Portugal Gateway Growth Fund
Growth fund financing international expansion of proven tech businesses, advised by Kigeni; subscriptions ended in 2022.
Managed by Green One Capital · Lisbon, Portugal
Key facts
For US investors
Accepts US investors- US investors accepted
- Accepts US investors2
- PFIC status
- —
- Annual QEF statements
- —
- IRA / 401(k) route
- —
Marketed as FATCA-compliant and open to US investors. Expected PFIC for US taxpayers; no QEF information published.
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.
Team
- GG
Gavin Goldblatt
Key team member, Kigeni (with Kigeni since 1997; ex Rand Merchant Bank)
- Ev
Erik van Veen
Key team member, Kigeni (ex COO MTN Uganda, mobile fintech specialist)
- AL
Ana Lobo Xavier
Key team member, Portugal Ventures (senior investment manager since 2012)
- RC
Rafael Conceição
Key team member, Portugal Ventures (eCommerce and enterprise software)
Documents
Data transparency
Researched Jul 7, 2026 · every fact carries its source
Still researching
- Lock-up period
- CMVM registration
- Golden Visa eligibility
- ISIN
- Legal structure
- Fund size
- Inception date
- NAV frequency
- Subscription fee
- Redemption fee
- Custodian
- Auditor
- Distribution policy
- PFIC status
- QEF reporting
- IRA/401(k) eligibility
- Portfolio allocation
Sources
- 1Portugal Gateway fund website (JV of Kigeni and Green One Capital) — Portugal Gateway (manager), accessed Jul 7, 2026
- 2Portugal Gateway fund presentation — fund terms, managers, team (c. 2021) — Portugal Gateway (via withportugal.com) (document), accessed Jul 7, 2026
- 3Portugal Gateway — Nomad Gate profile (subscription ended June 2022) — Nomad Gate (aggregator), accessed Jul 7, 2026
- 4Green One Capital SCR, S.A. (located via search; Lisbon SCR, Emerald Group since 2020) — Green One Capital (manager), accessed Jul 7, 2026
Research summary
Compiled from the sources cited on this page — a factual summary, not a recommendation or rating.
Portugal Gateway was a €50 million-target growth fund built for the pre-2023 Golden Visa market: a 10-year closed-end vehicle providing expansion capital to proven, fast-growing technology businesses — many from Africa and other non-EU markets — using Portugal as their gateway into Europe. Terms were investor-friendly on paper: €100,000 minimum, 2% management fee, 20% carry over a 5% hurdle, a 10% net target return, and FATCA compliance explicitly aimed at US investors. The investment managers themselves committed €20 million.
The fund's governance evolved confusingly. Its own presentation names Portugal Ventures (the state-backed VC, ~€320M AUM) as fund manager with Kigeni, an African venture and growth investor, as investment advisor; the fund's current website instead describes a joint venture between Kigeni and Green One Capital, a Lisbon SCR acquired by Emerald Group in 2020. We record Green One Capital as the manager per the live fund site and flag the conflict.
Nomad Gate records the subscription period as ended in June 2022, and the fund is closed to new investors. No post-closing reporting (fund size achieved, portfolio, performance) is public. Retained for reference.
Suited for
- ·Not available — subscriptions ended in June 2022
- ·Researchers tracking Golden Visa fund structures that bridged African growth companies into Europe
Risk factors
- ·Conflicting public statements about who manages the fund (Portugal Ventures per the presentation vs Green One Capital per the website)
- ·Exit before the 10-year maturity only via the secondary market
- ·No public reporting on capital actually raised or portfolio performance since closing
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 Portugal Gateway Growth Fund and how it fits your Golden Visa plan — independent guidance, no obligation.
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