Portugal Investment 1 is a CMVM-regulated investment fund managed by Saratoga Capital, investing primarily in private equity with long-term investment horizon.
Portugal Investment 1, a closed-end private equity fund structured as a Fundo de Capital de Risco (FCR). The fund mainly puts money into Portuguese companies, especially in hospitality, tourism, and industry, aiming for long-term growth while following the new rules for Portugal's funds after 2023.
Capital at risk. Past performance isn't indicative of future returns. This is not investment advice.
Cumulative returns compounded from monthly data
Disclaimer: Historical performance is not indicative of future results. Past performance does not guarantee future returns. All investments carry risk of loss.
Portugal Investment 1 – Saragota is a closed-end venture capital fund (Fundo de Capital de Risco Fechado) managed by Saragota – Sociedade de Capital de Risco, S.A., operating under the supervision of Portugal’s securities regulator, the CMVM. The fund has been structured specifically within the current Portuguese investment-migration framework following the Mais Habitação reforms of October 2023. While direct residential real estate investments no longer qualify for the Golden Visa, capital allocation into eligible non-real-estate collective investment vehicles remains permitted. Portugal Investment 1 positions itself within this regulatory corridor by focusing on equity participation in operating businesses rather than passive property ownership. From an investment perspective, the fund follows a private equity “value-add” and growth strategy, targeting established Portuguese small and medium-sized enterprises. Typical investments include buying small or large shares in companies that are already running, making money, and have clear chances to improve or grow. The fund frequently concentrates on sectors central to the Portuguese economy, such as hospitality, tourism, logistics, and light industry, while maintaining flexibility to invest across sectors where risk-adjusted opportunities arise. Importantly, exposure to real estate, where present, is indirect and operational. Investments are made through operating companies (OpCos), for example, hotel management or service companies, rather than through the direct acquisition of residential or speculative property assets. This structural distinction is critical for maintaining Golden Visa eligibility under current law. As a closed-end fund, Portugal Investment 1 has a finite lifespan, typically aligned with the minimum investment-holding period required for residency purposes, followed by an orderly divestment phase. Capital is committed upfront, deployed over an initial investment period, and returned to investors primarily through asset disposals at maturity rather than through interim income distributions. Overall, Portugal Investment 1 is set up as a long-term investment that is not easily converted to cash, making it a good choice for investors who want to invest in the Portuguese business market through a regulated fund, with the Golden Visa being an additional benefit rather than the main goal.
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.
Portugal Investment 1 is a closed-end private equity fund with no redemption mechanism during its life. Investors may only exit via a private secondary sale, subject to manager consent. Early exit may impact Golden Visa eligibility and typically occurs at a discount to NAV.
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.
4 team members
Team members are employed by the fund manager, not Movingto. Profiles listed for directory comparison.
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...
Rene Cuerten heads Saratoga Capital’s real estate division, bringing nearly 30 years of experience in development, project management, and...
Stelios Marangos serves as principal and co-head of Saratoga Capital’s regulated products group, leading all investment-migration solutions. With...
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...
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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.
Project potential returns based on your investment parameters
Display returns after management and performance fees
Fund minimum: €500,000
Typical holding period
Fund target: 8–11% 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.
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Pela Terra II: Regenerate is a Portugal-based, CMVM-regulated closed-end venture capital fund focused on regenerative agriculture and farmland private equity. Structured to meet Portugal Golden Visa requirements without direct real estate exposure, the fund invests in agricultural operating companies that acquire, regenerate, and operate farmland in Portugal’s interior regions.
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Portugal Investment 1 is a CMVM-regulated, closed-end private equity (FCR) fund managed by Saragota. It invests in Portuguese operating companies, primarily SMEs, with the objective of long-term capital appreciation and compliance with Portugal’s Golden Visa fund route.
The fund is closed-ended. Capital is committed upfront, deployed over an investment period, and returned primarily at maturity through asset exits. There are no periodic redemptions during the fund’s life.
The fund follows a value-add private equity strategy, investing in established operating companies that may be undergoing restructuring, ownership transitions, or growth phases, where operational improvements can enhance long-term value.
The fund targets unlisted Portuguese SMEs and mid-sized operating companies, often in sectors such as hospitality, tourism, industrial services, and logistics, where tangible cash flows and identifiable exit paths exist.
The fund is primarily focused on Portugal, with at least 60% of capital allocated to Portuguese companies, as required for Golden Visa eligibility. Limited EU diversification may be permitted within regulatory limits.
Investment opportunities are sourced through proprietary deal flow, including management networks, sector relationships, corporate advisors, and financial institutions. The fund does not rely on public deal auctions as its primary sourcing method.
The standard minimum investment for Golden Visa applicants is €500,000 per investor, subscribed in a single qualifying tranche.
The fund targets a moderate total size designed to allow efficient deployment into a diversified portfolio of Portuguese operating companies, rather than capital accumulation without deployment (“cash drag”).
The expected fund life is 6–8 years, including potential extension periods. This structure aligns with the minimum 5-year Golden Visa holding requirement and allows time for orderly exits.
No. The fund does not offer redemptions during its life. Early exit is only possible via a private secondary sale, subject to manager consent, and may impact Golden Visa eligibility.
The fund does not invest in direct residential real estate. Any real estate exposure is indirect, via operating companies (e.g., hospitality businesses), which is permitted under current Golden Visa regulations.
Fees typically include: Management fee (annual) • Performance fee (carried interest) on realised profits above a hurdle • Exact fee terms are defined in the Management Regulations and subscription documents provided during onboarding.
As a private equity fund, detailed historical or monthly performance is not publicly disclosed. Returns are realised primarily at the exit and may vary depending on market conditions, timing, and portfolio outcomes.
Risk is managed through portfolio diversification, active governance, conservative capital structures, and regulatory oversight. Liquidity is intentionally limited due to the long-term nature of private equity investments.
Yes, US investors may participate; however, the fund is treated as a PFIC for US tax purposes. US investors should seek advice from a qualified tax professional and confirm QEF documentation availability before investing.
Yes, it is registered under CMVM ID 12445.