The ActiveCap Corporate Bond Fund is the liquidity play on the Portugal Golden Visa fund route: an open-ended Portuguese corporate bond portfolio with weekly NAV, weekly redemptions on 30 days' notice and only a one-month initial lock-up, reportedly among the shortest terms of any qualifying fund. The trade-offs are equally clear. This is a 2026 launch with no track record, an undisclosed fund size, and public terms that currently rest almost entirely on a single directory profile.
Key takeaways
- Open-ended Portuguese corporate bond fund from ActiveCap - Capital Partners, a Lisbon firm investing in Portuguese companies since 1998.
- Reported liquidity terms are unusually short: weekly NAV, weekly redemptions on 30 days' notice, one-month initial lock-up.
- Reported fees are flat: 1.5% entry and 1.5% management with no performance fee, plus a 3% early-redemption fee of unpublished duration.
- Launched in 2026 with no published track record or AUM; a 3-7% per year return target circulates in directory data.
- US persons reportedly accepted, but PFIC/QEF reporting is unconfirmed. Capital at risk throughout.
What does the fund actually invest in?
The strategy is deliberately simple: a portfolio of Portuguese corporate bonds, run as ActiveCap's open-ended liquid credit vehicle. The manager's site lists it under "Liquid Bonds", positioning it as the tradable complement to the firm's closed-end growth-equity and special-situations funds. Geographic allocation is recorded as 100% Portugal, which is also what keeps the strategy consistent with the Golden Visa route's Portuguese-exposure logic.
That simplicity is the point, but it should not be mistaken for safety. The portfolio concentrates credit and interest-rate risk in Portuguese corporate issuers, and because the fund launched in 2026, there is no published holdings report, no track record and no disclosed fund size to examine yet. What you are underwriting today is a mandate and a manager, not a book.
On the manager, there is more history. ActiveCap - Capital Partners is a Lisbon private equity house whose team has invested in Portuguese companies since 1998. This fund is its first open-ended vehicle in our records, which makes the firm's credit sourcing network relevant, and its public-fund reporting habits untested.
What do the fees cost you over a Golden Visa hold?
A caveat before the arithmetic: the manager does not publish fees, so the figures below come from the fund's directory profile and should be verified against the prospectus and KIID before subscribing.
The reported structure is refreshingly flat. A 1.5% subscription fee, a 1.5% annual management fee, and no performance fee at all, with no hurdle needed because there is nothing to hurdle. Bison Bank is recorded as custodian and Forvis Mazars as auditor.
On a €500,000 Golden Visa subscription, entry costs €7,500. Management fees run about €7,500 per year: roughly €45,000 over six years or €52,500 over seven, before compounding effects. All in, budget in the region of €52,500 to €60,000 across a six-to-seven-year hold. Because there is no performance fee, that estimate does not swell in good years, which makes the total cost of ownership unusually predictable for this category.
The joker in the deck is the 3% early-redemption fee, about €15,000 on a €500,000 ticket. Directory data records it without specifying how long the "early" period lasts. If it expires quickly, this is one of the cheapest liquid funds on the route; if it runs for years, the effective liquidity is closer to its peers than the headline terms suggest.
Liquidity, lock-up and the citizenship timeline
The reported dealing terms are the fund's calling card. Weekly NAV, weekly redemptions on 30 days' notice, and a one-month initial lock-up: taken together, among the shortest liquidity terms we have catalogued on the Golden Visa fund route. There is no fund term or maturity to wait for, because the vehicle is open-ended.
Mapped against the citizenship timeline, the structure is comfortable. Portuguese naturalization tends to run roughly six to seven years in practice, and an open-ended fund with weekly dealing carries no risk of maturing mid-application and no extension risk of the kind closed-end vehicles face. Your qualifying €500,000 must stay invested while the Golden Visa is active, so in reality you will hold through most of that window regardless of the dealing calendar.
The reported liquidity terms, weekly redemptions, the one-month lock-up and the 3% early-redemption fee, all trace to a single directory profile; the manager's own website lists the fund but publishes no terms or documents yet. The duration of the early-fee period is the single most decision-relevant unknown here, since it determines whether the headline liquidity is real for a Golden Visa holder or largely theoretical. Get the prospectus fee schedule in writing before subscribing.
What should US citizens know?
The picture is thinner than for some competing bond funds. US persons are reportedly accepted, per directory data, but the PFIC/QEF position is recorded as unknown. As a non-US bond fund, PFIC treatment will generally apply to US taxpayers, and QEF reporting availability is unconfirmed, as is IRA eligibility.
The practical consequence: under the default PFIC regime, gains can be taxed at top ordinary rates plus an interest charge, while a QEF election, if the fund provides annual information statements, converts that into ordinary annual taxation. For a fund you might hold six or seven years, the difference is material. Ask ActiveCap in writing whether QEF statements will be provided, and have a US tax adviser model both outcomes before wiring anything. FATCA reporting applies either way.
How does it compare with other Golden Visa funds?
Within our database, the reported €100,000 minimum matches the typical Golden Visa fund ticket, and the reported 1.5% management fee sits at the lower edge of the usual 1.5-2% range. The absence of a performance fee is the genuinely uncommon feature; most funds in the category charge one, and over a multi-year hold that difference compounds quietly in the investor's favour, assuming the reported terms hold up in the prospectus.
The in-house contrast is the clearest way to see what this fund is for. ActiveCap's Alpha Fund is the same manager's closed-end special-situations vehicle: reportedly ten years locked, 2% management with 20% carry over an 8% hurdle, and a far higher return target. The Corporate Bond Fund inverts every one of those terms, trading upside for liquidity and fee simplicity. A 3-7% per year target circulates in directory data, though it is not a manager-published figure and certainly not a guarantee.
Against outside peers, the closest comparison is the 3CC Atlantic Bond Fund, another open-ended Portuguese corporate bond fund, which offers daily rather than weekly dealing and publishes a full document set, but charges a 10% performance fee above a 4% hurdle. The wider comparison set is in our fund database.
What the fund has not published
The honest list is longer than usual, largely because the fund is new. Fund size and target size: not published. Distribution policy: not confirmed. Duration of the 3% early-redemption fee period: not specified. PFIC/QEF reporting for US investors: not confirmed. CMVM registration and ISINs: recorded from directory data, not independently verified against the regulator's registry. And the manager's own site publishes no fund documents yet.
These gaps are recorded for completeness, not as a verdict; a newly launched fund from an established manager will often fill them within its first reporting cycles. Their weight depends on your own timeline and risk appetite, and every item is a question the manager can answer during diligence.
Next step
If near-term liquidity, a flat fee structure and bond-like risk are what you want from the fund route, the next move is to request the prospectus, KIID and fee schedule directly and read them against the reported terms above. Roots can walk you through this fund's terms alongside comparable options, independently and without a sales agenda. Nothing here is investment, tax or immigration advice; it is information to make your own advised decision easier.
