Portugal GV Fund Comparison?

Having looked at the list of Portugal GV investment funds, has anyone assembled a comparison table? I’ve been learning about some of their fee structures, etc and was hoping someone had already done this homework. If not I can try and publish something based on the documentation I’ve received.


One of the advantages of funds over real estate is having less fees… but that doesn’t mean there are no fees! I don’t like surprises so I’m trying to be diligent here.

I’ve started a comparison table. Boxes in red need more info. Would appreciate if anyone can help me fill this out! :pray:


For the BlueCrow fund, have you checked if the €5,000 audit “fee” is per investor or for the fund overall? I always assumed the latter (making it rather insignificant on a per investor basis)

Good question! I assumed it was per investor since they included it in their pricing slide?

For the BlueCrow fund, have you checked if the €5,000 audit “fee” is per investor or for the fund overall? I always assumed the latter (making it rather insignificant on a per investor basis)

Hi Faizal!

I was just making a to do list of comparisons I wanted to do including the funds you included in your spreadsheet - great timing. If I can locate any of the missing information as I review the fund options noted, I will certainly share!


These are usually fund’s fees, to be paid by the fund, irrespective of the number of investors

@faizal If you’re looking for a lawyer who has spent some time digging into the various fund options, you may want to talk to @guifig.

I met him in Lisbon recently and he came across as very reliable and professional. I believe he offers a personal analysis of the various investment options as a service (correct me if I’m wrong @guifig). He’s also an expert on other topics such as personal tax planning, which you may find interesting.


Thank you Thomas - yes, that is correct.


Wonderful. I’ve DM’d @guifig. I heard back from BlueCrow and the audit fee is for the fund overall so roughly 0.05% per investor. While this is good news, honest misunderstandings like this are what scare me most.

In other news, I’ve just added the NEST Capital Fund to the spreadsheet .


You list is very similar to mine and the numbers are the same. I did have 2 funds by Lince Capital.

I just started the investing process. Dunas Capital seemed like the best investment, but housing made me nervous. It is taking longer than expected due to getting documentation like birth certificates that need to be apostilled. Depending on the state, this can take a while.

I have a similar list for attorneys.


Yah I spoke with Dunas Capital this morning. I have the same residential real estate concerns but am hopeful for the long term. Are you open to sharing your list of attorneys?

Thoughts on diversifying by investing in multiple funds?

DM me your email. I am not sure how to share a file without giving you access to my entire google drive.

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I am just starting to investigate these funds as well and will add any additional information I find.

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Hi guys. @faizal I think we cannot split moneys across funds. Btw thanks for giving me the write privileges. Will add a few funds tomorrow to the sheet. Have also looked at Nest and a couple of others including PT inno.


I would also be interested in a lawyer comparison table. I’m at that phase of the process at the moment, and would be happy to add what I find out.

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@faizal Can you please upload the lawyer file. One thing that I did not expect was the need local tax representative. This can be any Portuguese Citizen. This person is responsible for you taxes if you do not pay them. My quotes have been all over the place but I am expecting 500 Euros per person per year.

As for splitting funds, most have a 350K Euro minimum for that exact reason.

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Hi everyone! My family is at the stage of choosing the fund to invest, thank you so much for sharing the comparison table. That’s a great help! We’ve heard about a fund called JWP GOLDEN FUND, FCR and checked that it is also listed on CMVM website. Has anybody come across this fund? Any comment on this fund? :pray:

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Can someone Make a total of all the expenses for each fund and sum it up for the 5/7 year period? I would have done it but some of these charges aren’t clear. Thanks.

Thanks Faizal. This is helpful. I am also researching the same funds and have some more info to add and possibly schedule calls with the contacts Thomas provided. BlueCrow contact provided intros to few lawyers and that is helpful.
I had a few questions and if I learn more can exchange notes:

  1. Capital growth and Capital protection of the initial 350K. Nest is the only one which actually talks about the capital risk
  2. Unlikely, but if anyone offer protection if the GV is rejected for any reason
  3. Annual cashflow for expenses and dividends
  • Anand

Had a zoom call with Bluecrow today and here are additional findings. Faizal, if you give me write access to your spreadsheet, I will update it

  • Fund was initiated by a family who owned real estate, opened it up for GV investors in 2019 mid
  • All of their industrial and commercial properties are rented and now they have agri investments
  • They receive a yield of 6.4% and after taking the 1% management fee and .2% other fees (bank/supervisory, etc), they expect to offer an annual dividend of 5.2%. They guarantee a yield of 5% annually
  • Maturity of the fund is 12 years with an exit option at end of 6 years for GV investors
  • Expect the capital growth to be 7% annually and on this capital growth 10% if kept back at exit for performance
  • PWC is their auditor