This website provides information for general purposes only.Read our full disclaimer
Movingto Logo
Verified Fund
Open for subscriptions

Mercúrio Fund II, FCR

Mercúrio Fund II, FCR is a Portugal Golden Visa investment fund managed by Oxy Capital, investing primarily in private equity with end of term redemption opportunities.

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.

Fund Snapshot

YTD
1 Year
+0.3%
Since Inception
0.0%

Key Facts

Min Investment€100,000
RedemptionsEnd of Term
Open to USYes
Lock-up96 months
Fund Size (AUM)€32M

Fees

Management Fee
2%
Performance Fee
20%

Additional Details

NAV FrequencyQuarterly
Established2025
CMVM ID1851
Regulated ByCMVM — Comissão do Mercado de Valores Mobiliários

Compliance

CMVM #1851
GV Eligible

Capital at risk. Past performance isn't indicative of future returns. This is not investment advice.

Historical Performance

Cumulative returns compounded from monthly data

Latest
+6.35%
Avg Monthly: +1.03%

Disclaimer: Historical performance is not indicative of future results. Past performance does not guarantee future returns. All investments carry risk of loss.

Fund Overview

About the Fund

Mercúrio Fund II, FCR is Oxy Capital’s latest private equity vehicle built for investors seeking exposure to Portugal’s real economy through regulated, non-real-estate assets. The fund concentrates on “special situations” within the Portuguese SME and mid-market sector: companies that are established, asset-backed, and profitable but facing succession challenges, restructuring needs, or growth constraints. These businesses form the backbone of Portugal’s industrial and service landscape yet often lack the resources or management capacity to unlock their full potential. Oxy Capital applies a hands-on investment approach, taking active roles in governance, improving operations, strengthening management teams, and shaping long-term strategy. This model allows the fund to target meaningful value creation rather than speculation, aiming for strong, measurable performance over an 8-year horizon. Mercúrio Fund II focuses on investing in profitable companies and is required to mainly invest in businesses based in Portugal, which matches the new Golden Visa rules that started in 2023. The fund boasts a robust compliance profile, institutional-grade governance, EY-audited reporting, and the support of one of Portugal's largest and most experienced private equity managers.

For broader context, see our full guide to Portugal Golden Visa investment funds.

Regulatory Identifiers

We source from CMVM-regulated managers where applicable. Verify each fund's registration and GV suitability with counsel.

CMVM Registration1851

Key Terms

Key Terms

Minimum Investment€100,000
Fund StructurePrivate Equity
Fund Term8 years
DomicilePortugal
CustodianBison Bank, S.A.
AuditorErnst & Young (EY)
ISINN/A
Typical TicketN/A
Risk BandN/A
Fund Status
Open
Inception Date2025

Information as reported by fund manager. Terms may vary by investor class.

Financial Details

Fees

Fee Structure

Management Fee2%
Performance Fee20%
5% preferred return hurdle
Subscription Fee2%

Fee Calculator

Management fee:€0
Performance fee*:€0
Estimated annual cost:€0
*Performance fee only applies if returns exceed 5% hurdle

Geographic Allocation

Portugal80%
International20%

Redemption Terms

Redemption Status
Locked Until Maturity
FrequencyEnd of Term
Lock-up Period96 months (8y)
Additional TermsThis 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.

Fund Structure

Regulatory & Compliance

CMVM Registration1851
AuditorErnst & Young (EY)
CustodianBison Bank, S.A.
NAV FrequencyQuarterly
PFIC/QEF Status
QEF Available

Always confirm regulatory details with the fund manager and legal counsel before investing.

Team Information

Fund Team

122 team members

AF
Investment Analyst

Afonso Ferreira joined Heed Capital in January 2024 as an Investment Analyst, supporting the CIO and fund managers across the firm’s securities...

AP
Head of Legal

Afonso Castel-Branco Próspero leads the Legal and Compliance Department at Lince Capital and serves as a board member, overseeing the regulatory...

AL
Co-Founder & Managing Director

Alex Lawry-White is the Co-Founder and Managing Director of Impacto Pela Terra, where he leads strategy, fundraising and investor alignment for...

ACES
Partner & Investment Committee Member

Alexandre Câmara e Silva is a Partner at Fortitude Capital and a member of its Investment Committee. He brings extensive experience in special...

ACE
Business Development Director
AD
Marketing Manager

Ana Devesa is Marketing Manager at Heed Capital, where she leads brand development, digital strategy, and cross-team communication. She holds a...

