Portugal Liquid Opportunities is Oxy Capital's Golden Visa-oriented public-equities fund: an open-ended, perpetual FCR holding roughly 60% large Portuguese listed "champions" and about 40% of Oxy's concentrated international small-cap value strategy. It offers what most Golden Visa funds cannot, a real exit path with no fixed term, and a reported +32.1% net return since its March 2024 launch. The two items to resolve before relying on it: one directory's Golden Visa eligibility flag contradicts the manager's explicit eligibility claim, and the fee terms circulate only on aggregator data rather than in the manager's own factsheets.
Key takeaways
- Open-ended, perpetual Portuguese FCR from Oxy Capital: ~60% Portuguese listed equities (recent examples include Semapa, Sonae, Ibersol, Galp and Altri), ~40% concentrated international small-cap value.
- Reported net performance to 31 March 2026: +32.1% cumulative since 1 March 2024 inception, 14.3% annualized, with a -2.9% maximum monthly drawdown. Past performance does not predict future results.
- No formal lock-up; early redemptions allowed, with a 2% early-redemption fee per directory data that falls away after year three. Exact dealing frequency is unconfirmed.
- Fee terms (1.2% management, 20% over a 5% hurdle, 2% subscription) rest on directory data only; the manager's factsheets publish no fee table.
- The manager markets the fund as Golden Visa eligible with a 60% qualifying Portuguese sleeve; one directory's eligibility flag says otherwise, a conflict to resolve with the manager's legal opinion.
What does the fund actually invest in?
The portfolio has two sleeves. Around 60% goes into a curated selection of the largest Portuguese listed companies, the "national champions" sleeve built to meet the Golden Visa fund-route criteria; recent examples named by the manager include Semapa, Sonae, Ibersol, Galp and Altri. The remaining roughly 40% runs Oxy Capital's international listed-equities strategy: a private-equity-style, high-conviction book of 5-10 underfollowed European and Canadian small caps, backed by deep primary research and active engagement with management teams.
Skin in the game is a documented feature rather than a claim: manager co-investment in the strategy exceeds €10 million. The fund itself launched on 1 March 2024, but the underlying Liquid Opportunities strategy dates to December 2018, and Oxy is the largest Portuguese private equity firm by CMVM data. Monthly factsheets are published in English, which puts ongoing transparency ahead of much of the segment.
The risk shape follows directly. This is equity market risk with concentration on two axes: a small number of international positions, and roughly 60% exposure to a single small market, Portugal. Directory data reports an underlying portfolio dividend yield of about 4-5.4%, though whether the fund distributes or accumulates that income is not stated in public materials.
How has it performed?
Strongly, on the manager's published numbers. From inception to 31 March 2026 the fund returned +32.1% cumulative net of fees, 14.3% annualized: +2.6% over March-December 2024, +21.4% in 2025, and +6.1% in the first quarter of 2026. Risk statistics on the factsheet include a Sharpe ratio of 2.0, a beta of 0.57 against a blended 40% MSCI ACWI / 60% PSI-20 benchmark, and a maximum monthly drawdown of -2.9%.
Context matters as much as the numbers. The fund-level record spans just over two years, a period in which Portuguese equities performed well; the longer strategy record since 2018 is the manager's, not this vehicle's. Directory data separately records an expected return range of 8-10%, well below the realised figures, which is a useful reminder to anchor on targets rather than a strong recent stretch. Past performance does not predict future results, and capital is at risk in a fund that is fully exposed to listed markets.
What do the fees cost you over a Golden Visa hold?
Here the honest caveat comes first: the manager's factsheets publish no fee table, so every figure in this section comes from directory data and should be verified against the fund regulations. On that data, the stack is 1.2% annual management, 20% performance over a 5% hurdle, a 2% subscription fee with all costs deducted from invested capital, and a 2% redemption fee that applies only in the first three years.
The arithmetic on a €500,000 Golden Visa subscription: €10,000 at entry, then €6,000 per year in management fees, roughly €36,000 over six years and €42,000 over seven. That headline cost sits below the 1.5-2% management band typical of the segment. The performance fee is where the economics concentrate: at returns anywhere near the reported record, 20% of everything above the 5% hurdle is a materially larger cost than the flat fees. Oxy itself emphasises that its fees are mostly performance-dependent, which aligns the manager with returns but means good years cost more.
