InVino
Investment Sector
Agriculture
Investment Profile
High growth potential eco & wine hospitality & agroforestry companies
Minimum Investment
€200,000
Subscription Deadline
July 2025
Fund Lifetime
8 years
Open to US Citizens
Yes
Fund Manager
Stag Fund Management
CMVM License Number
1834
Q&A
Each fund manager or fund advisor has been invited to answer a series of questions about their own funds as well as the market in general.
We sat down with Marcos Barcellos to find out more about InVino Fund.
The InVino Fund is backed by a strong and experienced team from both the fund manager (Stag Fund Management) and the fund advisor (InVino Capital).
Stag Fund Management, a renowned Portuguese fund manager and currently has 11 private equity funds under management. Stag’s partners and team have a strong background in investment banking and financial advisory. They have successfully raised over €230M from investors spanning more than 53 nationalities, a testament to their global reach and credibility. Their expertise and success in the field are recognized through numerous awards, including the Global Banking & Finance Awards for Best New Private Equity Fund Manager Portugal for three consecutive years (2021, 2022, and 2023) and The Next 100 Global Awards - Private Equity Manager.
InVino Capital works as the fund advisor and is also a member of the Advisory Board of the InVino Fund. With over 30 years of experience in various fields such as Equity Research, Business Development, Real Estate, Hospitality, Finance & Corporate Governance, Institutional Relations, Strategic Planning, Operations among others, InVino founders & partners, have held positions in small ventures and large companies in Brazil, Portugal, UK, Spain, Canada and worldwide. Their extensive experience in international business and investment strengthens the strategic direction of the InVino Fund.
Together, the two groups bring great knowledge and experience to the planning and execution of the InVino Fund investment thesis of investing with purposes.
Why did you decide to create the InVino Fund?
The fund was created to capitalise on the growth potential in these sectors. Investing with purpose in eco and wine tourism with an ESG (Environmental, Social & Governance) approach combines sustainable development with potentially high returns. We can also highlight the main points for our decision as follows:
Promising market: Portugal's eco & wine tourism sector has significant room for appreciation. The country's unique nature has begun attracting a growing number of tourists, adding another dimension to its appeal.
Sustainable development: Portugal is recognized as a leader in sustainability, making it an attractive destination for investors who prioritise ESG principles. By investing in the InVino Fund, you are supporting initiatives that prioritise sustainable practices, job creation and preservation of nature and local heritage. It's an opportunity to contribute to a greener future while generating returns.
Investing with purpose: Aligning eco & wine tourism with the best ESG practices is one of the pillars of the InVino Fund, and therefore a mandatory criterion when choosing where to invest and how to operate.
Has the management/advisory team invested in the InVino Fund? Please explain that decision.
Yes, InVino Capital (fund advisor) is also the Class C investor of the InVino Fund. Other responsibilities include promoting the fund and especially developing its pipeline of projects. As fund advisors and investors, the InVino Capital team has its incentive depending on the fund final results in 2031, as detailed in the “Incentive structure” of the InVino Fund Brochure.
Request a detailed presentation about the fund
· Min investment:
€200,000
· Lifetime:
8 years
· US Citizens:
Yes
· Subscription deadline:
July 2025
The InVino Fund focuses on investing in high growth-potential brownfield & greenfield development sites as well as wine & tourism businesses that are already operational. For investors who are unfamiliar with the technical aspects of this industry, can you please explain what this means and why you believe this particular sector is a good investment target?
The InVino Fund invests in brownfield and greenfield development assets, meaning that it invests in companies or projects that are either being developed from scratch (greenfield) or are being upgraded or refurbished (brownfield). It also invests in operational wine and tourism businesses, in other words, hotels already under operations. This sector is considered a great investment target due to its growth potential especially in Portugal ESG-related business, resulting in high returns (e.g., IRR and equity multiple).