AE
Founder & Chief Executive Officer

António Esteves is the Founder and CEO of Fortitude Capital, bringing over two decades of experience in international financial markets. Prior to...

AP
Partner/ Co-CEO

António Pereira brings deep operational and regulatory expertise to STAG, where he oversees core business functions, financial operations, and...

AN
CEO & Founder

Armando Carvalho Nunes is President of BIZ Group and a senior Portuguese investment executive with over three decades of experience in asset...

BCG
Senior Associate

Bernardo Canedo Gomes is a Senior Associate at Oxy Capital, where he supports transaction execution and portfolio value creation across multiple...

BM
Fund Manager

Bernardo Moreira joined Heed Capital’s investment team in 2010 after an internship at Caixa Geral de Depósitos. Starting as an analyst, he developed...

BP
Associate

Bernardo is an Associate at Oxy Capital, working across deal analysis, portfolio monitoring and strategic support to several industrial and...

CR
Financial Assistant

Carla Rodrigues brings extensive financial and administrative support experience, with a long background in accounting and operational assistance...

CP
Senior Investment Manager

Carlos Pinto is Senior Investment Manager at Optimize Investment Partners and part of the core team managing the Optimize Golden Opportunities fund....

CPL
Chief Financial Officer

Carlos Pontes Lopes serves as Executive Board Member and Chief Financial Officer at Celtis Venture Partners, overseeing financial management,...

CV
Private Investors Manager

Carlos Varela is a private investors manager focused on supporting international clients investing through Portugal’s Golden Visa framework. He works...

CM
Program Onboarding Manager

Chessel Christiana Magat is Partnerships Manager at Tejo Ventures, supporting strategic relationships and business development across the firm’s...

CBQ
Finance Manager

Cláudia Balugas Quintas is the Finance Manager at Octanova SCR, bringing nearly two decades of experience in operational finance, middle-office...

DSDP
Partner/ Co-CEO

Diogo Saraiva de Ponte is an experienced investment leader who has managed more than €1 billion across global private equity, real estate and...

DG
Head of Compliance

Domenico is an Investment Associate at Ventures.eu and Dealflow.eu, working closely with startups in deep tech, AgTech, and EU-funded innovation. His...

DC
DF
Head of Legal

Duarte is a legal advisor with international experience supporting private equity, venture capital, and investment funds, with a background in...

EN
Partner

Edwyn Neves is a Partner at Fortitude Capital with deep experience in private equity and special situations investing. He has spent over two decades...

EB
Head of Operations

Eric Buechli leads operations at Ventures.eu, drawing on a hybrid Swiss–Brazilian background and strong analytical training. He played a central role...

ELP
Operations Manager

Eunice Leão Pinto is Operations Manager at Octanova, overseeing fund setup, day-to-day operations and investor reporting across private equity,...

FF
Fund Manager

Fernando Fonseca has more than three decades of financial and operational experience across banking, consumer finance and investment management. He...

FF
Fund Manager

Fernando Freire has more than three decades of experience in banking, operations and investment management. He began his career in 1987 at Banco BBM...

FPF
General Partner

Fernando Peres Ferreira is a Partner at Ventures.eu and a senior private equity and venture capital investor with a long track record backing...

FS
Business Development
FM
Office Manager

Office ManagerFrancisca Montenegro supports Fortitude Capital’s day-to-day operations, overseeing office management and administrative coordination...

FA
Investor Relations

Francisco serves as Investor Relations at STAG Fund Management, combining a marketing background with hands-on experience across acquisitions, asset...

FDL
Associate

Francisco Dias Lopes is a Private Equity Associate at Growth Partners Capital, with experience across investment analysis, transaction execution, and...

FG
Private Equity Associate

Francisco Gião is an associate at OxyCapital, contributing to transaction execution, financial modelling, and portfolio strategy across multiple...

GXM
Board Member

Gisela leads STAG’s Legal and Compliance functions, ensuring adherence to regulatory requirements across all funds. With more than 20 years of...

GF
Associate

Gonçalo Freire is a Private Equity Associate at Growth Partners Capital, with a background in investment analysis, deal execution, and portfolio...

GM
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...

GSR
Investment Director

Gonçalo Sommer Ribeiro is Investment Director at Fortitude Capital, bringing extensive experience in investment analysis, structured products, and...

GDB
Head of Business Development

Guilherme Durão Barroso leads Business Development at Lince Capital, driving strategic partnerships, commercial growth, and investor engagement...