Redeeming after year three, on the reported terms, costs nothing. That is a genuine rarity in this segment.
Liquidity, eligibility and the citizenship timeline
Liquidity is the fund's structural argument. It is perpetual, so it cannot mature mid-application the way closed-end funds with fixed terms can, and it allows early redemptions rather than locking capital to a distant end date. For a Golden Visa applicant, the practical constraint is the visa, not the fund: the €500,000 qualifying investment must stay in place through the residency process, which tends to run roughly six to seven years to naturalization in practice. The difference from closed-end peers is what happens at the end, an exit on your schedule rather than the fund's.
One mechanical detail needs confirming. Sources conflict on dealing frequency: one directory record claims daily liquidity and NAV, its own redemption-terms entry says weekly, and the manager confirms only that early redemptions are allowed alongside monthly factsheets and NAV. The gap between daily and weekly rarely matters for a multi-year hold, but you should know the real answer, plus any notice periods or gates, from the fund regulations before subscribing.
The single most decision-relevant conflict in this fund's file: Oxy Capital explicitly markets the fund as Golden Visa eligible, with at least 60% in qualifying Portuguese public equities and no real-estate exposure, yet one directory's eligibility flag is negative even though its own eligibility-basis record notes the manager attestation. This looks like a data issue, but the stakes are a €500,000 residency application. Obtain the manager's legal eligibility opinion and have your immigration counsel confirm it before relying on the fund for the visa route.
What should US citizens know?
The picture is promising but not yet confirmed by the manager. In favour: directory data describes the fund as FATCA-compliant and suitable for international investors including from the US, records the PFIC status as PFIC with QEF available, and records QEF reporting as provided. Oxy also has US-investor experience through its other Golden Visa funds; its sister fund Mercúrio has accepted US citizens.
Against, or at least unclear: the same directory's explicit accepts-US-persons field reads unknown, and one aggregator gates its fund page behind a non-US-person certification under Regulation S, which suggests units are not offered to US residents through that channel. US citizens living abroad and investors approaching the manager directly may be treated differently from US residents responding to online distribution.
The sequence is the usual one, with one addition. Get written confirmation from Oxy that US persons are accepted via direct subscription, that QEF annual information statements are supplied each year, and how the Reg S restriction applies to your specific situation. As a Portuguese FCR the fund is expected to be a PFIC, so a QEF election using manager statements is the standard route; Forms 8621 and 8938 apply, and IRA eligibility is not addressed in any public source. Model the outcome with a US tax adviser before wiring funds.
How does it compare with other Golden Visa funds?
Within our database, this fund occupies a distinct corner: listed-equity exposure with redemption rights, in a universe dominated by closed-end vehicles that lock capital for eight to twelve years. Its €100,000 minimum matches the typical segment ticket, and its reported 1.2% management fee undercuts the usual 1.5-2% band, with the caveat that the fee data is single-source and the performance fee does the heavy lifting.
The nearest structural comparisons are other liquid, Portugal-listed strategies such as IMGA GV Portuguese Equities, which offers index-style access to the same market without the concentrated international sleeve. Investors interested in Oxy Capital specifically can also look at its sister fund Mercúrio Fund II, which has a documented history of accepting US citizens. The full set is in our fund database.
What this fund gives up against those peers is verification depth on terms: the strategy and performance are unusually well documented, while the fee schedule, registration details and dealing mechanics are unusually thin.
What the fund has not published
For completeness, and without judgment, the open items. The CMVM registration number and ISIN are unpublished (the Bloomberg ticker is OXYPLOB per the March 2026 factsheet). No custodian or depositary is named. Exact dealing frequency is contested between daily and weekly claims. Current fund size is unknown. The distribution versus accumulation policy is unstated. Explicit manager confirmation of US-person acceptance is missing, with one channel applying a Reg S gate. And the reason one directory's Golden Visa eligibility flag contradicts the manager's documented eligibility claim is unexplained.
Each item is answerable from the fund regulations, the eligibility legal opinion and a short written exchange with the manager.
Next step
If liquid, listed-market exposure with an exit path fits your Golden Visa plan better than a decade-long lock-up, the next move is to resolve the eligibility flag and the fee schedule on paper. Roots can walk you through the fund regulations and the manager's eligibility opinion alongside comparable liquid funds, independently and without a sales agenda. This is information, not investment, tax or immigration advice; capital is at risk, and past performance does not guarantee future returns.
