Mercúrio Fund II, FCR

Most new funds were created because Golden Visa demand shifted away from real estate. Mercúrio Fund II was created by an established private equity firm with a decade-long track record, not as a “GV product”. Its strategy would exist even without the visa market, and that provides it deeper institutional credibility.

Oxy typically targets overlooked, asset-backed Portuguese SMEs, often family-owned businesses with generational transition issues or under-managed industrial firms with strong export potential. These companies are stable, real-economy operators, not startups or speculative ventures.

Not necessarily. “Special situations” often includes companies with solid fundamentals but facing a transitional challenge: succession, misallocated capital, restructuring needs, or strategic repositioning. Many are healthy businesses that simply lack the capital or management sophistication to scale.

Highly. Oxy Capital often takes governance control, installs new management where necessary, and directly participates in operational restructuring. This fund is not a passive allocator; it applies a hands-on turnaround methodology more similar to consulting than traditional PE investing.

Portugal has thousands of established SMEs with strong market positions but limited access to professional growth capital. The mismatch between company quality and available investment capital creates unusually favorable entry valuations for funds with restructuring expertise.

Yes, completely. Its companies operate in sectors like industrials, logistics, healthcare, energy services, retail, and manufacturing. Investors gain exposure to Portugal’s productive economy rather than the overheated property market.

The fund’s strategy and track record are naturally aligned with Portuguese corporate investment. Oxy Capital has historically invested almost exclusively in Portuguese companies, fostering organic compliance rather than engineering it. This reduces long-term regulatory drift risk.

For private equity funds, EY is more than a “checker”. They validate the internal valuation models for non-public companies, crucial because NAVs are subjective without market pricing. EY’s involvement adds institutional-grade valuation discipline to the fund.

Liquidity would be detrimental. Allowing redemptions would force the manager to hold cash or sell companies prematurely. A fixed capital base lets Oxy Capital execute deep operational transformations without pressure to meet investor withdrawals.

Special situations investing can benefit from downturns: distressed assets become cheaper, family-owned companies accelerate exit decisions, and banks may offload non-performing corporate exposures. Slower cycles can actually expand deal flow quality for this strategy.

It’s fundamentally different. Mercúrio Fund II invests in companies with revenue, assets, customers, and multi-year operating histories. The risk profile leans toward mid-market corporate restructuring, not startup failure rates.

Returns come from operational value creation and multiples expansion, not quick flips. Improvements in EBITDA, margin expansion, strategic repositioning, and improved governance often drive meaningful valuation uplifts at exit.

Yes, its 8-year term matches the Golden Visa timeline more comfortably than funds that try to liquidate early. Long durations mean the manager doesn’t rush exits, which is typically better for maximising value.

Yes, but in a predictable way. Investors knowingly exchange liquidity for long-term value creation. The upside is stronger: illiquidity premium, better entry pricing, and deeper operational influence on the companies.

Yes, it is registered under CMVM ID 1851. The custodian is Bison Bank, S.A..

Management Fee: 2%. Performance Fee: 20%. Subscription Fee: 2%.

Yes, the fund manager states that Mercúrio Fund II, FCR is intended to meet the €500,000 fund route requirement for the Portugal Golden Visa program. Eligibility must be confirmed with Portuguese legal counsel.