INZ Fund

The INZ Fund (STAG INZ – Fundo de Capital de Risco Fechado, also marketed as STAG Iberian Net Zero) is a closed-end venture capital fund from STAG Fund Management, the Lisbon manager behind several Golden Visa-oriented vehicles. It invests in the Iberian energy transition — renewable generation (solar, wind, hydro, biomass, biogas), energy efficiency, storage and clean mobility — with roughly 70% of capital in Portugal and the rest in Spain, favouring operating companies with contracted, recurring revenues. Aggregator data describes an 8-year term, 1.6% management fee, a 20% performance fee over a 6% hurdle (though movingto's own record also shows 15%, an unresolved inconsistency) and a ~8% target return.

The key practical fact: STAG's site now labels the fund 'Subscribed' with a subscription end date of 22 February 2026, so INZ is closed to new investors — anyone screening funds for a new Golden Visa application should look at STAG's currently open vehicles or other managers. It remains in this database for reference and for existing unitholders, who are locked in until maturity with exits only via manager-approved secondary transfers.

For US persons the record was favourable: movingto reports the fund accepted US investors with PFIC/QEF reporting typically provided by STAG, consistent with the manager's other funds — though this was never verified in fund documents.