InVino Fund
STAG-managed eco & wine tourism fund turning farms and heritage estates into sustainable resorts; subscriptions closed July 2025.
Managed by STAG Fund Management · Rua Serpa Pinto 14 A, 1º, 1200-445 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
- €35M1
- Inception
- Jul 21, 20233
- Fund term
- 8 years2,3
- Distribution
- —
- CMVM ID
- —
- ISIN
- —
- Legal structure
- Closed-end venture capital fund (fundo de capital de risco fechado)1
- Domicile
- Portugal1
- Custodian
- —
- Auditor
- —
For US investors
Accepts US investors- US investors accepted
- Accepts US investors3
- PFIC status
- —
- Annual QEF statements
- —
- IRA / 401(k) route
- —
Reported as open to US citizens while raising. Expected 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
STAG Fund Management — InVino Capital FCR fund page (archived 19 Mar 2025; live page now removed)
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
- CMVM registration
- ISIN
- Fund size
- NAV frequency
- Hurdle rate
- Subscription fee
- Redemption fee
- Custodian
- Auditor
- Distribution policy
- PFIC status
- QEF reporting
- IRA/401(k) eligibility
- Portfolio allocation
Sources
- 1InVino Capital – Fundo de Capital de Risco Fechado — STAG fund page (archived 2025-03-19; live URL returns 404) — STAG Fund Management (via Internet Archive) (manager), accessed Jul 7, 2026
- 2InVino Fund — Nomad Gate profile (subscription ended July 2025) — Nomad Gate (aggregator), accessed Jul 7, 2026
- 3InVino fund profile (inception, target return, US eligibility) — Golden Visa Funds Portugal (aggregator), accessed Jul 7, 2026
- 4STAG our-funds overview (InVino absent from current listing) — STAG Fund Management (manager), accessed Jul 7, 2026
Research summary
Compiled from the sources cited on this page — a factual summary, not a recommendation or rating.
InVino Capital FCR was an eco- and wine-tourism fund managed by STAG Fund Management, SCR, S.A. — the Lisbon manager behind a stable of Golden Visa vehicles including First Pharma and Emerald Capital — with InVino Capital as fund advisor. The concept: buy into companies converting working farms and heritage properties (vineyards, olive groves, cork forests, manor houses) into sustainable resorts with a 'bio-farm to table' hospitality offer, targeting a €35 million size over an 8-year closed-end life, with a reported 7% IRR target (Euribor + 3%) for Golden Visa share classes and a €200,000 minimum ticket.
The subscription window closed in July 2025. STAG's live website no longer lists the fund (the fund page now 404s), and the advisor's own sites (invino.group, invinocapital.com) are offline or broken, so most detail here rests on an archived copy of STAG's fund page plus aggregator profiles. Golden Visa eligibility after October 2023 was asserted with a legal opinion, but the strategy's own description — 'maximizing the real estate and hospitality businesses' — shows how close it sat to the real-estate exclusion.
Retained in the database for reference; fee terms (reportedly 1.75% management, 1.5% subscription) could not be verified against any fetchable source.
Suited for
- ·Not available — subscriptions ended in July 2025
- ·Existing investors or researchers comparing agro-tourism/hospitality Golden Visa strategies (see also Terra Nova, Pela Terra)
Risk factors
- ·Strategy explicitly leveraged real-estate and hospitality value — post-2023 Golden Visa eligibility rested on an unpublished legal opinion
- ·Greenfield resort development and turnaround situations carry execution risk well above the modest 7% target return
- ·Advisor web presence has disappeared and the manager has delisted the fund, limiting ongoing transparency
- ·Closed-end 8-year structure with no described interim liquidity
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.
Tom Brooks
Founding Partner & CEO
Talk through InVino Fund and how it fits your Golden Visa plan — independent guidance, no obligation.
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