HomeSME Investment Funds - Lincoln Global Partners

The SME Sector in Portugal

Before taking a look at the available Golden Visa-eligible SME Investment funds, explore why this sector is such a great area to invest in Portugal.

The government has injected an additional €12 million to help SMEs expand internationally via e-commerce​ (Portugal Gov)​, while the EU-backed recovery plan supports green and digital transitions, infrastructure, and energy efficiency, particularly benefiting the construction sector​ (SMEsGov)​. This creates a robust environment for SMEs to thrive.

Additionally, the Portuguese Golden Visa program, which encourages investment small and medium size business funds, offers residency and potential citizenship, aligning perfectly with these economic incentives. Investing now maximizes returns from both SME growth and the benefits of the Golden Visa.

Portugal Golden Visa: SME Investment Funds

Portugal’s Golden Visa program provides investors with a pathway to citizenship in an EU country in just 5 years. The popular residency program is open to investors who purchase a minimum of €500,000 in eligible investment funds. The SME’s sector is a particularly attractive proposition due to the country’s stable economic growth, government incentives, strategic location, and skilled workforce.Below is a definitive list of SME’s Investment funds that are currently eligible under the Portugal Golden Visa program.

Those interested in such funds should reach out to us and we can schedule a presentation for you with the fund manager. For a full list of eligible funds click here, and to learn more about the Portugal Golden Visa program you can check out our guide.

Azul Fund

This fund is a Portuguese venture capital fund focusing on investing in innovative and technological companies, primarily targeting those in later stages of financing to ensure solid sales and risk protection, while also making smaller investments in early-stage, post-revenue companies. In this sense, the fund seeks to scale up companies with global potential, benefiting from Portugal’s strong entrepreneurial ecosystem and aiming to build a diversified portfolio of 15-25 companies across various tech sectors.


Portugal Golden Visa Investment Fund Terms:

  • Fund Life: Fund Life: 12 years (until 2034)
  • Subscription Period: 3 years (Dez 2025)
  • Golden Visa Investment Minimum: €500,000
  • Return On Investment: 20% IRR
  • Management Fee: at the Latent period – 0%, after the latent period – 2%
  • SetupFee: 3%
  • Carried Interest: 20% on total return with catch up after reaching the hurdle rate of 7% (not considering the latent period)

GTech Investment Fund

This fund operates by targeting established mid-market companies in Portugal that have a solid track record of cash flow generation. By investing opportunistically, the fund aims to capitalize on under explored market opportunities, making diversified investments in a select number of companies to achieve high returns. The fund is structured to ensure alignment with investors through performance-based fees and a clear investment strategy focusing on both growth potential and financial stability.

Portugal Golden Visa Investment Fund Terms:

  • Fund Life: 8 years
  • Subscription Period: 2 years
  • Golden Visa Investment Minimum: €500,000
  • Expected Returns: 15-25% IRR
  • Management Fee: 1% p.a
  • Set up fee: 3%

AC Fund

This fund focused on investing in innovative SMEs and mid-cap companies with high growth potential and the ability to become market leaders. The fund primarily targets companies that are headquartered in Portugal and have established business models by taking significant minority positions and participating in the executive board to drive strategic decisions and growth. The fund provides both financial and intellectual capital to support and execute business plans, enhance financial autonomy, and promote operational excellence.

Portugal Golden Visa Investment Fund Terms:

  • Minimum Investment Term: 5 years
  • Fund Size: €80MN
  • Golden Visa Investment Minimum: €500,000
  • Target return: 15%
  • Management Fee: 2% per year
  • Set Up Fee: 20% carried interest
  • Performance Fee: 2,00% per year

The Growing Fund

This fund is focused on the growth and consolidation of small industrial and circular economy businesses. It primarily targets solid SMEs with stable cash flows that face succession problems or lack the necessary resources for growth and expansion. The fund invests mostly in equity, aiming for full ownership or controlling positions. Through a comprehensive investment process, including deal origination, detailed analysis, active management, and strategic divestment, the fund seeks to optimize the risk-return ratio and maximize returns for its investors.

Portugal Golden Visa Investment Fund Terms:

  • Fund Size: €20M (target)
  • Minimum subscription: €100,000
  • Golden Visa Investment Minimum: €500,000
  • Management Fee: 2%
  • Structuring fee: 3% on subscribed capital (one-off)
  • Performance fee: 20% carry on the profits above 5% hurdle rate, with catch-up mechanism
  • Additional Benefits: Guaranteed Buyback from year 5 onwards

The Golden Opportunities Fund

This fund is a multi-asset fund designed to provide long-term investment appreciation through a diversified portfolio of equities and debt securities primarily focused on the Portuguese market. It invests most of its assets in shares of companies headquartered in Portugal and the other part in Portuguese public debt or corporate bonds. The fund does not invest in real estate and maintains daily liquidity with no redemption restrictions, aiming for balanced exposure across various sectors, including financials, utilities, and consumer goods​.

