Indico VC Fund III
Indico Capital's €125M third flagship VC fund for Southern European tech — institutional, soft-closed, not a Golden Visa product.
Managed by Indico Capital Partners · Lisbon, Portugal
Key facts
- Fund status
- Closed
- Redemption
- ~At end of term1
- NAV frequency
- —
- Performance fee
- —
- Hurdle rate
- —
- Subscription fee
- —
- Redemption fee
- —
- Fund size
- —
- Target size
- €125M3
- Inception
- Nov 20253
- Fund term
- —
- Distribution
- —
- CMVM ID
- 23561
- ISIN
- —
- Legal structure
- Closed-end venture capital fund (fundo de capital de risco fechado)1
- Domicile
- Portugal1,3
- Custodian
- —
- Auditor
- —
For US investors
- US investors accepted
- —
- PFIC status
- —
- Annual QEF statements
- —
- IRA / 401(k) route
- —
No public information on US investor acceptance. As a non-US pooled fund it would be expected to be a PFIC for US taxpayers; no QEF information published.
Fees & costs
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
Indico Capital Partners — manager website (Fund III not individually listed)
Manager website · EN · accessed Jul 7, 2026
Data transparency
Researched Jul 7, 2026 · every fact carries its source
Still researching
- Management fee
- Performance fee
- Lock-up period
- US investor acceptance
- ISIN
- Fund size
- Fund term
- NAV frequency
- Hurdle rate
- Subscription fee
- Redemption fee
- Custodian
- Auditor
- Target return
- Distribution policy
- PFIC status
- QEF reporting
- IRA/401(k) eligibility
- Portfolio allocation
Sources
- 1Movingto fund profile (Supabase data) — movingto (aggregator), accessed Jul 7, 2026
- 2Indico Capital Partners homepage (AUM €244M; Fund III not listed) — Indico Capital Partners (manager), accessed Jul 7, 2026
- 3EIF commits €30M to Indico Capital Partners' new €125M VC fund (28 Nov 2025) — European Investment Fund (press), accessed Jul 7, 2026
Research summary
Compiled from the sources cited on this page — a factual summary, not a recommendation or rating.
Indico VC Fund III is the sixth fund and third flagship venture vehicle from Indico Capital Partners, the Lisbon VC firm founded in 2017 that reports about €244M under management. Launched in November 2025 with a €125M target and a €30M anchor commitment from the European Investment Fund, it invests from Seed to Series B in technology companies across Portugal, Spain and Italy, with a focus on enterprise SaaS, AI, deep tech, spacetech and oceantech.
This is an institutional venture fund, not a Golden Visa product: movingto lists it as soft-closed and flags it as not Golden Visa-eligible, and the manager does not market it to residency investors. Fund-level terms (fees, term, ISIN, service providers) are not public, and the manager's own website does not yet list Fund III on its funds roster.
The fund remains in the database for reference. Investors interested in Indico's strategy would need to approach the manager directly; retail-style subscription is not available.
Suited for
- ·Institutional or professional investors with direct access to the manager — not a retail or Golden Visa subscription product
- ·Reference for researchers tracking Portugal's venture capital ecosystem
Risk factors
- ·Early-stage venture capital carries high failure rates and long, uncertain exit timelines
- ·Closed-end structure with no interim liquidity expected
- ·Almost no fund-level terms are publicly disclosed
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
Can I use Indico VC Fund III for a Portugal Golden Visa?
Tom Brooks
Founding Partner & CEO
Talk through Indico VC Fund III and how it fits your Golden Visa plan — independent guidance, no obligation.
Book a free consultationor email hello@rootsglobal.com
