Flex Space Fund
SFDR Article 8 closed-end FCR by Insula Capital investing in Portuguese coworking operators; 3.75% target dividends from year two.
Managed by Insula Capital · Avenida da Liberdade 190, 3A, 1250-147 Lisbon, Portugal
Key facts
- Fund status
- Closed
- Redemption
- At end of term1,3
- NAV frequency
- —
- Performance fee
- 20%3
- Hurdle rate
- 5%3
- Subscription fee
- 0%3
- Redemption fee
- 0%3
- Fund size
- €20M1,2,3
- Target size
- —
- Inception
- Aug 20, 20242
- Fund term
- 8 years1,2
- Distribution
- Targeted annual dividends of 3.75% from the second year onward (not guaranteed)1
- CMVM ID
- 21031,2
- ISIN
- PTFIFUIM00023
- Legal structure
- FCR - closed-end venture capital fund (OICR), SFDR Article 8 classified1,2
- Domicile
- Portugal1,2
- Custodian
- Banco Santander Totta, S.A.3
- Auditor
- —
For US investors
- US investors accepted
- —
- PFIC status
- ~PFIC expected, no QEF reporting confirmed
- Annual QEF statements
- —
- IRA / 401(k) route
- —
US persons should confirm acceptance with Insula Capital and model PFIC treatment with a US tax adviser before subscribing.
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.
Allocation
100% Portugal per movingto; consistent with the manager's stated focus on DISTRICT coworks in Lisbon and Setubal.
Team
- SI
Santiago Iturriaga
Fund Manager (Gestor do fundo), Insula Capital
- FR
Florence Ricou
Chief Executive Officer, Insula Capital
Documents
Data transparency
Researched Jul 7, 2026 · every fact carries its source
Still researching
- US investor acceptance
- Target fund size
- NAV frequency
- Auditor
- QEF reporting
- IRA/401(k) eligibility
Sources
- 1CMVM-Regulated Fund | Flex Space Fund (official fund site) — Flex Space Fund / Insula Capital (manager), accessed Jul 7, 2026
- 2Flex Space | Insula - portfolio page (fund code 2103, dates, minimum) — Insula Capital (manager), accessed Jul 7, 2026
- 3Movingto fund record (via Supabase API) — movingto (aggregator), accessed Jul 7, 2026
- 4Flex Space Fund - Nomad Gate profile (reports subscription period ended June 2026) — Nomad Gate (aggregator), accessed Jul 7, 2026
- 5Sobre nos | Insula - team and AUM — Insula Capital (manager), accessed Jul 7, 2026
Research summary
Compiled from the sources cited on this page — a factual summary, not a recommendation or rating.
The Flex Space Fund is a EUR 20M closed-end Portuguese venture capital fund (FCR) developed and managed by Insula Capital, a Lisbon manager with about EUR 1.9 billion under management. It backs operators of flexible office space - currently DISTRICT coworks in Lisbon and Setubal - rather than owning the buildings, and is classified Article 8 under SFDR. The fund targets annual dividends of 3.75% from year two and runs to August 2032, with a EUR 100,000 minimum and CMVM registration number 2103 printed on its own site.
Status needs attention: the fund's marketing site said 'invest until June 2026' and nomadgate now reports the subscription period has ended, while Insula's own portfolio page (and homepage) still list the fund as 'Em subscricao' (under subscription) as of July 2026. We record the manager's current status - open - and flag the conflict. Investors should also note the strategy's indirect relationship with real estate: the Golden Visa eligibility rests on the fund investing in workspace operators, and movingto's record notes indirect real-estate exposure with a manager attestation of eligibility.
Suited for
- ·Golden Visa applicants who want an income-oriented, ESG-labelled operating-company strategy
- ·Investors seeking targeted annual dividends rather than pure capital-gain exposure
- ·Investors comfortable with a single-sector, Portugal-only closed-end fund to 2032
Risk factors
- ·Concentration in the coworking/flexible-office sector and effectively in one operator brand (DISTRICT)
- ·Indirect real-estate linkage: operators depend on office leases; confirm Golden Visa eligibility analysis
- ·Closed-end to August 2032; early exit only via manager-approved secondary sale, possibly at a discount
- ·Dividend and return targets (3.75% p.a. / ~11.65%) are not guaranteed
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.
Frequently asked questions
Does the Flex Space Fund qualify for the Portugal Golden Visa?
Is the fund still open to new investors?
Tom Brooks
Founding Partner & CEO
Talk through Flex Space Fund and how it fits your Golden Visa plan — independent guidance, no obligation.
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