The Ultimate Guide to Portugal Golden Visa-Approved Investment Funds (2025 Edition)

If you're considering Portugal's Golden Visa residency-by-investment programme in 2025, the most attractive route is through approved Alternative Investment Funds (AIFs).

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Alternative investment funds approved for Portugal’s Golden Visa programme offer a powerful combination of residency, potential returns, and portfolio diversification—replacing the former real estate investment option.

In this comprehensive Golden Visa-approved investment fund guide, we’ll explain how these funds work, why they are gaining popularity among international investors, and provide a detailed breakdown of over 20 funds approved for Portugal’s Golden Visa residency by investment, including their structure, sector focus, target returns, and minimum investment thresholds.

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Whether you’re a high-net-worth individual, a wealth manager, or an investor evaluating your options, this guide will give you clarity, confidence, and insider insight to make a smart, compliant, and strategic investment.

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Why Choose a Fund Route for Portugal’s Golden Visa?

The fund route has emerged as a cleaner, faster, and more secure alternative to traditional real estate investment. It appeals to investors looking for:

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• Professional Management: Your capital is managed by experienced asset managers in regulated, CMVM-approved funds.

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• Diversification: Access to sectors like renewable energy, technology, private equity, and infrastructure.

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• Golden Visa Compliance: All listed funds meet Portugal’s €500,000 minimum investment requirement and are structured to comply with immigration law.

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• Exit Strategies: Most funds have defined timelines, exit mechanisms, and projected Internal Rates of Return (IRR).

Golden Visa-Approved Alternative Investment Funds

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All of the funds listed are open to US-connected citizens.

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Portugal Future Fund

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Track record: The fund is managed by Quadrantis Capital, which has a proven track record with 12 funds that have, in recent years, raised €100m across the fund portfolio with a current valuation of €350 million on those assets, delivering a 15% IRR over 20 years.

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Type of fund: Multi-sector diversification, investing across Portugal’s top growth sectors with a senior team that is steeped in experience internationally and in Portugal, with roles in institutions such as JP Morgan, Rolls-Royce, the World Bank, and Fomentinveste.

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The Portugal Future Fund is designed to align with the country’s growth trajectory, leveraging strategic investments to deliver high-impact outcomes.

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Portugal Future Fund invests across technology, media & international events, healthcare, renewable energy, and luxury tourism & hospitality.

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Portugal Future Fund is aligned with market trends and ESG standards to maintain Portugal’s position as a leader in key sectors that support the country’s growth and sustainability.

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Arrange a discovery call with Portugal Pathways to discuss your Golden Visa residency by investment options

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C2 Legacy Buyout Fund

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Track record: C2 Capital Partners, is affiliated with Gaw Capital and has managed multiple funds in Portugal over the last 15 years.

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Type of Fund: Private equity buyout fund with a sector-agnostic approach.

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C2 Legacy Buyout Fund takes majority positions in Portuguese companies with steady cash flows and potential for growth, preserving management teams and know-how in companies undergoing shareholder challenges.

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The fund aims to generate value through strategic buyouts, targeting scalable businesses across diverse sectors in Portugal.

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Strategies include innovation, marketing initiatives, and sector consolidation.

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8-year maturity and 15% IRR forecast.

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Sectors include agriculture, education, industrial manufacturing, and energy.

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Tejo Solar Future Fund III

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Track record: Tejo Venture’s second Golden Visa Fund

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Type of fund: Solar infrastructure and battery storage renewable energy fund

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Tejo Ventures blends financing of solar developers, part collateralised debt, and part equity across a portfolio of assets and geographies to provide a balanced risk profile.

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Their Solar Future Fund III is a Portuguese venture capital fund (FCR). The fund is focused on providing structured project financing for solar and battery storage installations across commercial and industrial facilities in Portugal and Spain.

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There is the ability to leverage their local insight and networks to curate ideal visits to Portugal, making it ideal for those looking to make Portugal their new second home.

Pela Terra II

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Track record: Multiple funds

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Type of fund: A conservative agriculture fund

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Pela Terra launched Portugal’s first and largest agriculture fund, managed by an experienced team operating under the regulation of CMVM. Pela Terra II is fully managed by STAG Management SCR SA.

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Pella Terra II is the largest agricultural fund to date, targeting a fundraising of €100m.

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They have assisted over 250 people through the Golden Visa process and have €40m in assets under management.

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Pella Terra targets an annual dividend payment and also provides concierge services to support your investment and time in Portugal.

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Arrange a discovery call with Portugal Pathways to discuss your Golden Visa residency by investment options

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Hotel Invest Venture Capital Fund

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Track Record: Second fund

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Type of fund: Hotel operations fund investing exclusively in luxury hotel operations

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Hotel Invest, managed by FundBox SGOIC, S.A., is an alternative investment fund that exclusively invests in hotel management.

