Lince Growth Fund I, FCR is a CMVM-regulated investment fund managed by Lince Capital, SCR, S.A., investing primarily in private equity with 96-month minimum holding period.
Lince Growth Fund I, FCR is a regulated Portuguese growth-equity fund investing in established, revenue-generating SMEs. Focused on industrial, healthcare, agri-food, and tech companies, it targets scalable businesses that need capital to modernise, expand, or internationalise. Fully compliant with rules, it provides exposure to Portugal’s real economy with professional, active management.
Capital at risk. Past performance isn't indicative of future returns. This is not investment advice.
Cumulative returns compounded from monthly data
Disclaimer: Historical performance is not indicative of future results. Past performance does not guarantee future returns. All investments carry risk of loss.
Lince Growth Fund I, FCR operates as a closed-end growth-equity fund built to capture one of Portugal’s most persistent market inefficiencies: the lack of expansion capital available to mature, high-potential SMEs. Managed by Lince Capital, an independent CMVM-regulated firm with a strong governance framework, the fund concentrates on companies that already demonstrate solid cash flow, proven market demand, and clear opportunities for scaling. These businesses often sit below the radar of larger private equity groups yet require more flexible capital than traditional banks can provide, creating a strategic niche where experienced managers can generate meaningful value. The fund targets sectors in which Portugal has structural competitive advantages, including advanced manufacturing, specialised healthcare, agri-food technology, and B2B services. Rather than betting on volatile early-stage ventures, Lince Growth Fund I deploys capital to organisations ready to expand production capacity, enter new international markets, or consolidate fragmented industries. Its active-management model places Lince Capital at the boards of its portfolio companies, supporting operational upgrades, governance improvements, and long-term strategic planning. Designed under Portugal’s updated regulatory framework, the fund aligns fully with the post-2023 Golden Visa requirements: zero real estate exposure, an investment horizon exceeding five years, and a majority allocation to Portuguese commercial companies. Investors can access private-market growth opportunities while enjoying the benefits of a regulated SGOIC, independent audits, and a depositary bank that protects all fund assets. With its careful approach, attention to the underserved part of the Portuguese business scene, and dedication to responsible management, Lince Growth Fund I serves as a way to seek growth while maintaining strong risk management, also helping to support the country's economy.
For broader context, see our full guide to Portugal Golden Visa investment funds.
We source from CMVM-regulated managers where applicable. Verify each fund's registration and GV suitability with counsel.
Information as reported by fund manager. Terms may vary by investor class.
Redemption terms may vary by investor class. Verify details with the fund manager.
Always confirm regulatory details with the fund manager and legal counsel before investing.
122 team members
Afonso Ferreira joined Heed Capital in January 2024 as an Investment Analyst, supporting the CIO and fund managers across the firm’s securities...
Afonso Castel-Branco Próspero leads the Legal and Compliance Department at Lince Capital and serves as a board member, overseeing the regulatory...
Alex Lawry-White is the Co-Founder and Managing Director of Impacto Pela Terra, where he leads strategy, fundraising and investor alignment for...
Alexandre Câmara e Silva is a Partner at Fortitude Capital and a member of its Investment Committee. He brings extensive experience in special...
Ana Devesa is Marketing Manager at Heed Capital, where she leads brand development, digital strategy, and cross-team communication. She holds a...
António Esteves is the Founder and CEO of Fortitude Capital, bringing over two decades of experience in international financial markets. Prior to...
António Pereira brings deep operational and regulatory expertise to STAG, where he oversees core business functions, financial operations, and...
Armando Carvalho Nunes is President of BIZ Group and a senior Portuguese investment executive with over three decades of experience in asset...
Bernardo Canedo Gomes is a Senior Associate at Oxy Capital, where he supports transaction execution and portfolio value creation across multiple...
Bernardo Moreira joined Heed Capital’s investment team in 2010 after an internship at Caixa Geral de Depósitos. Starting as an analyst, he developed...
