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Pela Terra II Regenerate Fund

STAG-managed regenerative farmland FCR (almonds, olives, organic transition) — fully subscribed; subscriptions closed November 2025.

Managed by STAG Fund Management · Rua Serpa Pinto 14 A, 1º, 1200-445 Lisbon, Portugal

Key facts

€200k
Minimum investment
2%
Management fee p.a.
8 years
Lock-up
8–10%
Target return
Fund status
Fully subscribed
Redemption
At end of term2
NAV frequency
—
Performance fee
20%2
Hurdle rate
—
Subscription fee
2%2
Redemption fee
—
Fund size
—
Target size
—
Inception
Jan 20242
Fund term
8 years2,3
Distribution
No regular income distributions expected, especially in early years, due to reinvestment and biological crop cycles; returns realised primarily at exit.2
CMVM ID
18162
ISIN
PTSFMQIM0007 (class B) / PTSFM6IM0007 (class C)1,2
Legal structure
Closed-end venture capital fund (fundo de capital de risco fechado)1,2
Domicile
Portugal1,2
Custodian
—
Auditor
—

For US investors

Accepts US investors
US investors accepted
Accepts US investors2
PFIC status
PFIC with annual QEF reporting
Annual QEF statements
Yes2
IRA / 401(k) route
—

The fund is reported to provide PFIC Annual Information Statements so US investors can elect QEF treatment — uncommon among Portuguese funds. Confirm with the manager; aggregator-sourced only.

Fees & costs

2%2
Management fee p.a.
20%2
Performance fee
—
Hurdle rate
2%2
Subscription fee
—
Redemption fee
€
€20,000
Year 1
€60,000
Over 5 years
€80,000
Over 7 years

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

Portugal (farmland operating companies)100%

Documents

  • STAG Fund Management — funds page (Pela Terra II listed as subscribed/closed)

    Manager website · EN · accessed Jul 7, 2026

    Open

Data transparency

Researched Jul 7, 2026 · every fact carries its source

78%
data completeness

Still researching

  • Fund size
  • Target fund size
  • NAV frequency
  • Hurdle rate
  • Redemption fee
  • Custodian
  • Auditor
  • IRA/401(k) eligibility

Sources

  1. 1STAG Fund Management funds page — Pela Terra II Regenerate listed as subscribed/closed — STAG Fund Management (manager), accessed Jul 7, 2026
  2. 2Movingto fund profile (Supabase data; status 'Open' is stale) — movingto (aggregator), accessed Jul 7, 2026
  3. 3Nomad Gate fund profile (subscription deadline 30 Nov 2025; €200k minimum) — 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.

Pela Terra II Regenerate is the second farmland fund in the Pela Terra family, managed by STAG Fund Management, a CMVM-regulated Lisbon fund house. The closed-end FCR buys equity in Portuguese agricultural operating companies that acquire and regenerate orchard land — almonds, olives and other permanent crops — in interior regions like Alentejo, aiming for an 8–10% return over an 8-year term through farm income and land-productivity gains. Its structure (operating companies rather than passive land titles) was designed to keep it Golden Visa-eligible after the October 2023 real-estate exclusion, and a legal opinion reportedly supports that position.

The fund is fully subscribed. STAG's own funds page lists it under subscribed/closed funds, and Nomad Gate records the subscription deadline as 30 November 2025. movingto still showed it as 'Open' at its June 2026 data refresh — that listing is stale; the manager's site is authoritative here. New investors are directed to STAG's currently open vehicles instead.

A distinguishing feature for US investors was its PFIC/QEF reporting commitment, which movingto highlights as uncommon among Golden Visa funds. Fund economics (2% management, 20% performance, 2% subscription fee) are aggregator-sourced and were never confirmed in public fund documents.

Suited for

  • ·Existing unitholders tracking their investment — the fund is fully subscribed and closed to new investors
  • ·Investors researching STAG Fund Management's farmland strategy before considering successor or sibling funds

Risk factors

  • ·Agricultural operating risk: crop yields, water availability and commodity prices drive returns
  • ·Fully illiquid for the 8-year term; secondary transfers are rare and not guaranteed
  • ·Farmland-linked strategies sit close to the post-2023 indirect-real-estate boundary; eligibility rests on a legal opinion rather than a regulator ruling
  • ·Fee and return figures come from aggregators, not published fund documents

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

Is Pela Terra II still open for Golden Visa investment?
No. STAG's funds page lists it among subscribed (closed) funds and Nomad Gate records the subscription deadline as 30 November 2025. movingto's 'open' status is out of date.
Why was a farmland fund considered Golden Visa-eligible after the 2023 rule change?
Because it invests in equity of agricultural operating companies where land is a productive input, rather than holding property for rent or appreciation. A fund representative cited a supporting legal opinion, but this structure was never formally ruled on by the regulator — a residual risk investors accepted at subscription.
Tom Brooks

Tom Brooks

Founding Partner & CEO

Talk through Pela Terra II Regenerate Fund and how it fits your Golden Visa plan — independent guidance, no obligation.

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