My application is submitted early March, I invested in open-ended fund IMGA, the risk in minimum since I can divest anytime if the law passed with retroactivity effect (application made after 16th Feb is not eligible). My suggestion to you is read carefully your agreement with Mercan, will they refund you the investment if your application cannot go through? If not, don’t take the risk.
You might want to check out latest news here: Portugal Golden Visa - The New Law of 2023 - #441 by tommigun