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Their investment strategy focuses on an existing hotel consolidation company, Estoril 8023 SA, a luxury hotel operations manager.

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The purpose of the Hotel Invest Venture capital fund is to increase the value of the capital invested and realise capital gains from the acquisition, holding, development, operation, or subsequent disposal of the shareholdings.

Iberis Greytech Co-Investment Fund

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Track record: 10 funds under management

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Type of fund: Focused on opportunistic and diversified investments in solid Portuguese SMEs, in co-investment with Greytech II

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Iberis Greytech Co-Investment Fund, managed by Iberis Capital, is focused on growth and buyout opportunities in established Portuguese mid-market companies. It has a solid track record of cash flow generation and EBITDAs between €2m and €10m.

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The fund invests in the Portuguese economy with a solid balance of growth potential and downside protection.

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It will take advantage of Greytech II's investment pipeline and infrastructure, a fund also managed by Iberis Capital with a solid track record.

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Optimize Portugal Golden Opportunities

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Track record: First-time fund

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Type of fund: Listed public market stocks and bonds

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Portugal Golden Opportunities, managed by Optimize Investment Partners, aims to provide participants with long-term investment appreciation by investing in a portfolio with between 80% and 100% exposure to Portuguese-domiciled companies.

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The fund will have at least 60% of its portfolio invested in stocks and will only invest in listed assets, stocks, bonds, or mutual funds. Its diversification strategy aims to reduce the volatility over the long run.

Indico VC Fund II

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Track record: 5th fund, established track record

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Type of fund: ICT vertical, with a special focus on AI, SaaS business models and marketplaces

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The Indico VC Fund II has already raised over €85M and invested €20M. Golden Visa investors come in side by side with institutional and corporate investors.

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This is Indico Capital’s 5th fund, giving them an established track record, currently managing over €225m and having invested in 50 companies.

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Indico VC Fund II fosters the innovation and growth of high-potential companies, particularly early-stage tech startups.

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Arrange a discovery call with Portugal Pathways to discuss your Golden Visa residency by investment options

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Terralis Fund

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Track record: Multiple funds and technology investments

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Type of fund: Investing in tech start-ups and sustainability

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Terralis Fund is managed by OW Ventures SCR, which has over 15 years of experience in technology and innovation investments, with a cumulative portfolio of more than 70 companies.

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The fund manager adopts a hands-on approach, leveraging its entrepreneurial and business experience to help companies grow and expand internationally.

Kick Off Capital Fund

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Track record: Multiple funds

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Type of fund: Football multi-club ownership fund

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The Kick Off Capital Fund aims to acquire shares of a stake in the capital of football clubs. This strategy may encompass full or partial ownership of clubs or active participation in their shareholding structure.

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The fund draws inspiration from the wildly successful City Group and Red Bull Group.

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The fund’s strategy also encompasses diversifying its portfolio by investing in assets in a single sector tied to football, sports and entertainment, such as stadiums, training facilities, and fan zones.

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Biovance Capital

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Track record: The management team is responsible for the largest Exit in Q1 2024 in Europe across all sectors.

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Type of fund: Early-stage transformational therapies biotech start-ups fund

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Biovance Capital is the only Portuguese life sciences fund backed by the European Investment Fund (European Investment Bank / European Commission).

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The fund has a number of institutional investors as well as individual investors, and is led by an experienced investment team of former scientists and doctors trained at Harvard, MIT and Imperial College.

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The fund invests in biotech companies developing therapeutics in any modality and therapeutic area.

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They will stop taking more investments in this fund shortly, as it has major institutional investors and a small number of private investors through the Portugal Golden Visa residency by investment programme.

Arish Revolution Private Equity Fund

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Track record: Completed multiple projects

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Type of fund: Private equity, investing in co-working spaces in Lisbon

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Arish Revolution Private Equity Fund is managed by Arish Capital Partners (ACP) – a joint venture between leading industry players: Aram Capital and Global Minds.

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Arish Capital Partners has a combined 65 years of experience  in real estate investment, fund management and immigration.

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Their key investment thesis is in co-working operations

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Vibe Capital I GV, FCR

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Track record: First Golden Visa fund

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Type of fund: Generalist Private Equity Fund

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Vibe Partners has successfully deployed over €850 million across more than 30 transactions, consistently delivering superior risk-adjusted returns for investors.

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The fund managers have a combined track record of over 50 years in the Iberian market, encompassing both Private Equity and Management Consulting.

