BlueTech III Fund
Closed Iberis venture/growth fund backing Portuguese tech scale-ups; subscriptions ended December 2025.
Managed by Iberis Capital · Avenida Engenheiro Duarte Pacheco 26, 7º, 1070-110 Lisbon, Portugal (also Porto)
Key facts
- Fund status
- Closed
- Redemption
- ~At end of term2
- NAV frequency
- —
- Performance fee
- 20%3
- Hurdle rate
- 7%3
- Subscription fee
- 3%3
- Redemption fee
- —
- Fund size
- —
- Target size
- €200M3
- Inception
- Nov 20223
- Fund term
- 12 years1
- Distribution
- No annual payout; returns are targeted upon exit (capital appreciation).3
- CMVM ID
- 18402
- ISIN
- —
- Legal structure
- Closed-end venture capital fund (Fundo de Capital de Risco Fechado)2
- Domicile
- Portugal2
- Custodian
- —
- Auditor
- —
For US investors
Accepts US investors- US investors accepted
- Accepts US investors3
- PFIC status
- —
- Annual QEF statements
- —
- IRA / 401(k) route
- —
A single aggregator indicated US investors were accepted, with PFIC treatment. As a non-US pooled fund it would be expected to be a PFIC for US taxpayers; no QEF information published. The fund is closed to new subscriptions, so this is largely moot for new investors.
Fees & costs
Estimate covers subscription and management fees only, on a constant balance. Performance fees, redemption fees and fund-level costs are excluded. Verify all fees in the fund's prospectus.
Performance
No audited performance data is publicly available for this fund yet. We only show returns we can trace to fund reporting — never marketing projections presented as track record.
Documents
- Open
Iberis Capital — manager website (BlueTech III no longer listed among funds open for subscription)
Manager website · EN · accessed Jul 7, 2026
Data transparency
Researched Jul 7, 2026 · every fact carries its source
Still researching
- Lock-up period
- ISIN
- Fund size
- NAV frequency
- Redemption fee
- Custodian
- Auditor
- PFIC status
- QEF reporting
- IRA/401(k) eligibility
- Portfolio allocation
Sources
- 1Bluetech III — Nomad Gate fund profile — Nomad Gate (aggregator), accessed Jul 7, 2026
- 2LEI record: IBERIS BLUETECH FUND III, Fundo de Capital de Risco Fechado (LEI 98450088P9702O278065) — GLEIF (regulator), accessed Jul 7, 2026
- 3Bluetech III fund profile (12 May 2025 snapshot; the live domain no longer resolves) — Golden Visa Community (via Wayback Machine) (aggregator), accessed Jul 7, 2026
- 4Iberis Capital homepage — funds currently open for subscription — Iberis Capital (manager), accessed Jul 7, 2026
Research summary
Compiled from the sources cited on this page — a factual summary, not a recommendation or rating.
BlueTech III was Iberis Capital's third-generation venture/growth vehicle for Portuguese technology companies, following BlueTech I and II. The strategy weighted most of the capital toward later-stage scale-ups with real revenues and proven results — closer to growth private equity than seed venture — while reserving smaller early-stage tickets as a way to buy access to the later rounds of the best performers. A representative told Nomad Gate the fund would keep qualifying for the Golden Visa after the October 2023 rule change, consistent with a pure tech-company mandate.
Established in November 2022 with a €200M fundraising target, the fund carries classic venture-fund economics per an archived aggregator profile: 2% management fee, 3% set-up fee, 20% performance fee over a 7% hurdle (with 80% catch-up), no annual distributions, and a >20% target IRR realised at exit over a 12-year life.
The subscription period ended on 7 December 2025 and the fund is now closed to new investors; Iberis's own site currently lists only Greytech III and Greentech II as open for subscription. The fund is registered with the CMVM (no. 1840 per its LEI record) as a closed-end FCR. Fees and terms come from aggregator profiles, not fund documents, and no factsheet, KID or performance data could be found. The profile is kept in the database for reference.
Suited for
- ·Reference only — the fund is closed to new subscriptions (deadline 7 December 2025)
- ·Useful as background when evaluating Iberis Capital's current funds (Greytech III, Greentech II), which follow the same manager platform
Risk factors
- ·Closed-end 12-year venture/growth fund — capital is locked until term with no published interim redemption
- ·Venture and growth-equity risk concentrated in a single small market (Portuguese tech)
- ·Public disclosure is limited to aggregator profiles; fees and return targets were never verified in fund documents
Listed for completeness, drawn from fund materials and public sources — not an assessment. How much weight any factor deserves depends on your own situation and risk appetite.
Tom Brooks
Founding Partner & CEO
Talk through BlueTech III Fund and how it fits your Golden Visa plan — independent guidance, no obligation.
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