for the future.
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Fundos de capital de risco (venture capital funds or VC funds) offer tax efficiency by allowing investors to invest in a financial product backed by tangible real estate assets.
This spreads risk across several asset classes and jurisdictions. Compared to a direct real estate investment, investing in a VC fund such as RECap Fund is simple, does not incur any maintenance costs, and offers an easy exit.
In Portugal, VC funds are supervised by the Portuguese Securities Market Commission (CMVM) and managed by a fully regulated independent fund manager. Investors into a VC Fund are also eligible for the Golden Visa residential status.
RECap Fund will invest in real estate companies that fund development projects or buy real estate assets for rental income. In addition, the fund will also invest in debt instruments issued by real estate development companies.
Fact Sheet/
| Designation | Description |
|---|---|
| Fund Name | RECAP FUNDFundo de Capital de Risco |
| Fund Type | Fundo de Capital de RiscoClosed-End Private Equity Fund Regulated by CMVM |
| Fund Manager | Insula Capital, SGOIC |
| Executive Board Members | Skybound and RE Capital |
| Custodian Bank | Bison Bank |
| Auditor | PKF, Portugal |
| Legal &Tax | PBBR |
| Subscription Period | 24 months |
| Fund Term | 8 years(including subscription period) |
| Target Fund Size | €100 million |
| Minimum Participation | €100,000(corresponding to 100 units) |
| Golden Visa Requirement | €350,000Until 31 December 2021€500,000From 1 January 2022 onwards |
| Target Class A shares size | € 10,000,000 |
| Target Class B shares size | € 89,900,000 |
| Target Class C shares size | €100,000(To Be Owned by RE Capital) |
| Dividend Policy | Class A:1) Preferred dividend of 3.5%, to be paid on a quarterly basis (or capitalised in case there is no sufficient cash-flow)Class B:1) Capitalized Annual return of 3.0% to class B holders, after the payment of the Preferred distributable Class A dividend of 3,5%; |
| Distribution Policy at Maturity | 1) Class A:Principal paid back at maturity2) Class B:Remaining Profits of the Fund3) Class C:18% profit participation provided that participants of category A get their preferred annual dividend of 3,5% plus their principal back and the participants of category B achieve a minimum 3% IRR4) Insula Capital:2% profit participation provided that participants of category A get their preferred annual dividend of 3,5% plus their principal back and the participants of category B achieve a minimum 3% IRR" |
| Subscription Fee | 1.5% with a minimum €3,000 |
| Management Fee | 1.50% |
| Fund Strategy | Residential, office, retail, hospitality,Location: Portugal (minimum 60%) |
| Target Return | 6% IRR(this is not a guaranteed return)* |
| Fund Registry Number | 1695 |
Fact Sheet/
| Designation | Description |
|---|---|
| Fund Name | RECAP FUNDFundo de Capital de Risco |
| Fund Type | Fundo de Capital de RiscoClosed-End Private Equity Fund Regulated by CMVM |
| Fund Manager | Insula Capital, SGOIC |
| Executive Board Members | Skybound and RE Capital |
| Custodian Bank | Bison Bank |
| Auditor | PKF, Portugal |
| Legal &Tax | PBBR |
| Subscription Period | 24 months |
| Fund Term | 8 years(including subscription period) |
| Target Fund Size | €100 million |
| Minimum Participation | €100,000(corresponding to 100 units) |
| Golden Visa Requirement | €350,000Until 31 December 2021€500,000From 1 January 2022 onwards |
| Target Class A shares size | € 10,000,000 |
| Target Class B shares size | € 89,900,000 |
| Target Class C shares size | €100,000(To Be Owned by RE Capital) |
| Dividend Policy | Class A:1) Preferred dividend of 3.5%, to be paid on a quarterly basis (or capitalised in case there is no sufficient cash-flow)Class B:1) Capitalized Annual return of 3.0% to class B holders, after the payment of the Preferred distributable Class A dividend of 3,5%; |
| Distribution Policy at Maturity | 1) Class A:Principal paid back at maturity2) Class B:Remaining Profits of the Fund3) Class C:18% profit participation provided that participants of category A get their preferred annual dividend of 3,5% plus their principal back and the participants of category B achieve a minimum 3% IRR4) Insula Capital:2% profit participation provided that participants of category A get their preferred annual dividend of 3,5% plus their principal back and the participants of category B achieve a minimum 3% IRR" |
| Subscription Fee | 1.5% with a minimum €3,000 |
| Management Fee | 1.50% |
| Fund Strategy | Residential, office, retail, hospitality,Location: Portugal (minimum 60%) |
| Target Return | 6% IRR(this is not a guaranteed return)* |
| Fund Registry Number | 1695 |
