Lince Growth Fund I, FCR
Lince Capital's closed-end growth-equity fund for Portuguese industrial and circular-economy SMEs — subscriptions ended March 2026.
Managed by Lince Capital · Av. Eng.º Duarte Pacheco, Torre 2, Piso 17, 1070-102 Lisbon, Portugal
Key facts
- Fund status
- Closed
- Redemption
- At end of term2
- NAV frequency
- Quarterly2
- Performance fee
- 20%2
- Hurdle rate
- 5%2
- Subscription fee
- 3%2
- Redemption fee
- —
- Fund size
- €23M2
- Target size
- €20M2
- Inception
- —
- Fund term
- 8 years2,3
- Distribution
- Distributions from year 3 using operating cash flows and divestment proceeds, targeting return of 100% of subscribed capital by year 5, with excess-profit distributions thereafter.2
- CMVM ID
- 19552
- ISIN
- —
- Legal structure
- Closed-end venture capital fund (FCR) under the Portuguese framework for venture capital (Law no. 18/2015), governed by the Asset Management Regime (Law no. 27/2023)1,2
- Domicile
- Portugal1,2
- Custodian
- novobanco2
- Auditor
- BDO2
For US investors
- US investors accepted
- —
- PFIC status
- —
- Annual QEF statements
- —
- IRA / 401(k) route
- —
No public information on US investor acceptance or PFIC/QEF reporting. As a non-US pooled fund it would be expected to be a PFIC for US taxpayers.
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
Geographic allocation per movingto; sector-level portfolio breakdown not published.
Documents
- Open
Lince Growth Fund I — manager fund page
Manager website · EN · accessed Jul 7, 2026
Data transparency
Researched Jul 7, 2026 · every fact carries its source
Still researching
- US investor acceptance
- ISIN
- Inception date
- Redemption fee
- PFIC status
- QEF reporting
- IRA/401(k) eligibility
Sources
- 1Lince Growth Fund I — fund page — Lince Capital (manager), accessed Jul 7, 2026
- 2Movingto fund profile (Supabase data, incl. FAQ) — movingto (aggregator), accessed Jul 7, 2026
- 3Nomad Gate fund profile (subscription ended 31 Mar 2026) — Nomad Gate (aggregator), accessed Jul 7, 2026
Research summary
Compiled from the sources cited on this page — a factual summary, not a recommendation or rating.
Lince Growth Fund I is a closed-end Portuguese growth-equity fund (FCR) from Lince Capital, a CMVM-licensed Lisbon manager. It targets established, cash-generating SMEs — preferentially industrial and circular-economy businesses — writing €1.5M–€5M equity tickets, usually for majority control, with a stated 15–20% p.a. net return objective and a ~€20M target size. The structure was designed for post-October-2023 Golden Visa compliance: at least 60% in Portuguese commercial companies and no direct or indirect real estate.
The subscription window has ended: Nomad Gate records the deadline as 31 March 2026 and movingto lists the fund as closed, so it is no longer an option for new Golden Visa applications (Lince markets its successor, Lince Growth Fund II, to new investors). The fund remains in the database for reference.
Most economics here (2% management fee, 3% set-up fee, 20% carry over a 5% hurdle, distributions from year 3) come from aggregator profiles rather than fund documents, and there is an unresolved 7-vs-8-year term discrepancy between sources — verify against the fund regulation before relying on any figure.
Suited for
- ·Existing unitholders tracking their investment — the fund is closed to new subscriptions
- ·Investors evaluating Lince Capital's track record ahead of its successor fund (Lince Growth Fund II)
Risk factors
- ·Concentrated private-equity exposure to small Portuguese industrial SMEs with no interim liquidity
- ·Closed-end structure: exit before maturity depends on secondary buyers, which is discretionary
- ·Key terms are sourced from aggregators, not from a prospectus or KID; the fund term is reported inconsistently (7 vs 8 years)
- ·A 3% set-up fee plus 2% annual management fee is a relatively heavy cost load for a €20M fund
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 still invest in Lince Growth Fund I for a Golden Visa?
Was the fund Golden Visa-eligible?
Tom Brooks
Founding Partner & CEO
Talk through Lince Growth Fund I, FCR and how it fits your Golden Visa plan — independent guidance, no obligation.
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