Portugal investment fund types fall into two main categories.
- Mutual Funds (non Golden visa)
- AIF – Alternative Investment Funds (Private Equity and Venture Capital Funds suitable for Golden Visa)
Mutual Funds
Mutual Funds are highly regulated for everyday investors can buy. They are highly regulated for investor protection, following strict rules on diversification and liquidity – must comply with the 5/10/40 rule
AIF Funds
AIF funds are Tailored for professional investors private equity funds, venture capital funds, real estate funds, hedge funds.
Alternative Investment Funds include
- Private equity funds,
- Private credit/debt/loan funds
- Venture capital funds,
- Real estate funds,
- Hedge funds
Private equity (PE) and VC funds in Portugal are highly popular for both institutional and Golden Visa investors, focusing on high-growth SMEs, technology, green renewable energy, agriculture and hospitality.
Venture Capital Funds (FCR – Fundo de Capital de Risco): Focus on early-stage startups and high-growth potential businesses, offering high-risk but high-reward opportunities.
Classification
| Fund Type | Description |
|---|---|
| Venture Capital Funds (FCR – Fundo de Capital de Risco) | Focus on early-stage startups and high-growth potential businesses, offering high-risk but potentially high-return investment opportunities. |
| Private Equity Funds | Invest in established companies with proven track records, aiming to increase value through operational improvements, expansion, or restructuring. |
| Alternative Investment Funds (AIFs / OIA – Organismos de Investimento Alternativo) | A broad category covering funds that invest in specialized sectors such as agriculture, biotechnology, tourism, and other alternative assets. |
| Real Estate Funds (Non-Residential) | Invest in commercial, industrial, hospitality, or tourism-related properties rather than residential real estate. |
| Mixed / Diversified Funds | Combine multiple asset classes such as equities, bonds, and private companies to diversify risk and improve portfolio balance. |
| Environmental, Social and Governance (ESG) Funds | Focus on sustainable projects and companies that meet environmental, social responsibility, and corporate governance standards. |
Open/Closed
All Investment funds can be structured as open-end or closed-end.
- Open End Fund – Highly liquidity, continuous subscriptions and redemptions. Investors can typically invest at any time.
- Closed End Fund – Invested for fixed period redemptions not permitted until maturity. Only fixed number of units issued.
Sectors
- Agriculture
- Real Estate (Tourism and Hospitality)
- Green and Solary Energy (Renewable)
- Biotech and Healthcare
- Retail, Food and Supermarkets
- AI, Startups, Tech and Research
- Forestry and Eco Tourism
- Wine and Olives
- Office Spaces, Coworking
- Vintage and Collectible Cars
- Climate tech
- SME and Credit companies
- Crypto Assets
- Bonds
CMVM
Portugal’s Securities Market Commission (CMVM) regulates all golden visa funds. The CMVM’s job is to ensure that funds follow the rules and adhere to their criteria.
