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Portugal Investment 1

Saratoga Capital

Portugal Investment 1

Open for subscriptions
Unverified

Portugal Investment 1

Portugal Investment 1 is an open-ended alternative investment fund regulated by CMVM — Comissão do Mercado de Valores Mobiliários (ID: 12445) and managed by Saratoga Capital, investing in private equity with a minimum commitment of €125,000 and a 6 years lock-up period. It charges a 0.44% management fee and a 20% performance fee with a 5% hurdle, is open for subscriptions and reports accepting US persons.

Regulator
CMVM — Comissão do Mercado de Valores Mobiliários (ID: 12445)
ISIN
CYF000001968
Strategy
Private Equity
Min. Investment
€125,000
Fund Size
€6.3Mas of Dec 2025
Management Fee
0.44%
Performance Fee
20% (5% hurdle)
Lock-up
6 years
Redemptions
Annually
Custodian
Bison Bank, S.A.
Status
Open
GV-intended
Manager-stated GV intent
Sources vary by field; tap or focus the source icons for details.|Last updated: |Verify on CMVM registry

Fund Snapshot

Key Facts

Key facts for Portugal Investment 1
Min Investment €125,000
Redemptions Annually
Open to US Yes (fund-reported)
Lock-up 6 years
Fund Size (AUM) €6.3Mas of Dec 2025

Fees

Fees for Portugal Investment 1
Management Fee 0.44%
Performance Fee 20%

Additional Details

Additional details for Portugal Investment 1
NAV Frequency Semi-Annual
Established 2021
CMVM ID 12445
Notice Period 60 days
Regulated By CMVM — Comissão do Mercado de Valores Mobiliários

Compliance

CMVM #12445

Figures are reported by the fund manager.

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.

How these fees compare across all tracked funds: Golden Visa Fund Fee Index

What the fees add up to over 6 years

About €18,200 in reported fund fees over 6 years on €500,000

Management fee0.44% a year × 6 years
€13,200
Subscription fee0% once, when you invest
€0
Redemption fee1% once, when you exit
€5,000
Performance fee20% of gains above a 5% hurdle. Left out: it depends on returns
Left out
Total of the reported fees above
€18,200

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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Investor decision panel

What to know before shortlisting this fund

Data completenessHigh (91%)

Profile facts

  • Strategy recorded as Private Equity.
  • Status recorded as open for subscriptions.
  • Manager-reported risk band: Conservative.

Confirm before shortlisting

  • Confirm the stated 72-month lock-up against current fund documents.

Key unknowns

  • Auditor

Main diligence flags

  • No major flags detected. Confirm current documents before investing.

Golden Visa note: The manager states this fund is intended for Golden Visa applicants, but this claim is not shown as independently verified here.

Historical Performance

AUM and NAV observations.

Amounts are shown in EUR; for investors in another currency, returns may be affected by exchange-rate movements.

Latest AUM
€6.3M
Latest NAV
1.350
Records
10
Dec 2021 - Jun 2026
10 monthly records
Manager-reported figures; not yet verified by Movingto.
Period returns withheld — YTD: 10 of 10 required months missing; 12M: 12 of 12 required months missing.
Monthly return values are not available yet, so return performance is not charted.

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.

Risk and returns

Risk indicator (SRI): 6 of 7

  1. 1
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  3. 3
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  5. 5
  6. 6
  7. 7
Lower riskHigher risk

From Saratoga Capital Portugal Investment I KID (Class A), 20 Feb 2025.

Past performance does not predict future returns.

About the Fund

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 Golden Visa funds after 2023.

Portugal Investment 1 – Saragota is an open-end venture capital fund managed by Saragota Capital Management Ltd., 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. Portugal Investment 1 is an open-ended fund, which is aligned with the minimum investment-holding period required for residency purposes. Investors have a 6 year lock-up period and then can freely dispose of their units accordingly. 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.

Regulatory Identifiers

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

Regulatory identifiers
CMVM Registration 12445
ISIN CYF000001968

Key Terms

Key terms for Portugal Investment 1
Minimum Investment €125,000
Fund Structure Private Equity
Lock-up Period 6 years
Domicile Portugal
Custodian Bison Bank, S.A.
Auditor Not disclosed
ISIN CYF000001968
Typical Ticket Not disclosed
Risk Band Conservative
Fund Status
Open
Inception Date 2021

Figures are reported by the fund manager. Terms may vary by investor class.

Fees

Fee Structure

Management Fee0.44%
Performance Fee20%

5% preferred return hurdle

20% of any rise in NAV per share above a 5% hurdle in each calendar year.

Subscription FeeNone
Redemption Fee1%

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:€550
Performance fee:Depends on returns
Known annual cost:€550
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

Portugal100%

Dealing and Redemption Terms

Dealing and redemption terms
Redemption Status
Open
Frequency Annually
Notice Period 60 days
Lock-up Period 72 months (6y)
Early Redemption Fee 1%
Dealing cut-off 10 calendar days before the subscription date (the first business day of each year)

Additional Terms

Redemptions open once a year (first business day of the year) after a 72-month lock-up, with 60 days' notice. Earlier redemption needs the directors' approval. A 1% fee applies to redemptions within six months after the lock-up ends. Golden Visa investors must hold for at least 60 months.

Redemption terms may vary by investor class. Verify details with the fund manager.

Regulatory & Compliance

CMVM Registration12445
AuditorNot disclosed
CustodianBison Bank, S.A.
NAV FrequencySemi-Annual
PFIC/QEF Status
Status Unknown

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

Fund Team

4 team members

Team members are employed by the fund manager, not Movingto. Profiles listed for directory comparison.

SMP

Steven M. Pepa

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...

JD

John Darling

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...

SM

Stelios Marangos

Principal, Investment Migration

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

RC

Rene Cürten

Principal, Real Estate Group

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

Get in touch about Portugal Investment 1

Have questions about Portugal Investment 1? 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.

Portugal Investment 1

Managed by

SC
Saratoga Capital

Min Investment

€125,000

Fund-stated objective

8–11% p.a.

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.

Investment Calculator

Project potential returns based on your investment parameters

Display returns after disclosed management and performance fees

€

Fund minimum: €125,000

Typical holding period

%

Fund target: 8–11% p.a.

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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Compare Portugal Investment 1

Compare Portugal Investment 1 with similar investment funds to analyze performance, fees, and investment requirements.

Frequently Asked Questions

Portugal Investment 1 is a CMVM-regulated, open-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 open-ended. Capital is continually committed , deployed over an investment period, and returned primarily at maturity through asset exits. There are 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 €150,000 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.

Yes. The fund does offer redemptions during its life. Early exit is only possible, 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.

Compliance & Structural Details

The profile lists CMVM ID 12445. 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.

The profile marks this fund as Golden Visa intended by its manager. Fund-route evidence must still be confirmed against current law, fund documents, and the applicant's own legal file — eligibility is assessed per application, not guaranteed by the fund.

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