There must be some misunderstanding here. From the management regulations Article 3 item 6, sent to me last week:
the minimum subscription amount of participation units per unit holder of class B participation units is of Euro 100,000.00 (one hundred thousand euros)
I think class B shares are only for the fund managers. We are eligible for class A shares only
If youāre looking to splitting the investment, I know Greytech II minimum amount for GV investors is ā¬250k. When we were considering investing into more than one fund, we were also considering Blackbull. They have a minimum of ā¬50k. (But in the end, we just went with one.)
nope. thereās 2 class A shares and 1000 class B shares.
Subscriptions of class A participation units are reserved for Kigeni Holdings Limited or its affiliates pursuant to the provision of article 21.Āŗ of the Portuguese Securities Code;
Iām looking at a three way split at this point. I donāt know why a 2 way would be different than a 3, and that gives a nice level of diversity.
Totally agree on the setup fee of 7.5% charged by Iberis. Most other funds charge anywhere from 1-5% as setup fee. Assuming a mean of 3.75% as setup fee for comparison, that would be 3.75% of Euro350K = Euro13,125 that one would be paying to Iberis up front. I think one can do better by retaining oneās own laywer, rather than choose Iberis stating they will āthrow inā free legal fees in their 7.5% setup fees.
Yes, if it includes SEF fees, it would be well worth it. But I am dead certain that PT government is like any other government. They will want their fees āover and aboveā and will not partake in any bundling offers with Iberis or anyone else.
Have we updated ā° in the Google sheet for all funds where applicable?
Has anyone talked to Joao at C2 regarding the MedCapital fund lately? I had emailed them saying I wanted to move forward and theyāve gone pretty much silent. Given the silence, Iām a little afraid of giving them any money.
Lately? No. Joao didnāt chase after me when I missed a meeting a couple weeks ago though.
FWIW, I just received an email from CGA regarding the CGA FCR fund. It states that due to interest received and onboarding since launch in February, they expect to fully subscribe the 30mm and have thus lowered the management from 2.23% to 1.75%.
I reached out to Joao about two weeks ago to get a few additional questions answered and didnāt hear back for about a week. I did receive a reply from Jorge the other day and and in the process of trying to schedule a follow-up call with them for next week. Not sure what is happening on their end but was getting a little concerned as well MedCap is one of the ones on my shortlist. Will update here as soon as I speak with them.
@NicM I think theyāre off my list now. Theyāve not replied to anything in almost a week. Donāt want to be high maintenance, but to ignore that I wanted to invest in the fund is kind of a red flag. I wonder if the same lax sales was due to Blackbullās demise. Bummer because although not as diversified as some other funds, it looked like a good
Hey
I am also considering Greytech II and Portugal Gateway. Perhaps split my money between the two to diversify. I am still doing my research and have already spoken to their managers.
Greytech II has good numbers 8% hurdle rate + 0.75 management fee - but I am not very clear on their co-investment model; how much capital they have raised so far; and Iberis only started in 2017. Also Iberis is putting only 1 million of capital in the 40-60 million fund (very little skin in the game). And the fund is in high risk category.
Portugal Gateway is between Portugal Ventures and Kigeni and each will invest 10million in 50 million fund (i.e. 40% of the fund). Also Portugal Ventures is backed by Portuguese government in support innovation. It has a hurdle rate of 5% and 2% management fee.
Would like to know your thoughts.
@dhavalnmodi I had narrowed down my list to MedCap and Greytech II. Leaning towards one rather than the other currently.
As for Greytech co-investment - they have another fund that has been up and running called Bluetech and that fund invests only in R&D of companies. So in past investments, they often co-invested with other firms. One of the reasons they decided to create Gretytech to bring the total investment in-house to cover other parts of the business functions where there was more to the company than just R&D. So the co-investment would be within Iberis via the Bluetech Fund predominantly. Depending on the size of the deal they may then bring in another firm if the deal size is bigger (than Bluetech and Greytechās investment combined) given restrictions on how much of the fund they can invest in a specific deal.
Just an update, spoke to Jorge from C2 on Mon to get an update on their fundraising and to answer some additional questions.
He said that theyāve been quite busy over the past few weeks and in the process of trying to sign two large investors (~12M Eur total), one individual and one institution both with prior experience in the healthcare space. Assuming they close them, this would bring their total raised to ~25M Eur or 50% of target. I asked about what would happen if they were not able to get to 50M and he mentioned that at 50% of target, co-investment from other institutional investors would be possible to enable them to execute on their original plan. He did however say that he felt confident in their fundraising pipeline and their ability to get to the target on their own. He also indicated that as the country opens up, the team would be doing a roadshow to speak to additional institutional and family office/ hnw investors around the country.
Overall, looks like some good progress over the past few weeks, enough to keep them in the running for nowā¦
Is Shilling Founder Fund approved for GV investors? Anyone able to speak to their Founders Fund? Reached out for info (and saw the pdf presentation earlier in this thread) but the name/fund was new to me until today. I love that they are in high growth tech start-ups.
Actually, there have been few shills in this thread. There definitely have been a few, and theyāve been nerfed. I certainly am not one, nor are mmd or reichert or nevada or wkb or julia or however many others that Iāve spoken with on thread or PM (and if you arenāt mentioned itās not out of disrespect, just memory loss). But if you want to believe we are, thatās fine. Informationās worth what youāre paying for it.
There is a lot of talk about mercan certainly. Seems more like people asking about it than promoting it, though. Iām pretty sure Thomas gets a referral fee through the links, of course, but I doubt heās running this board solely for his health.
I definitely didnāt get the impression of shills either. Certainly some folks that made the decision have communicated what direction they went in, however they seemed like sincere opinions of why the decision was made.
Hi everyone - for the folks whoāve invested in more than 1 fund (or are actively considering doing so), could you please share any learnings / tips / important things to keep in mind?
(Iām debating investing in 2 funds (rather than 1) but am unsure of the risks of doing so and the potential increase in complexity (additional paperwork etc.). The diversifications benefits are, of course, quite real!)
Thanks in advance!
We decided upon the IMGA AƧƵes Portugal fund last week. We compared several and only wanted funds that didnāt focus mainly on real estate.