Lince Growth Fund II is the follow-on vintage of Lince Capital's growth-equity strategy: a closed-end Portuguese FCR taking meaningful, preferably majority, stakes in established industrial and circular-economy SMEs, targeting €20M with subscriptions open until March 2028. Its reported cash-flow design, distributions from Year 4 and full capital return targeted by Year 6, maps unusually well onto the citizenship timeline. The caveat that frames everything: nearly every commercial term is sourced from a single aggregator, not a published prospectus.
Key takeaways
- Closed-end Portuguese FCR targeting €20M, 8-year term to about 2034 with a five-year investment period; subscriptions run until March 2028.
- Strategy: growth and consolidation capital for established Portuguese SMEs (€5-10M revenues, €0.5-1.5M EBITDA), tickets of €1.5-5M, preference for majority control.
- Reported terms: €100,000 minimum, 3% set-up fee, 2% annual management, 20% carry over a 5% preferred return, 12-15% p.a. net target, all single-sourced from directory data.
- Distributions reportedly planned from Year 4, targeting 100% of subscribed capital returned by Year 6, a rare fit with the roughly six-to-seven-year naturalization reality.
- US investors reportedly accepted with QEF support; neither claim is confirmed in manager documents.
What does the fund actually invest in?
The mandate is classic small-cap growth equity, applied to Portugal's industrial base. Fund II provides growth and consolidation capital to established Portuguese SMEs, focused on the industrial sector and circular economy, with other sectors considered opportunistically. It invests through equity, hybrid and debt instruments, writing typical tickets of €1.5-5M, and prefers majority or control positions.
The target profile is deliberately conservative for private equity: companies with €5-10M in revenues, €0.5-1.5M of EBITDA, contract-backed revenues, export capability and low leverage. These are proven businesses needing expansion or succession capital rather than venture bets, which is what supports the reported 12-15% p.a. net return target.
The manager brings scale to a small fund. Lince Capital is an independent, CMVM-regulated venture capital firm founded in 2016 with over €500M under management across more than 14 funds, supported by advisory partner Omnium; the growth franchise is led by a named team under CEO Vasco Pereira Coutinho. The strategy's proof points rest on predecessor Fund I, which closed in December 2025, because Fund II itself is a blind pool: no portfolio exists yet, and construction runs through a five-year investment period.
What do the fees cost you over a Golden Visa hold?
The reported stack has three layers, and it is worth doing the arithmetic before comparing headline targets. Per directory data: a one-off 3% set-up fee deducted from subscribed capital, a 2% annual management fee on subscribed capital, and 20% carried interest on profits above a 5% preferred return, with catch-up mechanics.
On a €500,000 Golden Visa subscription, the set-up fee takes €15,000 at the start. Management fees then run about €10,000 per year: €60,000 over six years, €70,000 over seven, €80,000 across the full 8-year term. Fixed costs over the whole life therefore reach roughly €95,000, about 19% of subscribed capital, before any performance fee. Because the 2% is charged on subscribed rather than invested capital, it does not shrink as capital is returned.
The carry works in the investor's favour up to a point: nothing is payable until returns clear the 5% preferred, but the catch-up means the manager recovers its share quickly above that. None of this appears in a public prospectus. The manager's site publishes no minimum and no fee schedule for Fund II, so every figure above needs confirming in the fund regulation before you model net outcomes.
Every headline term of this fund, the €100,000 minimum, the 3%/2%/20% fee stack, the 5% hurdle, the 12-15% target, the Year-4 distribution plan, even the custodian and auditor, comes from a single aggregator record rather than published manager documents. That does not make the terms wrong, but it makes written confirmation the first diligence step, not the last.
Liquidity, lock-up and the citizenship timeline
Structurally this is a full 8-year commitment. The fund is closed-end with no redemptions; the term runs to about 2034, and before maturity the only exit is selling participation units on the secondary market, to Lince Capital, secondary funds or other qualified buyers, at whatever price a buyer will pay. NAV is reportedly struck semi-annually, standard practice for a CMVM FCR.
The reported cash-flow design changes the picture more than the lock-up label suggests. Distributions are planned from Year 4, funded by operating cash flows and divestment proceeds, and the fund targets returning 100% of subscribed capital by Year 6, with excess-profit distributions thereafter. Portuguese naturalization tends to take roughly six to seven years in practice, so if the schedule holds, an investor could have their capital substantially returned around the time citizenship eligibility arrives, while the visa-relevant investment was maintained through the application years.
Two hedges belong here. First, these are targets: divestments happen when buyers appear, and a Year-6 full-capital-return plan in small-cap Portuguese industry is ambitious. Second, the schedule is single-sourced. Plan around the full 8-year term; treat anything earlier as upside.
What should US citizens know?
The reported posture is favourable, and unusually specific. Directory data flags the fund as US-compliant, tags it among Golden Visa funds for US citizens, and records QEF reporting as available. With a valid QEF election, backed by annual PFIC information statements from the manager, income and gains flow through annually and long-term gains keep capital-gains treatment, avoiding the default PFIC regime of top ordinary rates plus an interest charge.
The hedges are equally specific. The same directory's accepts-US-persons field reads "unknown", and neither US acceptance nor QEF support appears in any fund-specific manager document. IRA and SDIRA eligibility is not addressed anywhere. As a Portuguese FCR, the fund is expected to be a PFIC in any case.
The practical step is the usual one, but it matters more when claims are aggregator-only: a written undertaking from Lince Capital covering US-person acceptance and annual QEF information statement delivery, reviewed with a US tax adviser alongside Form 8621 planning, before funds move.
How does it compare with other Golden Visa funds?
Within our database, Fund II sits in the private equity category at the accessible end of the ticket range: the reported €100,000 minimum matches the typical Golden Visa fund entry point, with €500,000 needed for visa qualification. Its reported 2% management fee sits at the top of the usual 1.5-2% band, and the 3% set-up fee is an addition many peers do not charge; against that, the 12-15% net target is at the higher end of what funds in this segment put forward, with commensurate execution risk.
The natural first comparison is in-house: Lince Growth Fund I, the same strategy one vintage earlier, now closed to subscriptions, which is where the franchise's early proof points will show up. For a different flavour of the same manager, Lince Innovation Fund II applies Lince's machinery to a different mandate. The wider field is in our fund database.
What the fund has not published
For completeness; the weight of each depends on your situation. No CMVM registration number or ISIN is public, and the constitution date and capital raised to date are unknown. The custodian and auditor, reported as novobanco and BDO, are unverified in manager documents. There is no fund-specific Golden Visa eligibility opinion, with the manager's no-real-estate framework statement published on the Fund I page. US-investor acceptance, QEF reporting and IRA eligibility lack written confirmation. And as a new fund, there is no track record: no NAV series or performance history exists.
None of these gaps is unusual for a Portuguese FCR early in fundraising with a subscription window open to March 2028. They are answerable questions, and the long window means there is time to get the answers in writing.
Next step
If established-SME growth equity with a reported citizenship-friendly distribution schedule fits your plan, the next move is documentary: the fund regulation, the confirmed fee schedule, a Fund II-specific eligibility opinion and, for US investors, the QEF undertaking, compared side by side with alternatives. Roots can walk you through the materials independently, without a sales agenda. This is information, not investment, tax or immigration advice; capital is at risk and targeted returns are not guaranteed.