GVC
Partner

Guilherme Valadares Carreiro is a Partner at Oxy Capital and one of the leads behind its Liquid Opportunities and Golden Visa-focused strategies....

GCG
Head of Investor Relations and Board Member

Gustavo Caiuby Guimarães brings a global perspective to Heed Capital’s leadership team, shaped by more than a decade in wealth management and...

HA
Managing Director

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...

HN
IT Manager

Henrique Nunes is responsible for the information technology and systems infrastructure supporting BIZ Group’s operations. With over a decade of...

HS
Senior Analyst

Henrique Simão is a Private Equity Senior Analyst at Growth Partners Capital, supporting investment analysis, valuation, and portfolio monitoring...

IP
Partner

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...

ICES
Partner

Inês Cunha e Silva is a Partner at Celtis Venture Partners, overseeing operational governance, investor coordination, and fund execution. She is also...

IM
Compliance Analyst

Maria Inês Macedo is responsible for Compliance at Growth Partners Capital, bringing extensive experience in regulatory compliance, risk management,...

JS
Financial and Operations Manager

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...

JF
Compliance Trainee

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...

JB
Partner

João Baptista is a Partner at Celtis Venture Partners, contributing to strategic oversight, capital structuring, and investor relations. He is also...

JF
PE/VC Portfolio Manager

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...

JVM
Head of Compliance and Risk

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...

JMMLG
CEO and Board Chairman

Joaquim Maria Magalhães Luiz Gomes is the driving force behind Heed Capital’s long-term growth, bringing more than thirty years of hands-on...

JD
Venture Capital Lead

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...

JMC
Managing Partner

José María Cantero de Montes-Jovellar is Chairman and Partner at Growth Partners Capital, bringing extensive experience in corporate governance,...

JST
President at Optimize

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...

JJR
Managing Partner

Juan José Rodriguez-Navarro is a seasoned investment executive with decades of experience across European private equity and financial markets.

JJ
General Partner

Julian Johnson is Co-Founder and General Partner at Tejo Ventures, where he leads renewable energy investments structured for Portugal’s Golden Visa...

KDS
Financial and Operations Manager

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...

LCDS
Fund Manager

Lourenço Cornélio da Silva brings a multidisciplinary foundation to Heed Capital’s investment team, shaped by a first career in architecture and...

LM
Head of Growth Funds

Lourenço Mayer leads the Growth Funds division at Lince Capital, overseeing strategy, portfolio development and value-creation initiatives across the...

MS
Finance and Operations Director

Mafalda Santos is Chief Financial and Operations Officer at Fortitude Capital, with extensive experience in fund accounting, financial reporting, and...

MA
Strategy Advisor

Manuel A. is a renewable energy founder, university professor, and senior energy consultant with over 20 years’ experience in the Iberian power...

MPDA
Head of Real Estate

Manuel leads STAG’s Real Estate division, bringing over a decade of international experience in investment management, financial oversight, and...

MC
Senior Director

Marcello Cavalcanti is a senior director at Octanova's Horizon Fund, bringing more than 25 years of global market experience across derivatives...

MH
Partner

Marco Henriques is a Partner at Oxy Capital and has been with the firm since 2012, working across investment execution, operational turnaround, and...

MGB
Head of Marketing

Maria Gabriela is the Marketing Manager at Dealflow.eu and Ventures.eu, where she leads demand generation, brand strategy, and multi-channel growth...

MV
Chief Investment Officer & Partner

Mário Dias Vigário is CIO and Partner at Fortitude Capital, with more than 30 years of experience in asset management, trading, and investment...

MG
Chief Operating Officer

Mark Gomes is an Executive Board Member at Celtis Venture Partners, bringing extensive experience in transaction services, portfolio management, and...

MADC
Investment Director

Marta Carvalho is Investment Director at Fortitude Capital, with a background in M&A and renewable energy investments across institutional and...

MF
Investment Analyst

Marta Fernandes is a private equity analyst at Octanova. She contributes to portfolio research, asset monitoring, and investment analysis across...

MM
Associate

Marta Mendes is an Associate at Oxy Capital, where she supports investment analysis, transaction execution and portfolio value creation. She joined...

MK
Head of Platform

Merel Kraaijenbrink is an investor at Ventures.eu and Investment COO at Dealflow.eu, combining legal training with hands-on venture experience across...

MA
Chief Executive Officer

Miguel Alpendre is the Chief Executive Officer of Celtis Venture Partners, bringing over two decades of experience in venture capital, private...