Bernardo is an Associate at Oxy Capital, working across deal analysis, portfolio monitoring and strategic support to several industrial and...
Carla Rodrigues brings extensive financial and administrative support experience, with a long background in accounting and operational assistance...
Carlos Pinto is Senior Investment Manager at Optimize Investment Partners and part of the core team managing the Optimize Golden Opportunities fund....
Carlos Pontes Lopes serves as Executive Board Member and Chief Financial Officer at Celtis Venture Partners, overseeing financial management,...
Carlos Varela is a private investors manager focused on supporting international clients investing through Portugal’s Golden Visa framework. He works...
Chessel Christiana Magat is Partnerships Manager at Tejo Ventures, supporting strategic relationships and business development across the firm’s...
Cláudia Balugas Quintas is the Finance Manager at Octanova SCR, bringing nearly two decades of experience in operational finance, middle-office...
Diogo Saraiva de Ponte is an experienced investment leader who has managed more than €1 billion across global private equity, real estate and...
Domenico is an Investment Associate at Ventures.eu and Dealflow.eu, working closely with startups in deep tech, AgTech, and EU-funded innovation. His...
Duarte is a legal advisor with international experience supporting private equity, venture capital, and investment funds, with a background in...
Edwyn Neves is a Partner at Fortitude Capital with deep experience in private equity and special situations investing. He has spent over two decades...
Eric Buechli leads operations at Ventures.eu, drawing on a hybrid Swiss–Brazilian background and strong analytical training. He played a central role...
Eunice Leão Pinto is Operations Manager at Octanova, overseeing fund setup, day-to-day operations and investor reporting across private equity,...
Fernando Fonseca has more than three decades of financial and operational experience across banking, consumer finance and investment management. He...
Fernando Freire has more than three decades of experience in banking, operations and investment management. He began his career in 1987 at Banco BBM...
Fernando Peres Ferreira is a Partner at Ventures.eu and a senior private equity and venture capital investor with a long track record backing...
Office ManagerFrancisca Montenegro supports Fortitude Capital’s day-to-day operations, overseeing office management and administrative coordination...
Francisco serves as Investor Relations at STAG Fund Management, combining a marketing background with hands-on experience across acquisitions, asset...
Francisco Dias Lopes is a Private Equity Associate at Growth Partners Capital, with experience across investment analysis, transaction execution, and...
Francisco Gião is an associate at OxyCapital, contributing to transaction execution, financial modelling, and portfolio strategy across multiple...
Gisela leads STAG’s Legal and Compliance functions, ensuring adherence to regulatory requirements across all funds. With more than 20 years of...
Gonçalo Freire is a Private Equity Associate at Growth Partners Capital, with a background in investment analysis, deal execution, and portfolio...
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...
Gonçalo Sommer Ribeiro is Investment Director at Fortitude Capital, bringing extensive experience in investment analysis, structured products, and...
Guilherme Durão Barroso leads Business Development at Lince Capital, driving strategic partnerships, commercial growth, and investor engagement...
Guilherme Valadares Carreiro is a Partner at Oxy Capital and one of the leads behind its Liquid Opportunities and Golden Visa-focused strategies....
Gustavo Caiuby Guimarães brings a global perspective to Heed Capital’s leadership team, shaped by more than a decade in wealth management and...
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...
Henrique Nunes is responsible for the information technology and systems infrastructure supporting BIZ Group’s operations. With over a decade of...
Henrique Simão is a Private Equity Senior Analyst at Growth Partners Capital, supporting investment analysis, valuation, and portfolio monitoring...
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...
Inês Cunha e Silva is a Partner at Celtis Venture Partners, overseeing operational governance, investor coordination, and fund execution. She is also...
Maria Inês Macedo is responsible for Compliance at Growth Partners Capital, bringing extensive experience in regulatory compliance, risk management,...
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...
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...
