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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 IDinz-fund
Regulatory StatusCMVM — Comissão do Mercado de Valores Mobiliários
Min. Investment€150,000
Management Fee1.6%

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 Structure
Private Equity
Fund Term
8 years
Domicile
Lisbon, Portugal
Custodian
Bison Bank
Auditor
Baker Tilly
ISIN
Not disclosed
Typical Ticket
Not disclosed
Risk Band
Not disclosed
Fund Status
Open
Inception Date
2023

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 Terms

As 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 RegistrationNot disclosed
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

8 team members

Team members are employed by the fund manager, not Movingto. Profiles listed for directory comparison.

AP
Partner/ Co-CEO

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

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...

FA
Investor Relations

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

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...

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...

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...

Get in Touch with INZ Fund

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

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Disclaimer: This enquiry does not constitute investment advice or a commitment to invest. All investments carry risk. Past performance does not guarantee future results. By submitting this form, you agree to be contacted by the fund manager.

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.

Investment Calculator

Project potential returns based on your investment parameters

Display returns after management and performance fees

Fund minimum: €150,000

Typical holding period

%

Fund target: 8% p.a.

Investment Risk Disclosure: These projections are for illustrative purposes only and do not guarantee future performance. Past performance is not indicative of future results. All investments carry risk, including potential loss of principal. Consult with a qualified financial advisor before making investment decisions.

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Frequently Asked Questions

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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