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Hakan Kodal

Next Fund

Next is a Venture Capital fund mainly invested by Golden Visa investors investing in companies holding or developing high-street retail units.

Investment Sectors

Real Estate

Strategy Overview

Build a hight street retail portfolio with low credit risk tenants, aiming to provide above market returns to the investors.

Minimum Ticket Size


First Close Passed


Set Up Fee

1.23% added

Management Fee


Dependent on total amount raised and is estimated to reach 1.7%

Performance Fee


50% of the capital gain. All distributions are exempt of any performance fee.

Target Annual Returns


Estimated 3% after paying all expenses.

Target Returns Upon Exit


Estimated 7% IRR

Subscription Deadline

December 2022

Target Fundraise


Month Established

December 2020

Fund Duration

8 years

US-investors (PFIC)


NEXT aims to benefit from the arbitrage potential of the prime high street retail: targets stores with low credit risk tenants, and high capital gain potential as the locations are very prime, paying dividends by rental or financing income. When evaluating the data, high street retail in Lisbon presents a big opportunity. Lisbon rents in this segment are at 1/3 when compared to the average level in Europe. The strategy is to build an attractive portfolio at above market rates, that will be maturated during the life of the fund and then sold to an institutional investor like a Pension Fund.