João Baptista is a Partner at Celtis Venture Partners, contributing to strategic oversight, capital structuring, and investor relations. He is also...
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...
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...
Joaquim Maria Magalhães Luiz Gomes is the driving force behind Heed Capital’s long-term growth, bringing more than thirty years of hands-on...
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...
José María Cantero de Montes-Jovellar is Chairman and Partner at Growth Partners Capital, bringing extensive experience in corporate governance,...
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...
Juan José Rodriguez-Navarro is a seasoned investment executive with decades of experience across European private equity and financial markets.
Julian Johnson is Co-Founder and General Partner at Tejo Ventures, where he leads renewable energy investments structured for Portugal’s Golden Visa...
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...
Lourenço Cornélio da Silva brings a multidisciplinary foundation to Heed Capital’s investment team, shaped by a first career in architecture and...
Lourenço Mayer leads the Growth Funds division at Lince Capital, overseeing strategy, portfolio development and value-creation initiatives across the...
Mafalda Santos is Chief Financial and Operations Officer at Fortitude Capital, with extensive experience in fund accounting, financial reporting, and...
Manuel A. is a renewable energy founder, university professor, and senior energy consultant with over 20 years’ experience in the Iberian power...
Manuel leads STAG’s Real Estate division, bringing over a decade of international experience in investment management, financial oversight, and...
Marcello Cavalcanti is a senior director at Octanova's Horizon Fund, bringing more than 25 years of global market experience across derivatives...
Marco Henriques is a Partner at Oxy Capital and has been with the firm since 2012, working across investment execution, operational turnaround, and...
Maria Gabriela is the Marketing Manager at Dealflow.eu and Ventures.eu, where she leads demand generation, brand strategy, and multi-channel growth...
Mário Dias Vigário is CIO and Partner at Fortitude Capital, with more than 30 years of experience in asset management, trading, and investment...
Mark Gomes is an Executive Board Member at Celtis Venture Partners, bringing extensive experience in transaction services, portfolio management, and...
Marta Carvalho is Investment Director at Fortitude Capital, with a background in M&A and renewable energy investments across institutional and...
Marta Fernandes is a private equity analyst at Octanova. She contributes to portfolio research, asset monitoring, and investment analysis across...
Marta Mendes is an Associate at Oxy Capital, where she supports investment analysis, transaction execution and portfolio value creation. She joined...
Merel Kraaijenbrink is an investor at Ventures.eu and Investment COO at Dealflow.eu, combining legal training with hands-on venture experience across...
Miguel Alpendre is the Chief Executive Officer of Celtis Venture Partners, bringing over two decades of experience in venture capital, private...
Stefano Visalli leads Oxy Capital Italia, bringing extensive experience from more than a decade as a Senior Partner at McKinsey & Company. In 2014,...
Miguel Castelo is an Investment Analyst at Heed Capital, bringing a strong academic background and hands-on experience across asset management,...
Miguel Herédia is a Board Member at Growth Partners Capital, bringing a strong background in private equity, strategy, and maritime-focused...
Miguel Lucas is the Managing Partner and founding member of Oxy Capital, a leader in alternative investments and private equity since 2011. He sits...
Nathan Hadlock is an engineer and agricultural strategist with background in soil technology, regenerative farming, and sustainable land management....
Nathan leads Business Development at STAG Fund Management, focusing on international client acquisition, strategic partnerships, and tailored...
Nuno Miguel de Lemos Montes Pinto brings a long and steady track record in financial leadership, shaped by more than two decades in corporate...
Nuno Santos is Executive Director and Commercial Director at Optimize Investment Partners. He started his career in 1992 in insurance consulting,...
Patrícia Jordão is responsible for leading Finance and Operations at Heed Capital, bringing more than 15 years of specialised experience across fund...
Pedro Alves is Heed Capital’s Chief Investment Officer, bringing more than two decades of hands-on experience in portfolio management, market...
Pedro Geada brings a rare combination of deep technical expertise and large-scale leadership to Heed Capital’s Board. With an academic background...