MBR
Principal

Stefano Visalli leads Oxy Capital Italia, bringing extensive experience from more than a decade as a Senior Partner at McKinsey & Company. In 2014,...

MC
Investment Analyst

Miguel Castelo is an Investment Analyst at Heed Capital, bringing a strong academic background and hands-on experience across asset management,...

MH
Partner

Miguel Herédia is a Board Member at Growth Partners Capital, bringing a strong background in private equity, strategy, and maritime-focused...

ML
Managing Partner

Miguel Lucas is the Managing Partner and founding member of Oxy Capital, a leader in alternative investments and private equity since 2011. He sits...

NH
Director of Sustainability & Innovation

Nathan Hadlock is an engineer and agricultural strategist with background in soil technology, regenerative farming, and sustainable land management....

NH
Director of Business Development

Nathan leads Business Development at STAG Fund Management, focusing on international client acquisition, strategic partnerships, and tailored...

NMDLMP
CFO and Board Member

Nuno Miguel de Lemos Montes Pinto brings a long and steady track record in financial leadership, shaped by more than two decades in corporate...

NS
Executive Director / Commercial Director

Nuno Santos is Executive Director and Commercial Director at Optimize Investment Partners. He started his career in 1992 in insurance consulting,...

PJ
Head of Finance and Operations

Patrícia Jordão is responsible for leading Finance and Operations at Heed Capital, bringing more than 15 years of specialised experience across fund...

PA
Chief Investment Officer

Pedro Alves is Heed Capital’s Chief Investment Officer, bringing more than two decades of hands-on experience in portfolio management, market...

PG
Board of Directors

Pedro Geada brings a rare combination of deep technical expertise and large-scale leadership to Heed Capital’s Board. With an academic background...

PL
CEO & CIO

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...

PMDC
Partner

Miguel Raposo is a shareholder at Octanova SCR and a seasoned executive with more than two decades of leadership across healthcare, pharmaceuticals...

PO
Board Member

Pedro Oliveira is a Board Member at Optimize Investment Partners, bringing almost a decade of leadership across compliance, governance, and...

PSP
Investment Director

Pedro Sanz Pinto is Investment Director at Fortitude Capital, with experience across private equity, corporate M&A, and special situations investing....

PS
Partner

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...

RC
Head of Finance

Raquel Costa leads the Finance Department at Lince Capital, overseeing financial reporting, fund operations, budgeting, and performance control...

RC
Principal, Real Estate Group

Rene Cuerten heads Saratoga Capital’s real estate division, bringing nearly 30 years of experience in development, project management, and...

RD
Head of Private Equity

Rodrigo Duarte serves as a Board Member at Lince Capital and was previously the firm’s Head of Operations, overseeing fund execution, investment...

RS
Board Advisor

Ruben Sequeira is a Board Advisor at Optimize Investment Partners, bringing more than eight years of experience across performance analysis, risk...

RA
Chief Financial Officer & Compliance
RH
Board Advisor

Ryan Hamilton is an Advisor to the Board at Tejo Ventures and Managing Partner at Inception Financial. He brings 20 years of strategy, operations,...

SH
Investment Analyst

Sofia blends deep technical training in financial due diligence and valuation with hands-on experience across real estate, private equity, and...

SM
COO and Partner

Sofia Martins is a Partner at Fortitude Capital with extensive experience in operations, compliance, and asset management. She has held senior...

SM
Managing Partner

Sónia Magalhaes is a managing partner at Octanova SCR, leading the firm’s strategy across alternative assets, digital finance, and deep-tech venture...

SM
Principal, Investment Migration

Stelios Marangos serves as principal and co-head of Saratoga Capital’s regulated products group, leading all investment-migration solutions. With...

SF
Senior Director

Stenio Franco is a Senior Director at Octanova, bringing more than twenty years of experience in cross-border M&A, private equity, venture capital...

SMP
Founder & Principal

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...

TC
Legal Counsel

Tânia Nunes Carvalheiro joined Heed Capital SGOIC, S.A. in March 2024 and serves as Legal Counsel and Secretary General. She works across corporate...

TP
Founder & General Partner

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...

TB
Chief Financial Officer

Tiago Botelho is a finance professional with background in audit, fund administration, and corporate finance across private equity and renewable...

TP
Private Equity Associate

Tiago Proença is an Associate at Oxy Capital, where he supports deal sourcing, financial modelling and portfolio value-creation initiatives. He...

TC
Associate

Tomás CasqueiroTomás Casqueiro is an Investment Associate at Fortitude Capital, supporting investment analysis, execution, and portfolio monitoring...