How would you describe the InVino Fund’s risk profile; Conservative, Moderate, or Ambitious?
Comparing to other private equity funds (R&D, start-ups, retailer, etc), InVino Fund can be considered a more conservative approach, keeping in mind that we are dealing with tangible assets and operations within the most prominent sectors in Portugal, such as: hospitality, wine and agroforestry.
The Golden Visa rules state that a qualifying investment must be held for just five years but the InVino Fund lifetime runs for longer. Could you please explain your fund lifetime including the launch date and subscription period?
The launch date is July 21st, 2023, the subscription period ends by July 2025.
On average, how long does it take to onboard a Golden Visa investor into the InVino Fund and what are the main obstacles in the onboarding process?
The onboarding process for a Golden Visa investor into the InVino Fund varies based on their starting point. For investors who already have a legal advisor and a bank account in Portugal, the onboarding process is generally faster, taking approximately 2 weeks. Having an established bank account streamlines the process significantly. On the other hand, for investors starting from scratch, i.e., without a legal advisor and/or a bank account in Portugal, the process typically takes between 4 to 6 weeks. The duration is influenced by the service level of the bank and the legal advisor, and also the investor's dedication in completing forms and providing necessary documents.
The InVino Fund positions their investments as ESG related. How are you planning to fulfill that part of your investment strategy?
The InVino Fund takes a comprehensive approach to ESG (Environmental, Social & Governance) practices, integrating them into every aspect of their investment strategy. This commitment is reflected in investing in sustainable development in the eco & wine tourism sectors and its engagement with investors through the InVino Fund Investors Club.
Environmental: the InVino Fund is deeply committed to environmental sustainability. It invests in projects that promote eco-tourism and sustainable viticulture, contributing to the preservation of biodiversity and the reduction of the carbon footprint. The fund encourages investors to participate in environmental initiatives, such as planting vines and cork trees, which not only offset carbon emissions but also contribute to the overall health and longevity of Portugal's unique ecosystems.
Social: the fund places a high emphasis on social responsibility. Investments are designed to support local communities by creating jobs and stimulating local economic growth. Social activities, promoted by the InVino Fund Investors Club, allow investors to engage directly with these communities, fostering a sense of connection and mutual benefit.
Governance: corporate governance is a core for the InVino Fund's operations. The fund adheres to strict standards of transparency and accountability, ensuring that investments are managed responsibly and ethically. Investors are invited to participate in the InVino Fund annual general meeting, providing an opportunity for open dialogue and collaboration.
In addition, each invested project has its own ESG certification strategies, demonstrating its commitment to upholding international standards of sustainability. Your investment in the InVino Fund makes a tangible difference, supporting sustainable development and community growth while offering unique experiences through the InVino Fund Investors Club. It's an opportunity to align your financial goals with your values, making a positive impact while potentially growing your wealth.
What distinguishes the InVino Fund from other Golden Visa-eligible funds operating in the market?
Here are some key considerations supporting the decision to invest in the InVino Fund:
- Thesis: the first eco & wine tourism fund investing in sustainable next-generation opportunities in the hospitality sector in Portugal. The concept is to transform working farms and heritage sites (e.g., vineyards, olive groves, cork forest, manor houses) into sustainable resorts, offering a full eco & wine-based experience, fully aligned with the government's development strategy (e.g., Tourism 2027 and PT2030) and therefore eligible for the E.U. funds;
- Promising market: Portugal's eco & wine tourism sector has significant room for appreciation. The country's unique nature has begun attracting a growing number of tourists, adding another dimension to its appeal.
- Investing with purpose: Portugal is recognized as a leader in sustainability, making it an attractive destination for investors who prioritise ESG principles. By investing in the InVino Fund, you are supporting initiatives that prioritise sustainable practices, job creation and preservation of nature and local heritage. It's an opportunity to contribute to a greener future while generating returns.