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...
Miguel Raposo is a shareholder at Octanova SCR and a seasoned executive with more than two decades of leadership across healthcare, pharmaceuticals...
Pedro Oliveira is a Board Member at Optimize Investment Partners, bringing almost a decade of leadership across compliance, governance, and...
Pedro Sanz Pinto is Investment Director at Fortitude Capital, with experience across private equity, corporate M&A, and special situations investing....
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...
Raquel Costa leads the Finance Department at Lince Capital, overseeing financial reporting, fund operations, budgeting, and performance control...
Rene Cuerten heads Saratoga Capital’s real estate division, bringing nearly 30 years of experience in development, project management, and...
Rodrigo Duarte serves as a Board Member at Lince Capital and was previously the firm’s Head of Operations, overseeing fund execution, investment...
Ruben Sequeira is a Board Advisor at Optimize Investment Partners, bringing more than eight years of experience across performance analysis, risk...
Ryan Hamilton is an Advisor to the Board at Tejo Ventures and Managing Partner at Inception Financial. He brings 20 years of strategy, operations,...
Sofia blends deep technical training in financial due diligence and valuation with hands-on experience across real estate, private equity, and...
Sofia Martins is a Partner at Fortitude Capital with extensive experience in operations, compliance, and asset management. She has held senior...
Sónia Magalhaes is a managing partner at Octanova SCR, leading the firm’s strategy across alternative assets, digital finance, and deep-tech venture...
Stelios Marangos serves as principal and co-head of Saratoga Capital’s regulated products group, leading all investment-migration solutions. With...
Stenio Franco is a Senior Director at Octanova, bringing more than twenty years of experience in cross-border M&A, private equity, venture capital...
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...
Tânia Nunes Carvalheiro joined Heed Capital SGOIC, S.A. in March 2024 and serves as Legal Counsel and Secretary General. She works across corporate...
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...
Tiago Botelho is a finance professional with background in audit, fund administration, and corporate finance across private equity and renewable...
Tiago Proença is an Associate at Oxy Capital, where he supports deal sourcing, financial modelling and portfolio value-creation initiatives. He...
Tomás CasqueiroTomás Casqueiro is an Investment Associate at Fortitude Capital, supporting investment analysis, execution, and portfolio monitoring...
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...
Tomás de Almeida is Finance Manager at Growth Partners Capital, overseeing financial reporting, fund operations, and internal control processes. He...
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...
Vasco Ferreira is an asset manager with experience overseeing European equity, fixed income, and mixed investment funds. At BIZ Group, he is...
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...
Yann Rey is a Partner at Tejo Ventures, where he focuses on investment strategy and portfolio development across Golden Visa–eligible assets. With a...
Enquire about Lince Growth Fund I, FCR. The fund manager will respond within 24-48 hours.
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.
Project potential returns based on your investment parameters
Display returns after management and performance fees
Fund minimum: €100,000
Typical holding period
Fund target: 15-20% 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.
Mercúrio Fund II, FCR is a closed-ended private equity fund managed by Oxy Capital, focused on acquiring and transforming mature Portuguese SMEs. Launched in 2025, it targets special situations, operational turnarounds, and growth-stage opportunities while remaining fully compliant with Portugal’s post-2023 Golden Visa rules and maintaining zero real-estate exposure.
Pela Terra II: Regenerate is a Portugal-based, CMVM-regulated closed-end venture capital fund focused on regenerative agriculture and farmland private equity. Structured to meet Portugal Golden Visa requirements without direct real estate exposure, the fund invests in agricultural operating companies that acquire, regenerate, and operate farmland in Portugal’s interior regions.
INZ is a closed-ended Private Equity fund focused on renewable energy and energy-efficiency assets across Iberia, fully engineered for Golden Visa 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.
A CMVM-regulated, VC fund with privileged access to the best European high-growth startups and corporates. Offers an option to qualify for IFICI tax regime (NHR 2.0).
