Closed-ended venture capital and private equity fund targeting growth and consolidation of Portuguese industrial and circular-economy SMEs via equity, hybrid and debt instruments, structured to satisfy Golden Visa requirements.
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Lince Growth Fund I is a closed-ended FCR vehicle designed for non-EU investors seeking Portuguese residency through the Golden Visa program. The fund targets small-to-mid-cap industrial and circular-economy businesses, deploying €1.5 m–€5 m tickets via equity, hybrids and secured debt to balance upside potential with downside protection. Leveraging Lince Capital's 30+ years of experience and Omnium Guidance's deal-sourcing network, the strategy emphasizes operational improvements, export growth and ESG integration. Investors benefit from a 3 % one-off setup fee, 2 % p.a. management fee, and 20% carry above a 5% IRR hurdle. Units carry a 7-year maturity, with distributions from year 3 and a secondary-market exit option thereafter. The fund aims for a 15–20% annualized return, fully aligning with residency requirements.
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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: €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.
Everything you need to know about investing in Lince Growth Fund I, FCR
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.