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A fully regulated investment solution for Portugal's Golden Visa program.
Target IRR 12%
Annual preferred distribution of 3% per annum, with class-based distribution mechanics and a defined 7-year structure.
Fund Overview
FUND
CMVM
Officially approved, registered, and regulated by the Portuguese Securities Market Commission (CMVM).
| Fund Name | Theron Europe Prosperity Fund |
|---|---|
| Fund Manager | THERON CAPITAL ASSET MANAGEMENT, SCR, SA |
| Fund Investors | Investors may flexibly choose between Class A and Class B Fund Units according to their requirements |
| Target Fund Size | EUR 30 million |
| Minimum Investment | EUR 500,000 |
| Issue Fee | EUR 50,000 |
| Fund Term | 7 years (extendable) |
| Management Fee | 2% per annum |
| Annual Distribution | 3% per annum, subject to the Fund's Management Regulations |
| Fund Auditor | Deloitte |
| Custodian Bank | Bison Bank |
Target Investor Returns
A 3% preferred distribution begins from January 1, 2027, with the first payment scheduled for January 2028
After investors receive the 3% base return per annum, the first 2% per annum of the excess return is allocated to the Fund Manager
Class A Share
Class A investors receive 40% of the excess return and may exercise in Year 1 or Year 4, requiring Theron Capital Group to exchange their fund units for pre-agreed assets upon the Fund's termination
Class B Share
Class B investors receive 80% of the excess return, but are not entitled to any put option, and their distribution rights are subordinated to those of Class A investors
Our Investment Strategy
Theron Europe Prosperity Fund adopts a diversified investment strategy, selects core Portuguese assets, balances regulatory security with wealth growth, and supports investors in achieving both residency planning and capital appreciation.
Prudent and Secure Investment Strategy
Diversification Across Asset Classes and Geographies
Primary capital allocation includes:
- ⊙High-quality local Portuguese corporate bonds (including sustainable bonds and private bonds)
- ⊙Private equity investments (U.S. technology and innovation equities, ETFs)
- ⊙Bank subordinated bonds (Tier 2 Capital Bonds) as a stable-income complement
- ⊙Preferred shares of major insurance companies to enhance return and credit diversification
- ⊙Portuguese 10-year government bonds
- ⊙Digital assets
Market Opportunities
Portugal 10-Year Government Bonds: A High-Rating Yield Anchor in the Eurozone
- Stable Yield: As of September 2025, Bloomberg data shows that Portugal's 10-year government bond yield reached 3.1%. The spread versus German bonds of the same maturity remained around 120 basis points, demonstrating a dual advantage of high rating and yield premium within the euro area.
- Controllable Risk: As a eurozone member, Portugal's sovereign credit profile has continued to improve, with the fiscal deficit ratio stable at 2.1% of GDP ("2024 EU Fiscal Conditions Report"). Bond liquidity has remained ample with support from ECB quantitative easing tools.
- Allocation Value: During global rate-cycle divergence, this serves as a core anchor for low-volatility portfolios, while providing risk hedging alongside private equity and digital assets.
Private Equity Investment: Structural Opportunities in a Cyclical Recovery
- Market Rebound: In 2024, European private equity deal value increased by 23% to EUR 342 billion, and 46% of institutional investors planned to increase allocation in 2025 ("2024 European Private Equity Market Report").
- Strategy Effectiveness: Bain data shows that 2024 European private equity exit value increased by 34%, with median fund IRR reaching 18.7%, significantly outperforming public market indices.
- Local Advantage: As a core economy in Southern Europe's recovery, Portugal's private equity activity in clean energy and information technology rose 19% year over year, becoming a key node for capturing regional growth.
Digital Assets: A New Asset Class in the Institutionalization Wave
- Institutional Adoption Accelerates: As of August 2025, 59% of institutional investors had included Bitcoin in portfolios, spot ETF cumulative inflows reached USD 132.5 billion, and over 180 companies including Tesla and MicroStrategy held it as a strategic reserve asset.
- Regulatory Clarity: Information released by Banco de Portugal in 2025 indicates that Portugal has implemented clear crypto-asset regulation under MiCAR. Institutions such as Bison Bank have been granted virtual asset service licenses, providing infrastructure support for compliant investment.
Fund Allocation
12% Target IRR
Portugal Focus
Allocated to high-quality Portuguese corporate bonds and private equity investments, including premium equity stakes in technology and innovation firms and ETFs.
Global Reach
Globally selected stable financial products, providing fixed-income debt assets and digital assets.
Portfolio Deep Dive
LGT (the private banking group of the Liechtenstein Royal Family) manages CHF 359.6 Billion in assets • In 1998, the Royal Family committed CHF 1 billion of its own capital to launch the Princely Strategy • Around 22% is allocated to private markets (PE and Real Assets), with current strategy AUM at CHF 19 Billion • 5-year Sharpe Ratio is 0.7 (vs peer average 0.45), indicating stronger risk-adjusted returns
Portugal Golden Residence Visa - Application Conditions
- Main Applicant: At least 18 years old.
- Main Applicant: Non-EU national.
- Main Applicant: Holder of the subscribed fund units (minimum investment amount: €500,000).
- Main Applicant: Private health insurance in line with filing-jurisdiction requirements.
- Main Applicant: Clean criminal record.
- Dependent Applicant: Lawful spouse of the main applicant.
- Dependent Applicant: Unmarried children under 18.
- Dependent Applicant: Unmarried children aged 18-25 who are full-time students and financially dependent.
- Dependent Applicant: Parents of the main applicant and/or spouse.
* Dependents may file together with the main applicant or file subsequently after the main applicant's approval, subject to AIMA's latest requirements.
How This Fund Meets the Program Requirements
- The minimum subscription amount is €500,000, aligned with the Golden Residence Visa fund route threshold.
- The fund term is 7 years (extendable), covering the program's investment-duration requirement.
- 60% of the fund allocation is directed to Portugal-related assets, consistent with the local-investment orientation of the visa fund route.
- The fund is initiated and managed by THERON CAPITAL ASSET MANAGEMENT, SCR, SA.
- The fund is registered with and regulated by the Portuguese Securities Market Commission (CMVM), Fund ID: 2309.
- The application journey is structured under AIMA (formerly SEF), including application, pre-approval, biometrics, renewals in Year 2/4, and permanent residency pathway in Year 6.
Fund Structure
Fund Legal Advisor / Fund Custodian Bank / Fund Auditor
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