Lince Yield Fund, FCR is a Portugal Golden Visa investment fund managed by Lince Capital, SCR, S.A., investing primarily in debt with 72-month minimum holding period.
Lince Yield Fund, FCR is a regulated Portuguese private credit and income-focused fund targeting a 5% annual yield. It finances mature, financially sound SMEs through secured and mezzanine debt, prioritising capital preservation and stable distributions. Built for risk-averse Golden Visa investors, it combines defensive credit strategies with the safeguards of a CMVM-supervised FCR.
Capital at risk. Past performance isn't indicative of future returns. This is not investment advice.
Lince Yield Fund, FCR is a 2025-vintage Portuguese alternative investment fund designed for investors seeking predictable income rather than high-volatility equity exposure. Structured as a CMVM-regulated FCR, it applies a private-credit playbook to a concentrated portfolio of established Portuguese SMEs. The fund deploys capital through secured loans, mezzanine instruments, and selective majority equity positions, forming a hybrid structure that generates recurring cash flow while allowing active oversight of the underlying businesses. Unlike traditional venture capital products in the Golden Visa landscape, the Lince Yield Fund aims to function as a “bond proxy”, offering a target 5% annual distribution backed by companies with stable operations and strong financial fundamentals. Its strategy intentionally bypasses early-stage risk and instead focuses on lending to, or partnering with, SMEs capable of servicing debt from day one. Through senior security, collateralization, and board-level control mechanisms, the fund prioritises principal protection and a steady yield rather than explosive returns. The fund’s €20M scale and €1–5M ticket sizes create a concentrated but hands-on portfolio, allowing Lince Capital to closely monitor performance and intervene operationally when necessary. With a 6–8 year term engineered around the Golden Visa timeline, it provides a clear exit window that aligns with residency requirements. Although marketed with flexible redemption features, the assets remain private, illiquid debt positions, meaning investors should view the lock-up as effectively full-term. Backed by the CMVM regulatory regime, independent auditing, and Euronext Securities Porto custody infrastructure, the Lince Yield Fund offers a defensively positioned alternative for investors seeking yield, capital stability, and Golden Visa eligibility in a post–real-estate era.
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.
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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...
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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...
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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...
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It is a closed-end CMVM-regulated FCR that focuses on private credit and income-generating instruments. The fund provides financing to established Portuguese SMEs through secured loans and mezzanine structures.
The fund aims to deliver stable, predictable income rather than capital appreciation. Its core target is a 5% annual yield, supported by conservative credit exposures and collateralized lending.
Lince Capital, SCR, S.A. (NIPC 513500707), a CMVM-licensed fund manager headquartered in Lisbon, acts as the managing body.
Secured SME lending, mezzanine instruments, and structured credit deals generate yield. These positions are backed by strong cash-flow businesses capable of servicing interest payments from day one.
The minimum investment is €100,000 for standard investors and €500,000 for Golden Visa investors.
The fund has a 6-year base term, extendable to 8 years, and functions as a full lock-up vehicle. Investors should expect to remain invested for the entire lifecycle.
No. As a closed-end private credit fund, redemptions are not permitted until maturity. Liquidity is provided only through distributions or at final liquidation.
It invests exclusively in Portuguese SMEs with stable operations, strong financial fundamentals, and the capacity to service debt. These companies typically require funding for expansion, modernisation, or consolidation.
No. Compared with venture or growth-equity funds, Lince Yield Fund is structured as a conservative private credit vehicle. Its focus on secured lending and capital preservation reduces volatility, although the assets remain illiquid.
The fund targets 5% annual yield, with distributions expected to be paid periodically (typically annually or semi-annually), depending on cash generation from portfolio companies.
Yes. The fund undergoes annual audits and semi-annual valuations, as required under CMVM rules and the IPEV valuation framework.
Euronext Securities Porto (Interbolsa) performs the custodian and safekeeping functions for the fund.
Each financing transaction ranges from €1 million to €5 million, depending on the company's capital needs and collateral capacity.
No. The fund does not invest in real estate directly or indirectly. This is a key Golden Visa compliance requirement.
The research provided does not confirm PFIC/QEF reporting or U.S. investor suitability. Prospective U.S. investors should request clarification from the manager or a qualified tax advisor.
Yes, it is registered under CMVM ID 2225. The custodian is Bison Bank.
Management Fee: 2%. Performance Fee: 20%. Subscription Fee: Not disclosed.
Yes, Lince Yield Fund, FCR meets the €500,000 fund route requirement for the Portugal Golden Visa program.