Horizon Fund is an open-ended, CMVM-regulated alternative fund that blends Portuguese fixed income with exposure to large-cap digital assets. Managed by Octanova SCR, it aims for long-term growth and eligibility for the Golden Visa by investing 65% in high-quality Portuguese bonds and up to 35% in BTC, ETH, and SOL through regulated custodians.
The 3CC Portugal Golden Income Fund is an open-ended, CMVM-regulated alternative investment fund managed by 3 Comma Capital. It blends stable income from Portuguese corporate bonds with growth exposure to U.S. and global equities, digital assets and gold, while meeting all eligibility requirements for the Portuguese Golden Visa.
If this fund is full or doesn't meet your requirements, here are similar options with comparable risk profiles and investment strategies.
Mercúrio Fund II, FCR is a closed-ended private equity fund managed by Oxy Capital, focused on acquiring and transforming mature Portuguese SMEs. Launched in 2025, it targets special situations, operational turnarounds, and growth-stage opportunities while remaining fully compliant with Portugal’s post-2023 Golden Visa rules and maintaining zero real-estate exposure.
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.
A CMVM-regulated, SFDR Article 8 venture capital fund managed by Insula Capital that invests in Portuguese flexible workspaces, offering Golden Visa–eligible exposure to the “future of work” with targeted dividends from year two onwards.
Compare Lince Growth Fund I, FCR with similar investment funds to analyze performance, fees, and investment requirements.
Lince Growth Fund I, FCR is a CMVM-regulated Venture Capital Fund targeting growth and consolidation of small to mid-sized industrial and circular-economy businesses in Portugal, with a diversified portfolio approach to optimize risk-return.
It's structured as a Venture Capital Fund under the Portuguese legal framework for Venture Capital, Social Entrepreneurship and Specialized Investment (Annex to Law no. 18/2015 of 4 March).
The fund is managed by Lince Capital, SCR, S.A. (NIPC 513500707), a CMVM-licensed fund manager headquartered in Lisbon.
The fund aims to raise a total of €20 million in committed capital.
Investors may subscribe from a minimum of €100,000, in participation units (PUs) with a face value of €1,000 each.
The vehicle has a 7-year term, running until 2031.
Capital will be deployed over a four-year investment period within the 7-year term.
Set-up fee: 3 % one-off (deducted from subscribed capital). Management fee: 2 % per annum on subscribed capital. Performance fee (carry): 20 % of profits above a 5 % preferred-return hurdle, with catch-up mechanics to align interests.
National (Portugal-tax) residents incur a 10 % withholding tax on capital gains, while non-resident investors pay no withholding tax on distributions or gains.
The fund seeks to generate 15–20 % per annum net returns for investors.
It focuses on identifying small industrial or circular-economy SMEs with succession or growth-capital needs, then supporting their expansion to drive value creation, while maintaining portfolio diversification across sub-sectors and geographies.
The fund deploys capital via equity, hybrid, and debt instruments; typical equity ticket sizes range from €1.5 million to €5 million per company.
Preference is given to industrial and circular-economy companies, though the fund may opportunistically invest in other sectors exhibiting strong growth potential.
Target businesses typically exhibit: Revenues of €5 million–€10 million and EBITDA of €500 k–€1.5 million. Acquisition price below market and historical growth above market. Stable, contract-backed revenues with price-pass-through capability. Strong export capabilities, solid customer base, and low churn. High cash-conversion ratios, low leverage, and collateralizable assets. Talented middle-management teams to drive operational improvements.
Distributions begin in Year 3 using operating cash flows and divestment proceeds. The fund targets returning 100 % of subscribed capital by Year 5, with excess-profit distributions thereafter. Investors may hold until maturity or sell their PUs on the secondary market—to Lince Capital, private secondary-market funds, or other qualified buyers—at any time.
Yes, it is registered under CMVM ID 1955. The custodian is novobanco.