TCDS
Partner

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...

TDA
Financial Manager

Tomás de Almeida is Finance Manager at Growth Partners Capital, overseeing financial reporting, fund operations, and internal control processes. He...

TLP
Head of Venture Capital

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...

VF
Asset Manager

Vasco Ferreira is an asset manager with experience overseeing European equity, fixed income, and mixed investment funds. At BIZ Group, he is...

VPC
CEO

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...

YR
General Partner

Yann Rey is a Partner at Tejo Ventures, where he focuses on investment strategy and portfolio development across Golden Visa–eligible assets. With a...

Get in Touch with Mercúrio Fund II, FCR

Enquire about Mercúrio Fund II, FCR. The fund manager will respond within 24-48 hours.

0/2000 characters

Disclaimer: This enquiry does not constitute investment advice or a commitment to invest. All investments carry risk. Past performance does not guarantee future results. By submitting this form, you agree to be contacted by the fund manager.

Important Notice for Investors

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.

Investment Calculator

Project potential returns based on your investment parameters

Display returns after management and performance fees

Fund minimum: €100,000

Typical holding period

%

Fund target: 0-0% 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.

More Private Equity Funds

Similar Investment Range

Alternative Fund Suggestions

If this fund is full or doesn't meet your requirements, here are similar options with comparable risk profiles and investment strategies.

Lince Growth Fund I, FCR

Open

Lince Growth Fund I, FCR is a regulated Portuguese growth-equity fund investing in established, revenue-generating SMEs. Focused on industrial, healthcare, agri-food, and tech companies, it targets scalable businesses that need capital to modernise, expand, or internationalise. Fully compliant with Golden Visa rules, it provides exposure to Portugal’s real economy with professional, active management.

Minimum€100,000
Target Return15–20% p.a.
Duration8 years
CategoryPrivate Equity
Managed by Lince Capital, SCR, S.A.

Flex Space Fund

Open

A CMVM-regulated, SFDR Article 8 venture capital fund managed by Insula Capital that invests in Portuguese flexible workspaces, offering Golden Visa–eligible exposure to the “future of work” with targeted dividends from year two onwards.

Minimum€100,000
Target Return11.65% p.a.
Duration8 years
CategoryPrivate Equity
Managed by Insula Capital SGOIC

INZ Fund

Open

INZ is a closed-ended Private Equity fund focused on renewable energy and energy-efficiency assets across Iberia, fully engineered for Golden Visa eligibility. Managed by STAG Fund Management and in line with UN Sustainable Development Goals, the fund aims to create steady, long-term value by investing in distributed solar, clean transportation, and low-carbon infrastructure using a careful, impact-focused approach.

Minimum€150,000
Target Return8% p.a.
Duration8 years
CategoryPrivate Equity
Managed by STAG Fund Management

Compare Mercúrio Fund II, FCR

Compare Mercúrio Fund II, FCR with similar investment funds to analyze performance, fees, and investment requirements.

VS
Ventures.eu Fund I
Venture CapitalMin. €150,000
SF
Pela Terra II Regenerate Fund
Private EquityMin. €500,000
OC
Horizon Fund
CryptoMin. €100,000

Frequently Asked Questions

How is Mercúrio Fund II different from typical Golden Visa funds launched after 2023?

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.

What kind of companies does Oxy Capital usually acquire for this fund?

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.

Does investing in a special situations fund mean the companies are distressed?

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.

How active is Oxy Capital in the companies Mercúrio Fund II invests in?

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.

What makes Portugal’s SME market attractive for a private equity fund?

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.

Does this fund provide diversification compared to real estate exposure in Portugal?

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.

How does the fund protect investors against “manager drift” away from Golden Visa compliance?

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.

What role does EY play beyond simply auditing financial statements?

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.

Why is the closed-ended structure beneficial for this type of investment?

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.

What happens if the Portuguese SME sector slows down?

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.

How does this fund compare to early-stage venture capital in terms of risk?

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.

How are investor returns usually generated in this type of fund?

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.

Does the fund align well with a long-term residency strategy in Portugal?

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.

Could the fund’s private equity focus increase liquidity risk?

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

Is Mercúrio Fund II, FCR CMVM regulated?

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

What are the total fees for Mercúrio Fund II, FCR?

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

Is Mercúrio Fund II, FCR eligible for the 2025 Golden Visa?

Yes, Mercúrio Fund II, FCR meets the €500,000 fund route requirement for the Portugal Golden Visa program.