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Vibe Capital Partners leverages its local expertise and international network, collaborating closely with highly aligned management teams to propel the success of its portfolio companies.

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Arrange a discovery call with Portugal Pathways to discuss your Golden Visa residency by investment options

Aim Asset Management

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Track record: First-time fund

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Type of fund: Sustainable forestry fund

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Aim Asset Management’s four founding partners combine their extensive expertise across various fields, holding top management positions in first-tier entities such as Credit Suisse, Société Generale, Galp, and EDP.

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Aim integrates ESG into the investment decision-making process and allows investors to explore the potential impact of ESG factors on the company’s business model.

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CERES II

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Track record: Multiple funds

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Type of fund: Food and retail fund

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CERES II, managed by Magnify Capital Partners, invests in majority stakes exclusively in small and medium-sized companies based in Portugal with the aim of developing and managing the operation, directly or indirectly, through its own or third-party brand: Proximity Food Retail Units.

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CERES II will co-invest with CERES I, which has already achieved closing for new subscriptions.

New Frontiers Energy Fund

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Track record: First-time fund

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Type of fund: Private equity fund specialising in renewable energy

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Fundbox SCR, the fund manager behind New Frontiers Energy Fund, has managed some of the most successful Golden Visa funds to date, raising more than €550m across numerous investment funds.

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The fund invests in the shares of solar projects in Portugal, which are at an early stage and appear on the government’s Acordo list.

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New Frontiers Energy Fund looks to develop early-stage companies through the grid connection and build permit stage. After which, they will look to sell their shares for a profit.

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Oxy Capital Portugal Liquid Opportunities

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Track record: Multiple funds

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Type of fund: Public markets

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Oxy Capital Portugal Liquid Opportunities is an open-ended perpetual fund investing in the Portuguese listed ‘Champions’, as well as international listed equities through a private equity approach.

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The fund allows for early redemptions, providing a more liquid format to investors (although this could invalidate your Golden Visa residency if you hold the €500,000 investment for less than 5 years).

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Arrange a discovery call with Portugal Pathways to discuss your Golden Visa residency by investment options

Heed Capital – Heed Top

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Track record: Multiple funds

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Type of fund: Listed stocks and bonds

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Heed Capital’s Heed Top fund is open-ended, investing 60% of its assets in debt and equity of companies established in Portugal. It may invest in equities, bonds, ETFs, and units of other investment funds.

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The fund forecasts a return of 5% per year, net of fees. However, listed stocks in Portugal have seen volatility at different points over the last ten years, so this needs to be considered.

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Heed Capital is an asset management company focused on investment funds and financial advisory, with more than €350 million under management and advisory.

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FCT Equity

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Track record: First fund in Portugal

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Type of fund: Private equity in renewable energies

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FCT Equity is geared towards financing projects in the renewable energy sector.

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Above Capital manages the fund and offers investors a unique opportunity to participate in operations and projects with a high capacity to generate returns.

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FCT Equity is supported by Fictor Energia. With a proven track record of success in the Brazilian market, Fictor Energia is responsible for identifying and evaluating new investment opportunities in Portugal.

Growth Blue

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Track record: Growth Partners Capital’s fourth fund

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Type of fund: Private equity growth

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Growth Blue is a private equity fund that will invest in SMEs and Mid-Caps integrated into the ‘Blue Economy’.

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The fund is characterised by its strong focus on sustainability and aims to support the growth of companies with solid financial results, structure teams and potential for growth.

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Growth Blue has the European Investment Fund (EIF) as an anchor investor, financed by the Capital and Quasi-Capital Fund of Banco Português de Fomento and the European Commission's InvestEU.

Iberis Greentech II Fund

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Track record: Ten funds under management

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Type of fund: Investment in sustainable forest management companies

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Greentech II is an Article 9 ESG Fund focused on the opportunity presented by underdeveloped forests in Portugal.

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The fund will target companies that can expand planted areas and productivity related to forest-derived raw materials.

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The investments will promote planting and generate certified CO2 offsetting capacity, which holds economic value and financial upside.

Plural Energy Innovation Fund

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Track record: Managed by experienced renewable energy investment managers

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Type of fund: Renewable energy production assets

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Plural Energy Innovation Fund is focused on renewable energy generation, prioritising investments in Energy Communities – a recently introduced segment through Portuguese and European legislation.

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The fund’s management team leverages extensive experience in the renewable energy sector to access exclusive investment opportunities.

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Plural Gestora de Ativos, the team behind the fund, has established a partnership with a pioneering company in this segment.

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Arrange a discovery call with Portugal Pathways to discuss your Golden Visa residency by investment options

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About Portugal Pathways

Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.

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Disclaimer: The information on the Portugal Pathways website and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice.