Lince Capital, SCR, S.A.

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.

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.