Capital Green IV is the newest vintage in Finprop Capital's series of closed-end Portuguese SME credit funds: the same senior, collateral-backed lending model as its predecessors, a €200,000 minimum, a 10-year term and a stated 6-8% returns-and-distributions range. The catch, and it is the headline for anyone reading this with a residency application in mind, is that its Golden Visa eligibility is not yet confirmed. Directory data stages the fund as unverified pending current documents, even though sister fund CG III carries an eligible flag.
Key takeaways
- Fourth vintage of Finprop's closed-end credit series, CMVM registration no. 2447, lending to SMEs operating in Portugal.
- Golden Visa eligibility is unconfirmed: directory data stages the fund as unverified pending documents, while predecessor CG III is flagged eligible.
- €200,000 minimum and €25M target; visa applicants would need a €500,000 subscription, if eligibility is confirmed.
- 10-year term with capital committed throughout; no interim redemptions, recorded as a 120-month lock-up.
- Stated 6-8% returns and distributions; the fee schedule, custodian and auditor are inferred from series documents, not CG IV filings.
What does the fund actually invest in?
CG IV follows the disciplined, collateral-backed SME credit model of the earlier Capital Green vintages: senior lending to small and medium-sized companies operating in Portugal's private debt market, per the manager's fund page. The investment guidelines favour energy-efficiency projects and positive community impact, and exclude ethically conflicted projects.
The wrapper is a closed-end Portuguese credit fund (fundo de crédito fechado) domiciled in Portugal, registered with the CMVM under no. 2447. Euronext Securities Porto records cited in directory data show three participation-unit classes, with Class A under ISIN PTFPQAIM0004, Class B under PTFPQBIM0003 and Class C under PTFPQCIM0002, issued in 2026. The manager does not publish a launch date, so that 2026 issuance is the best available marker of the fund's age.
The series teaser describes fixed-return participation classes in both distributing and accumulating forms, but that document covers the original Capital Green fund, not this vintage. CG IV's own class documents are not published. The manager, Finprop Capital, is a Porto-based firm affiliated with the Hipoges asset-management group, and CG IV is its fourth run of essentially the same lending vehicle, which tells you this is a repeatable production model rather than a novel strategy.
Is it actually Golden Visa eligible?
This is where CG IV parts company with its sibling, so it gets its own section. The honest answer today is: not confirmed. Directory data currently stages the fund as unverified, with eligibility marked negative pending current fund documents, because its Portugal allocation, real-estate exposure and holding mechanics are undisclosed.
The circumstantial case looks reasonable. The predecessor Capital Green III is flagged Golden-Visa-eligible on its verified directory profile, the SME-lending strategy has no stated real-estate exposure, and Finprop markets credit funds as a Golden Visa route. But post-October 2023 eligibility turns on the specific fund's documents, not on family resemblance, and those documents are not public.
If your investment is visa-motivated, treat CG IV's eligibility as an open question until Finprop puts a fund-specific legal eligibility opinion in front of you. Subscribing €500,000 into a fund whose qualifying status is later found wanting is the most expensive mistake available on this route. CG III, with its verified eligible flag, is the same strategy without that particular question mark.
None of this implies the fund will fail to qualify. New vintages routinely lag on verification simply because paperwork takes time. It does mean the sequencing matters: eligibility opinion first, subscription second.
What do the fees cost you over a Golden Visa hold?
No CG IV-specific fee schedule is published. The 1% management fee attached to this fund comes from the Capital Green series teaser, which describes the original fund in the series, and the same qualifier applies to Bison Bank as custodian and Ernst & Young as auditor. Performance, subscription and redemption fees for this vintage are unknown.
If the 1% carries over, the arithmetic on a €500,000 subscription is easy to hold in your head: about €5,000 per year, roughly €30,000 over six years, €35,000 over seven, and around €50,000 across the full 10-year term. That would sit below the 1.5-2% management fees typical of Portuguese Golden Visa funds. But with this vintage the conditional matters more than the number. The subscription documents Finprop provides are the only fee source that counts, and they should be read against the series teaser for any drift.
Liquidity, lock-up and the citizenship timeline
There is no soft version of this: capital is committed for the full 10-year maturity. The fund is closed-end with no interim investor redemptions, recorded in directory data as a 120-month lock-up, and the 10-year maturity is confirmed on the manager's own page. Capital returns through distributions along the way and at liquidation.
Note the contrast with CG III, where directory data shows a 60-month lock-up figure against the same 10-year maturity. CG IV's record is at least internally consistent, the lock-up simply equals the term, which arguably makes it the easier fund to reason about even if the answer is less convenient.
Mapped against the citizenship clock, the mismatch is plain. Portuguese naturalization via the Golden Visa tends to resolve in roughly six to seven years in practice. A CG IV subscriber should expect three or so further years of committed capital after that point. Whether that is acceptable depends on your liquidity needs, not on anything intrinsic to the fund; fixed-return distributions provide income across the hold, but the principal waits for term.
What should US citizens know?
Nothing is published on US eligibility, which for a fund this new is unsurprising but still leaves all the work to you. Acceptance of US persons: unknown. QEF annual information statements: unknown. IRA or SDIRA access: unknown. As a non-US pooled credit fund, PFIC treatment should be assumed.
The stakes are the usual ones. Default PFIC treatment can tax gains at top ordinary rates plus an interest charge, while a QEF election, available only if the fund issues annual information statements, converts the position into annual pass-through taxation. We've found that this question often matters more to the net result than a half-point of management fee. Put it to Finprop in writing, and expect Forms 8621 and 8938 either way. A US tax adviser should model both scenarios before any wire.
How does it compare?
Within our database CG IV occupies a narrow niche: a fixed-return credit vehicle in a market where most Golden Visa funds run equity strategies. Its €200,000 minimum is double the typical €100,000 ticket, and its reported 1% fee, if confirmed, would undercut the usual 1.5-2% band.
The only comparison that really matters is internal. Capital Green III offers the same strategy, minimum, target size and term from the same team, with a verified Golden-Visa-eligible flag and slightly deeper public documentation. CG IV's case over its sibling is freshness: a 2026 vintage means a full lending runway ahead rather than a fund partway through its cycle. Investors weighing the pair are effectively choosing between verification today and vintage length tomorrow. The broader field, including more liquid credit options, is in our fund database.
What the fund has not published
The gaps, listed for completeness rather than as criticism, since a 2026-issued fund has had little time to build a paper trail. Golden Visa eligibility basis: Portugal allocation, real-estate exposure and holding mechanics are all unconfirmed. The fee schedule, custodian and auditor are not confirmed for this vintage. The launch date and capital raised are not published, with the 2026 unit issuance the only public timing marker. There is no track record, and no US investor policy. Each item is a question the manager can answer during subscription diligence, and each answer belongs in writing.
Next step
If the Capital Green model appeals but the eligibility question gives you pause, the efficient move is to examine both vintages side by side before approaching the manager with a checklist. Roots can walk you through CG IV and CG III document by document, independently and without a sales agenda. This is information, not investment, tax or immigration advice; capital is at risk, and stated return ranges are not guaranteed.