Portugal Golden Visa Investment Fund Terms:

  • Golden Visa Investment Minimum: €500,000
  • Management Fee: 1,8%
  • Subscription fee: 1%
  • Redemption Fee: 0%
  • Performance Fee: 0%
  • Minimum recommended holding period: 5 years

The Action Fund

This fund is an investment fund primarily focused on Portuguese equities. It invests at least 85% of its net assets in Portuguese companies, offering daily liquidity for subscriptions and redemptions. The fund aims to achieve long-term total returns by leveraging the potential of the Portuguese equity market, particularly small and mid-cap companies with low analyst coverage.

Portugal Golden Visa Investment Fund Terms:

  • Golden Visa Investment Minimum: €500,000
  • Redemption Date: No redemption date (> 5 years)
  • Additional Benefits: Daily Liquity for subscriptions and redemptions

Mercury Fund

This Fund is an investment vehicle focused on supporting Portuguese SMEs and mid-cap companies. It targets mature businesses with sustainable models, investing through flexible debt and equity instruments to provide both capital and strategic guidance. The fund leverages its extensive network to source proprietary deals, aiming to improve operational efficiency, diversify customer bases, and enhance financial stability.

Portugal Golden Visa Investment Fund Terms:

  • Minimum Subscription: €100,000
  • Golden Visa Investment Minimum: €500,000
  • Management Fee: 2-3% annual
  • Hurdle rate: 20% of profits
  • Subscription Period: 2024 YE

The PH Fund

This fund focuses on investing in Portuguese SMEs and mid-cap companies through hybrid and debt instruments. The fund targets high-potential businesses, such as flat glass transformers and door manufacturers, that require refinancing and strategic growth capital. It aims to support companies in enhancing operational efficiency, expanding market presence, and executing buy-and-build strategies. Leveraging a network of proprietary deal-sourcing channels, the fund provides flexible financing options, including convertible debt and capital tranches, to achieve high returns while managing risks. By investing in sectors with strong market demand and resilient business models, the Fund seeks to deliver consistent and sustainable returns for its investors.

Portugal Golden Visa Investment Fund Terms:

  • Golden Visa Investment Minimum: €500,000
  • Management Fee: 2-3% annual
  • Hurdle rate: 20% of profits
  • Subscription Period: 2024 YE

The Liquid Fund

This fund focuses primarily on investing in public equities and bonds, with a significant emphasis on Portuguese assets. The fund targets most its investments in Portuguese large and mid-cap companies and bonds, emphasizing national market leaders and bonds. The fund’s strategy involves sector-based, active investments with a focus on achieving substantial cumulative and annualized returns. Key sectors include B2B services, consumer retail, and industrials, with significant investments in B2B software and low-cost gym chains.

Portugal Golden Visa Investment Fund Terms:

  • Golden Visa Investment Minimum: €500,000
  • Fund term: Open Ended (allowing early redemptions)
  • Subscription Fee: 2%
  • Management Fee: 1,2% annual over NAV
  • Hurdle rate: 5% per year

The Iberian Fund

This fund focuses on generating both social and environmental impact alongside financial returns by investing in systemic impact companies in Portugal and Spain. The fund aims to support organizations that address significant social problems and have viable business models. It invests primarily in companies that have passed proof-of-concept stages and are poised for growth, internationalization, or scalability. The fund leverages a blend of financing strategies, including co-investments with other investors and support from the Portuguese Development Bank. 

Portugal Golden Visa Investment Fund Terms:

  • Golden Visa Investment Minimum: €500,000
  • Fund term: 8 years
  • Subscription period: Until march 2025
  • Set up fee: 2%
  • Management fee: 2%

Legacy Fund

This fund primarily focuses on acquiring and managing SMEs with significant growth potential in Portugal. It targets companies across diverse sectors, such as industrial manufacturing, education, agriculture, and energy. The fund aims to implement growth strategies, professionalize management, and integrate new technologies to enhance value creation. With a diverse investor base, including individual and corporate investors, the fund leverages its extensive network to identify and maximize investment opportunities​.

Portugal Golden Visa Investment Fund Terms:

  • Investment Period: 4 years
  • Fund term: 8 years
  • Minimum Investment: €150,000
  • Golden Visa Investment Minimum: €500,000
  • Set up fee: 3%
  • Management fee: 2%
Lincoln Global PartnersOffice Address
Lincoln Global Partners FZCO
Dubai Silicon Oasis
DDP - Building A1
United Arab Emirates
GET IN TOUCHLincoln Global Partners
Global Citizenship & Residency Solutions

Copyright © 2024 Lincoln Global Partners | All Rights Reserved | Powered By Digitally Yours

Open chat
Lincoln Global Partners
Thank you for visiting Lincoln Global Partners. How can we assist you?