The C2 Atlantic Open-Ended Fund is a young, evergreen multi-asset vehicle from C2 Capital Partners, the Lisbon manager formerly known as Capital Criativo. It pairs at least 60% Portuguese exposure with up to 40% in global G20 markets across equities, bonds and commodities, and reportedly offers monthly liquidity with no lock-in, a rare structural profile on the Golden Visa fund route. The catch is disclosure: no prospectus, fee schedule, custodian or track record is publicly available, so most terms need direct confirmation from the manager.
Key takeaways
- Open-ended multi-asset strategy: equities, bonds and commodities in a 60/40 Portugal/rest-of-world framework, with allocations shifted by macro-regime signals.
- Reported monthly subscriptions and redemptions with no lock-in period; €100,000 minimum ticket, €500,000 for Golden Visa qualification.
- The manager raised €865M across 14 funds and ran the €60.7M MedCapital Golden Visa fund; the global sleeve is advised by US-based New West Capital.
- Launched late 2025, reportedly seeded with €3M by the management team; no track record and unpublished AUM.
- Fees, custodian, auditor and ISIN are all unpublished, and the CMVM number (2300) is unverified; every operating term needs written confirmation.
What does the fund actually invest in?
The strategy is a liquid multi-asset portfolio rather than the private-equity deals this manager is better known for. The framework allocates at least 60% to Portugal and up to 40% to the rest of the world, blending equities, bonds and commodities. The Portuguese sleeve draws on listed names of the kind the manager cites as examples: EDP, Galp, BCP, Jerónimo Martins. The global sleeve targets high-quality, profitable, low-leverage companies in G20 markets chosen for low correlation to Portugal, with cited examples including Broadcom, Novo Nordisk and TSMC.
Allocation is not static. The manager describes shifting the mix with the macro regime, growth, inflation or slowdown, guided by quantitative signals and subject to industry concentration limits. A US-based asset manager, New West Capital, advises the global allocation. Positioning is described as absolute-return and capital-preservation oriented, aimed at conservative-to-moderate investors, with no target return published.
Two caveats frame all of this. The 60/40 split is a strategic framework from the manager's own two-pager, not a current portfolio snapshot, and the asset-class split across equities, bonds and commodities is unpublished. And regime-switching allocation is a model-driven approach: it adds model risk on top of ordinary market risk. Capital is at risk across every sleeve.
What is known about fees? Almost nothing
This is the section where, for most funds, we do the arithmetic on a €500,000 subscription over a six-to-seven-year hold. Here there is nothing to compute. No management fee, performance fee, subscription fee or redemption fee has been published. No prospectus or KID could be found publicly, and the manager's own fund page sits behind a bot-protection wall.
For context only: Golden Visa funds typically charge around 1.5 to 2% in annual management fees, and each percentage point on €500,000 is €5,000 a year, which compounds into a five-figure difference over a multi-year hold. That is why the fee schedule is the first document to request. Until it is in hand, the fund's real cost, and therefore its net return proposition, is unknowable.
Every operational term of this fund, fees, dealing mechanics, custodian, auditor, currently rests on aggregator reporting or manager marketing rather than published fund documents. Before committing €500,000, obtain the prospectus or fund rules, the KID and the complete fee schedule directly from C2 Capital Partners, and verify the CMVM registration. This is ordinary diligence for any fund, but here it is the whole ballgame.
How do liquidity and the citizenship timeline interact?
On paper, unusually well. The fund is open-ended and evergreen, with no maturity date, no reported lock-in, and monthly subscriptions and redemptions per directory data. That sidesteps the classic Golden Visa mismatch, where a closed-end fund's fixed term can wind up before naturalisation completes. Here the vehicle simply continues, and you exit when your residency goals allow.
The important nuance is that the visa, not the fund, sets your real holding period. Golden Visa rules require the qualifying investment to be maintained throughout the residency process, and naturalisation realistically takes five years or more from application. Early exit is structurally possible but would break the visa's holding requirement. Treat the monthly window as insurance and post-citizenship flexibility rather than usable liquidity.
One further wrinkle: the monthly redemption figure comes from a single aggregator and is not confirmed in fund documents. NAV frequency is likewise unconfirmed, though monthly would be consistent with the dealing cycle. Notice periods, gates and redemption fees, if any, are unknown. The dealing terms belong near the top of your document checklist.
What should US citizens know?
The reported posture is friendly. One aggregator states the fund is open to US citizens, and the involvement of New West Capital, a US-based adviser led by Kyle Tushaus, CFA, on the global sleeve is at least consistent with a US-aware setup. But that acceptance claim rests on a single aggregator source. Get it confirmed in writing by C2 Capital Partners before planning around it.
Tax treatment is the harder question. As a non-US open-ended securities fund, the vehicle would be expected to be a PFIC for US taxpayers, and nothing has been published about QEF reporting or IRA eligibility. Without annual QEF statements, the default PFIC regime can erode the after-tax outcome of even a conservative strategy. Standard FATCA and foreign-asset reporting apply regardless. Two written questions for the manager: do you accept US persons in my situation, and will you provide QEF-compatible reporting. Then model the result with a US tax adviser.
How does it compare with other Golden Visa funds?
The structural profile is the differentiator. Most Golden Visa-eligible funds are closed-end private-market vehicles with multi-year lock-ups; an evergreen fund with reported monthly dealing and no lock-in sits at the liquid end of the spectrum, alongside a small group of open-ended securities funds. The €100,000 minimum matches the typical fund-route ticket, and the 40% global sleeve is a genuine oddity in a category that usually concentrates entirely in Portugal, useful for investors who want GV compliance without full single-country exposure.
The manager's history cuts both ways. C2 Capital Partners brings €865M raised across 14 funds and direct Golden Visa experience through the MedCapital Fund, a €60.7M healthcare buy-and-build vehicle now closed to new subscriptions. That is real institutional pedigree. But the Atlantic fund is a different discipline, liquid multi-asset rather than buyouts, launched in late 2025 with no track record of its own and, reportedly, a €3M seed from the management team. For a sense of how an established open-ended alternative with fuller disclosure looks, the Optimize Golden Opportunities fund is a useful reference point. The full comparison set is at the funds database.
The unknowns
Listed for completeness; how much each matters depends on your situation. The complete fee schedule is unpublished. Custodian, auditor and ISIN are unidentified. The CMVM registration number, reported as 2300, has not been verified against the registry. Even the launch date conflicts: one aggregator reports August 2025, while the LEI record shows the entity created on 10 November 2025, and we treat the registry-backed date as the operative one. Current AUM beyond the reported €3M seed is unpublished, there is no track record, and US acceptance rests on one source. Golden Visa eligibility itself has not been verified against the fund's constitutional documents.
Next step
If liquidity, diversification and a conservative profile matter more to you than private-markets upside, this fund's structure is worth the diligence effort its disclosure gaps demand. The practical next move is assembling the document set, fund rules, KID, fee schedule, dealing terms, and reading it against the claims above; Roots can walk through that file with you independently before you approach C2 Capital Partners. This article is information, not investment, tax or immigration advice, and capital is at risk.