- Target returns above the average market (in euros): Class A (Golden Visa investor) is the preferred class and has an expected IRR of 7% (Euribor + 3% p.a.);
- InVino Fund Investors Club: access to some exclusive benefits associated with the invested projects, including premium hotel accommodation and wines, as well as engaging in ESG activities such as social initiatives, wine & agroforestry certifications, annual general meeting, among others.
Get in touch with
InVino
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· Min investment:
€200,000
· Lifetime:
8 years
· US Citizens:
Yes
· Subscription deadline:
July 2025
Can you explain in more detail the InVino Fund Investors Club?
In addition to attractive expected returns, the fund investors will participate in the InVino Fund Investors Club, an exclusive club where the members will live unique experiences in connection with the eco & wine tourism in Portugal. With the minimum investment of €200,000 (e.g., Class A), you unlock a group of benefits tailored to your experience. Depending on your investment category, these perks range from receiving cases of premium wine to complimentary nights at resorts and personalised wine barrels. But that's not all! As a member, you'll have exclusive access to wine-related experiences such as tastings, blending sessions, and vineyard tours. You'll also be invited to engage in ESG activities and attend the annual general meeting in person. The concept is to provide investors with comparable eco & wine experiences at the invested hotels, offering a tangible connection to their investment.
Many of those considering the Golden Visa have several funds to choose from. What advice can you offer to help investors make the right decision for them?
Investing in a fund for the Golden Visa program is a significant decision, and it's important to take a strategic, well-informed approach. Here are some key considerations:
Investment Strategy: Understand the fund's investment strategy. Are they focused on sectors that align with your interests and values? For instance, the InVino Fund emphasises sustainable development in the eco & wine tourism sectors.
Macroeconomics Align: it's crucial to focus on the alignment of private equity with macroeconomic trends, taking into account Portugal specific advantages. This strategic approach ensures a more comprehensive understanding of potential risks and opportunities, enhancing the resilience and success of your investment portfolio. InVino Fund, for example, is all about investing in the Portuguese competitive advantages (wine, agriculture, sustainability, hospitality) and also aligned with the market trends of its sector (e.g., sustainable tourism and eco & wine experiences).
Track Record and Management Team: Look for a fund with a strong track record and an experienced management team. These factors often correlate with a fund's ability to generate returns.
Target Returns and Risks: Evaluate the fund's target returns and weigh them against potential risks.
Additional Benefits: Consider any additional benefits offered by the fund. The InVino Fund Investors Club, for example, provides unique experiences and engagement in ESG activities.
Professional Advice: Seek professional advice. Immigration advisors and lawyers can provide valuable insights specific to you and your family.
For people who are unfamiliar with investing in funds and may even be nervous about learning, what advice would you like to give them?
Our best advice is seek professional guidance. Talk to a financial or legal advisor who can also support you also with the immigration perspective.
Considering the recent Golden Visa rule changes in October 2023, what advice would you give to investors who are currently looking into the program?
The recent changes to the Golden Visa program underscore the importance of staying informed and seeking professional advice.
Consult with immigration experts or legal advisors to fully comprehend the new requirements and eligibility criteria.Ensure that your investment aligns with your long-term goals. The Golden Visa program offers benefits such as European residency and potential citizenship, so consider how these align with your personal and financial objectives.
What is your outlook for Portugal from both an investment and lifestyle perspective over the coming years?
From an investment perspective, Portugal presents a promising landscape. With opportunities in sectors like tourism, hospitality, real estate, and services, coupled with its commitment to sustainability, it offers a stable and secure environment for investors.
From a lifestyle perspective, Portugal continues to shine as a desirable destination. Known for its high quality of life, comparable low-cost of living, safety, and natural beauty, it offers a unique blend of cultural richness and modern conveniences.
Sounds good! I'd like to get in touch now!
· Min investment:
€200,000
· Lifetime:
8 years
· US Citizens:
Yes
· Subscription deadline:
