Mercúrio Fund II, FCR is a closed-end alternative investment fund regulated by CMVM — Comissão do Mercado de Valores Mobiliários (ID: 1851) and managed by Oxy Capital, investing in private equity with a minimum commitment of €100,000 and a 8 years lock-up period. It charges a 2% management fee and a 20% performance fee with a 5% hurdle, is open for subscriptions and has not confirmed its US-person status.
CMVM — Comissão do Mercado de Valores Mobiliários (ID: 1851)
ISIN
PTOXSEIM0007
Strategy
Private Equity
Min. Investment
€100,000
Fund Size
€35Mas of Sept 2024
Management Fee
2%
Performance Fee
20% (5% hurdle)
Lock-up
8 years
Redemptions
End of Term
Custodian
Bison Bank, S.A.
Auditor
Ernst & Young (EY)
Status
Open
GV-intended
Verified GV-intended
Sources vary by field; tap or focus the source icons for details.|Last updated: |Verify on CMVM registry
Fund Snapshot
YTD
—
12 Month
—
Available Period
+6.4%
Based on monthly performance history through 2024-09.
Key Facts
Key facts for Mercúrio Fund II, FCR
Min Investment
€100,000
Redemptions
End of Term
Open to US
Not confirmed
Lock-up
8 years
Fund Size (AUM)
€35Mas of Sept 2024
Fees
Fees for Mercúrio Fund II, FCR
Management Fee
2%
Performance Fee
20%
Additional Details
Additional details for Mercúrio Fund II, FCR
NAV Frequency
Quarterly
Established
2025
CMVM ID
1851
Regulated By
CMVM — Comissão do Mercado de Valores Mobiliários
Compliance
CMVM #1851
GV-intended (manager-stated)
Figures are reported by the fund manager. Verified by Movingto.
Capital at risk. Past performance isn't indicative of future returns. Figures are shown in euro (EUR); fees reduce returns, and for investors funding from another currency amounts may rise or fall with exchange rates. This is not investment advice.
About €70,000 in reported fund fees over 6 years on €500,000
Management fee2% a year × 6 years
€60,000
Subscription fee2% once, when you invest
€10,000
Redemption fee0% once, when you exit
€0
Performance fee20% of gains above a 5% hurdle. Left out: it depends on returns
Left out
Total of the reported fees above
€70,000
Fees are fund-reported and simplified: actual fee bases, hurdles and timing vary by fund. This is an illustration, not a quote or a forecast. It leaves out legal, application, tax, FX and bank costs. Capital is at risk.
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Verification & Completeness
Movingto's legal review confirms selected regulatory, identity, and document checks. It does not mean every profile field is complete, current, or an investment recommendation. Learn about our 8-point fund verification process
Confirm the stated 96-month lock-up against current fund documents.
US-person onboarding and FATCA/PFIC handling are not confirmed.
Key unknowns
No critical unknowns detected from the current structured profile.
Main diligence flags
No major flags detected. Confirm current documents before investing.
Golden Visa note: The fund is marked as Golden Visa intended and has passed Movingto verification. Eligibility still depends on the applicant file and current legal review.
Historical Performance
Cumulative returns compounded from monthly performance data.
Amounts are shown in EUR; for investors in another currency, returns may be affected by exchange-rate movements.
YTD
—
12M
—
Available period
+6.35%
Apr 2024 - Sep 2024
6 monthly records
Period returns withheld — YTD: 10 of 10 required months missing; 12M: 12 of 12 required months missing.
Disclaimer: Past performance does not predict future returns and is not a reliable indicator of future results. All investments carry risk of loss; capital is at risk.
About the Fund
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.
Mercúrio Fund II is a Portuguese FCR-structured vehicle that invests in mature small- and mid-cap companies via flexible debt and equity instruments to promote growth, expansion, or consolidation. It follows a special-situations approach—providing liquidity and acquiring minority or majority stakes—while deploying excess cash into the Portugal Liquid Opportunities Fund for further upside. The fund is designed to align with Golden Visa criteria by avoiding real-estate development, investing over 60% in Portugal-headquartered firms, and maintaining a minimum €100,000 subscription held through to December 2033 Key features include: • Closed-ended structure with fundraising open until May 2027 • Term ending December 2033 • Target returns in the mid-teens per year (gross) • 5% IRR hurdle rate for performance fees • Focus on special situations in mature Portuguese companies • Excess cash deployment in Portugal Liquid Opportunities Fund
Regulatory Identifiers
We source from CMVM-regulated managers where applicable. Verify each fund's registration and GV suitability with counsel.
