As part of our due diligence process we asked the funds we were considering about the clauses in the in management agreements related to extension periods. One of the fund mangers we spoke to referred us to the CMVM regulations below. (google translated for us!) Article 38 #3 and #4 state that
3 - Participants who vote against the extension may request the redemption of participation units.
4 - The value of the participation unit, the redemption of which is requested under the provisions of the previous number, corresponds to that of the last day of the period initially foreseen for the duration of the venture capital fund, and there must be an auditor’s opinion, prepared in advance not exceeding 30 days from the date of redemption, expressly pronouncing on the valuation of the venture capital fund’s assets.