Portugal GV Fund Comparison?

Thank for clarifying. For your interest, from the NavigatorII brochure: “Term 7 years + 2 years with an investment period of 5 years – Fund ends in April 2028”

Thanks for clarifying. I missed that.

Hello everyone, i am starting this now (probably quite late) and found this thread very useful. i have started some interviews with some of the funds to finalise 2-3 that will go with. I am happy to contribute to the spreadsheet with the missing info…

Cheers

Hi Susan, could you please pm me for more info?
Thanks

Hi Johnson, Are you planning to go with a single fund ? I am asking this because iberis minimum investment required is quite high…

-Divyesh

Divyesh, yes I’m planning to go with one fund only. Risk may be higher, but it will be simpler to manage it - unfortunately I don’t have the time to manage/follow multiple options.

Just dropping this here for people to draw their own conclusions (use google translate):

Thanks for sharing. This is very important news for Iberis and C2 investors and prospective investors like me. Google translate is not perfect but as far as I understand these companies are (allegedly) used for some kind of fraud and their offices are searched by officials.

So this is interesting. When I was doing DD, I found some articles about some “issues” with the Benefica board that lead to them all resigning and one of the partners of C2 was on that board. It was slightly concerning, but there wasn’t any documented wrongdoing. These were two of the three funds I was looking at investing. Fingers crossed this isn’t a bigger issues with more of the investment firms. . . .

The above is alleged and hopefully nothing is wrong. But I will not be committing €350K for almost a decade, for the sake of good night’s sleep.
Furthermore CVMV is now investigating the two firms, and perhaps they may come through without any wrong doing - however it is in the next few years, during the course of investigation, that the firm may suffer any restraint or fines, then my investments would get affected.

ah, the risks of investing in a foreign not-well-developed country :frowning:

Or: why not to put your eggs all into one basket. Though it’s hardly a guarantee.

Fraud (alleged or otherwise) only happens in other less developed places? You’ve never heard of Carillion? Or Enron? (Plus numerous others we never hear about or remember )

It happens everywhere and good for the authorities for investigating and seeking prosecution.

It’s a bigger deal when you are required to put your 350K into one or two of a short list of “approved” funds and then one of them has an issue.

The article does sound more like tax evasion though, so hopefully it isn’t something that ends up affecting anyone’s GV investment.

It does happen everywhere, sure. But.

Because it’s a foreign country, the outside investor is simply not going to be as familiar with what is going on there. So you don’t know what to look for, who the players are, etc. DD is harder when you are attempting to read through what news you can get through Google Translate. For all we know, the average Portuguese already has an eyebrow lifted when they hear “Iberis”.

The systems of governance and oversight aren’t going to be as well developed. Heck, the whole FCR VC construct being used is only a few years old, and none of these money managers have been around that long either. The capital market regulator itself, CMVM, only dates to 1991. You can borrow the rulebook from a developed country, but it takes a while to implement it and have it soak into everyone’s bones that We Mean It.

And there’s simply less of a pool of investments to spread your capital out across - both because of the ARI situational rules and because the country’s not that big; your EUR350k vs the entire nation’s market valuation is a fair bit bigger percentage than against the US/Germany/UK. So the likelihood of any given instance of fraud affecting you is quite a bit higher than the average US/UK/DE investor investing in passive index funds.

It’s certainly better than other places I’ve put money, though. They’re trying.

I have spent some time with the Iberis General Partner discussing this episode in a lot of depth and have walked away assured enough (not without some apprehension still) that I will likely invest with them. If you have concerns, please do spend the time digging a little deeper. There is a lot of intricacy on what is going on in Portugal with this episode. And of course some of the other funds are jumping on this to create more FUD as well. :slight_smile:

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For all those that have asked about the IMGA fund. Just an update. We received our SEF approval today. Took about 7 weeks from the time it was submitted. So, for those looking for an open end fund, it is one to consider.

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I greatly appreciate the update. I’ve been looking into purchasing real estate at the €350K level but you have me reconsidering. That’s a fast approval.

Dhaval, could you point me to the source that states that the CMVM is investigating the firms? I was unable to find via a Google search. Thanks.

I have spoken with 4 VC/PE funds and medcapital seems the most attractive option. The Fund manager has track record and the operating partners have a deep knowledge about the market with experience in acquiring hospitals. I have been in Portugal a lot of times and luz saude is a huge hospital group there.

I just had a call with them today about this recent episode and as far I understood there were investigated over 50 companies, such as accounting, banks etc and C2 hasn’t been appointed as suspect or indicated for any responsibility in the process, so I decided to go through with my investment with them. I suggest you speak with them if you have any concerns.

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Hi Joseph, is there a specific IMGA fund you went with ? Would request if you can share the name ?