Solar Future Fund
Tejo Ventures' first solar energy-as-a-service and battery-storage fund — subscriptions closed January 2025.
Managed by Tejo Ventures · Lisbon, Portugal
Key facts
- Fund status
- Closed
- Redemption
- At end of term1
- NAV frequency
- —
- Performance fee
- 20%1
- Hurdle rate
- 5%1
- Subscription fee
- 1.5%1
- Redemption fee
- —
- Fund size
- —
- Target size
- €20M1
- Inception
- —
- Fund term
- 7 years1,2
- Distribution
- Targeted 4% annual cash dividend from year 2, with excess profit distributed at maturity.1,3
- CMVM ID
- —
- ISIN
- —
- Legal structure
- —
- Domicile
- Portugal1,2
- Custodian
- —
- Auditor
- —
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 for this fund.
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
An early €2.5M tranche funded 19 solar and battery projects (3 MW) in partnership with CleanWatts, per movingto.
Documents
- Open
Tejo Ventures — manager website (individual funds no longer listed)
Manager website · EN · accessed Jul 7, 2026
Data transparency
Researched Jul 7, 2026 · every fact carries its source
Still researching
- Lock-up period
- CMVM registration
- US investor acceptance
- ISIN
- Legal structure
- Fund size
- Inception date
- NAV frequency
- Redemption fee
- Custodian
- Auditor
- PFIC status
- QEF reporting
- IRA/401(k) eligibility
Sources
- 1Movingto fund profile (Supabase data, incl. FAQ; manager-verified Apr 2026) — movingto (aggregator), accessed Jul 7, 2026
- 2Nomad Gate fund profile (subscription ended 25 Jan 2025) — Nomad Gate (aggregator), accessed Jul 7, 2026
- 3Tejo Ventures homepage (strategy and net 8% IRR / 4% dividend targets) — Tejo Ventures (manager), accessed Jul 7, 2026
Research summary
Compiled from the sources cited on this page — a factual summary, not a recommendation or rating.
The Solar Future Fund was Tejo Ventures' first Golden Visa-oriented clean-energy vehicle: a CMVM-regulated fund financing sub-1 MW distributed solar installations under energy-as-a-service contracts and utility-scale battery storage across Portugal, with regulated oversight attributed to Green One Capital. It paired the investment with 'Tejo 360' relocation support (legal, tax, banking) and targeted a €20M raise, 4% annual dividends from year 2 and a net 8% IRR (movingto's headline 12% figure conflicts with its own FAQ).
The fund is closed: Nomad Gate records the subscription deadline as 25 January 2025, and movingto lists it as closed with the fund's Golden Visa flag now off. Tejo Ventures' website no longer lists individual funds; per the seed research the strategy continues in Solar Future Fund III.
All terms are aggregator-sourced (2% management, 1.5% subscription, 20% carry over a 5% preferred return); no prospectus, KID, ISIN or CMVM number is publicly available. The fund remains in the database for reference and for evaluating the manager's follow-on vehicles.
Suited for
- ·Existing unitholders tracking their investment — the fund is closed to new subscriptions
- ·Investors evaluating Tejo Ventures' track record ahead of its successor funds (e.g. Solar Future Fund III)
Risk factors
- ·Small distributed-energy projects carry development, counterparty and operational risk; dividends depend on projects reaching operation
- ·Interim liquidity relies on secondary-market sales of units, which are not guaranteed
- ·Conflicting public return figures (8% net IRR vs 12% p.a.) and term length (7 vs 8 years)
- ·No public fund documents; all terms trace to aggregator profiles
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 the Solar Future Fund?
Was it Golden Visa-eligible?
Tom Brooks
Founding Partner & CEO
Talk through Solar Future Fund and how it fits your Golden Visa plan — independent guidance, no obligation.
Book a free consultationor email hello@rootsglobal.com
