulatory oversight.

What is the risk profile of the fund?

The fund is considered “Balanced,” reflecting its focus on proven energy-infrastructure assets with contracted cash flows, while still carrying the illiquidity and development risks common to Private Equity.

Does the fund invest in real estate?

No. INZ has zero direct or indirect real estate exposure. It invests only in operational energy and infrastructure companies to comply with the post-2023 Golden Visa regulations.

Can U.S. investors participate in the fund?

Yes. The fund is open to U.S. investors, and STAG typically provides PFIC/QEF reporting to satisfy IRS requirements, making the structure suitable for U.S. citizens and residents.

When does the subscription period end?

The subscription window closes on February 22, 2026. Until then, the fund remains in capital-raising and early deployment stages.