Discuss with your lawyer and adjust to your comfort. These things are written very generally, and different clients will want different services from their lawyers; some people want the lawyer to just take care of everything, some only want them to be able to do X and Y. Mine started as having all the stuff required to handle real estate transactions; I asked them to X it out because I had no intent to buy real estate, and they did without any issue. If the lawyer balks, they clearly don’t want to obey client instructions, get another one.
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Sorry this was a question about MedCap! The topic wasn’t quoted properly
I want to thank all people who have contributed to this thread as a monumentally beneficial resource to helping me make decisions. I have begun the process with a Lisbon attorney firm and am in the process of subscribing to Iberis Capital Greytech II fund. Thank you again everybody and best of luck!
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Thanks for sharing. Greytech II is in my shortlist too. Can you tell us why you have chosen it? Do you know how much capital they have raised until now?
Not the OP, but I also wanted to thank the group on the thread for all the information and perspectives. I also chose Greytech II—it checked enough boxes—and my takeaway from this thread was that there wasn’t going to be a clear right answer and that for me, making a decision quickly to the get GV process started was also worth something.
Things that I cared about were: non real estate exposure, a good enough capital preservation story where it wouldn’t be eaten up by fees, enough prior experience, and social validation (I didn’t confirm, but they mentioned a relatively large number of US-based GV investors in the short number of months since the fund started.) It also helped that they were very responsive; this one happened to be the main factor in deciding on the lawyer.
Hi AlamoMustang
can you please share your lawyer comparison table with the community pls
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It is a year and a half since I ran the numbers so they would not be accurate. The only thing I can say is be careful for the tax representation fee. It varies wildly. This is required by the Portuguese government. It can be any citizen. I had attorneys offer to charge me $100 per person per year to $1000 per person per year. That means over the 5 year period it ranges from $1000 to $10000. All values are in Euros, not USD.
I’m paying 60€/yr for tax representation, which included the initial application for the NIF, through an online service that I’ve mentioned in prior posts. It’s working perfectly fine for me. They promptly forward scanned copies of all correspondence from the government.
To give equal voice to other perspectives, someone else raised a concern that the service wasn’t transparent enough about its ownership structure. If that’s a worry, there are other alternatives catering to individual preferences. That said, my NIF form shows exactly who my individual tax representative is, and the service is meeting my needs, so I’m happy.
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Please check minimum ticket sizes for both. Iberis has EUR250k, and GreyTech II is around EUR150k. So you will need EUR400k to make the investment.
Iberis Greytech II has the highest minimum of the funds I’ve looked at: 250K. Maybe you are thinking of C2 MedCap with a minimum of 150K?
Many of the funds have a minimum 350k. If you want to split your options are rather limited.
I’ve actually found quite the opposite @jb4422. Some have as low as 50k minimums but be sure to check the fine print closely.
There are several options that don’t require the full 350k, agreed. I’d call it… 50%? With a bias towards the ones aimed purely at GV. I did have to cross several off my list because of it tho so I guess that was my perspective.
I wondered if you heard from anyone about SIG? I had a call with Miguel from Grosvenor the other day and he is pleasant. Not sure what to make of it? Early on in the fund so not many companies added yet. I like the idea of an ESG PE/VC but seems risky.
Thanks,
Curtis
On a separate note, did anyone else have this blog send out automatic interest emails to a bunch of funds. Happened to me last week and boy was it annoying to have 15 funds reach back. @tkrunning FYI as well.
Hi Nish, thanks for flagging this.
We had someone submit several seemingly random emails in our forms in the recent past, so this sounds like more of the same. I’m working on adding a double opt-in to the various forms to avoid this.
Why anyone would do this is beyond me. Last time around it seemed the responsible person had collected emails from a GV related group on groups.io. Have you participated there by any chance?
If you are looking for an investment option that is low cost, low risk, low maintenance, I have got an option for you.
It’s a brand new investment fund, so it is not on the list of funds here. It’s a unleverage real estate fund investing on rehabilitation projects and commercial rental properties.
- 100% capital guaranteed fund
- 3% guaranteed annual income, from day 1, paid annually.
- 3% income is tax exempted for non tax resident.
There is a 2% subscription fee and 0% management fee (management fee is already deducted before the 3% guaranteed income).
Plus, there is no IMT, stamp duty, notary fee.
If you are interested, send me a PM for more info.
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Hello Joseph,
did you get approval from SEF?
I’ve been thinking a lot and can not choose between BlueCrow and IMGA, the big risk with IMGA is that there is no approved case so far. If I find any lucky person I will go with IMGA.
Btw only from your presentation, I realized that AUM in two of these funds is the same.