Regulatory identifiers
CMVM Registration
1851
ISIN
PTOXSEIM0007
Fund Documents
Provided by the fund manager. Review the fund's official documents before subscribing; Movingto has not independently verified their contents.
Figures are reported by the fund manager. Verified by Movingto. Terms may vary by investor class.
Fees
Fee Structure
Management Fee2%
Performance Fee20%
5% preferred return hurdle
Subscription Fee2%
Redemption FeeNone
Fee Calculator
EUR
Incomplete estimate: Performance fee depends on actual returns above any hurdle and is not included in the annual cost estimate.
Annual management fee:€2,000
Performance fee:Depends on returns
Known annual cost:€2,000
Performance fees depend on actual returns above any hurdle. Missing fee disclosures are diligence gaps, not zero-cost assumptions. The annual management fee recurs every year and compounds to reduce your total return over the holding period; performance fees, when charged, reduce returns further — see the investment calculator on this page for the cumulative impact. Amounts are shown in EUR; if you fund from another currency, what you pay may rise or fall with exchange rates.
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Geographic Allocation
Portugal80%
International20%
Redemption Terms
Redemption terms
Redemption Status
Locked Until Maturity
Frequency
End of Term
Lock-up Period
96 months (8y)
Additional Terms
This is a fully closed-ended private equity vehicle, meaning investors cannot redeem units before the fund’s natural wind-down. Transfers to third parties are possible but require manager approval, and secondary-market liquidity is limited and often discounted.
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.
Fund Team
13 team members
Team members are employed by the fund manager, not Movingto. Profiles listed for directory comparison.
GM
Gonçalo Mendes
Partner
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...
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...
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...
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...
Miguel Bicker Realista is a Principal at Oxy Capital, one of Portugal's leading alternative asset management firms. Based in Lisbon, he works across...
Have questions about Mercúrio Fund II, FCR? Our specialists can help with eligibility, fees, timelines, and how it fits your Golden Visa plan — free and with no obligation.
Disclaimer: Your enquiry goes to Movingto. Movingto does not provide investment advice or introduce visitors directly to fund managers from this site. Capital is at risk. Target returns are fund-stated objectives, not forecasts or guarantees. Confirm all details against the fund prospectus/KID and qualified advisers.
Important Notice for Investors
You invest in units or shares of the fund, not directly in its underlying assets. Investment in funds involves risks, including the possible loss of principal. Where a fund is described as sustainable, ESG, or impact-oriented, those characteristics reflect the fund's own disclosures — check the fund's documents and any SFDR classification; a sustainability label does not by itself determine return or risk. Please read all fund documentation carefully before making any investment decisions. Past performance is not indicative of future results.
Capital is at risk. Target returns are fund-stated objectives, not forecasts or guarantees. Confirm all details against the fund prospectus/KID and qualified advisers.
No published fund-stated objective
This fund hasn't specified a fund-stated objective, so no return is assumed. Enter your own assumption below to model an outcome — any figure you enter is your own, not the fund's.Ask Movingto what disclosure is missing, then confirm any objective against current fund documents.
Investment Calculator
Project potential returns based on your investment parameters
Display returns after disclosed management and performance fees
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Fund minimum: €100,000
Typical holding period
%
No published fund target — enter your own assumption
No published fund-stated objective: This fund hasn't specified a return objective, so no return is assumed. Any figure here is your own assumption, not the fund's or a Movingto projection. Actual performance may differ significantly, and capital is at risk. Confirm fund-specific information against current fund documents and qualified advisers.
Investment Risk Disclosure: The figures shown are an illustration, not a forecast. They are an estimate of future performance based on your own assumptions and on how this type of investment has behaved and/or on current market conditions, and are not an exact indicator — what you actually get will vary with market performance and how long you stay invested. This investment may result in a financial loss, as there is no capital guarantee. Past performance does not guarantee future results. Any future return is also subject to taxation, which depends on your personal situation and may change. Figures are shown in euro (EUR); if you fund from another currency, the amounts you pay and receive may rise or fall with exchange-rate movements. Confirm details against the fund's own documents and a qualified financial adviser before making any investment decision.
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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.
Compliance & Structural Details
The listed minimum investment is €100,000. Redemption frequency is End of Term and lock-up is 8 years. Confirm final terms in the fund documents.
Management fee: 2%. Performance fee: 20%. Subscription fee: 2%. Missing fee fields should be treated as diligence gaps, not as zero-cost assumptions.
The profile lists CMVM ID 1851. The listed custodian is Bison Bank, S.A.. Registration is a securities-regulation status, not a quality or Golden Visa signal — verify current registry status and documents before subscribing.
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