Scott Kirk speaks with Sophia Forte of Pharmaforte about Portugal’s Golden Visa program and the First Pharma Fund. The conversation starts with why Portugal’s Golden Visa remains attractive compared to other countries, focusing on low stay requirements, EU mobility, and the flexibility of fund-based investment. Sophia addresses ongoing discussions about potentially extending the citizenship timeline from five to ten years, explaining that the Golden Visa is fundamentally a residency program and that the industry would adapt if changes occur.
The discussion then turns to the First Pharma Fund itself. Sophia explains that it is the first Golden Visa–eligible fund focused exclusively on pharmacies and healthcare, leveraging Pharmaforte’s decades of experience in the Portuguese pharmacy sector. She outlines how pharmacies in Portugal are tightly regulated, scarce, and intentionally protected from monopolies, which creates stable, defensible value. The fund’s strategy involves acquiring existing pharmacies, improving operations, efficiency, marketing, or location, and ultimately increasing license value before exiting. They cover investment minimums, expected returns, fund timing, liquidity constraints of a closed-end structure, and why the fund deliberately avoids omnibus accounts. The interview closes with Sophia emphasizing the essential nature of healthcare, the aging population, and why pharmacies represent a long-term, resilient investment.
Timestamps for important sections
00:00:00 – Introduction of Sophia Forte and the First Pharma Fund
00:00:22 – Why Portugal’s Golden Visa is attractive compared to other countries
00:02:15 – Discussion of possible change from five to ten years for citizenship
00:04:35 – Biometrics delays with IMA and recent improvements
00:06:38 – Introduction to the First Pharma Fund and healthcare focus
00:07:08 – Why pharmacies and Pharmaforte’s long experience in the sector
00:08:12 – Portuguese pharmacy regulation and scarcity of licenses
00:09:26 – Market size, tourism impact, and family-owned pharmacies
00:10:07 – How the fund improves pharmacies to increase license value
00:11:25 – Track record and prior pharmacy ownership experience
00:12:47 – Minimum investment amount and portfolio diversification
00:13:18 – Expected returns, 52 percent ROI, and hurdle rate explanation
00:14:39 – Fund timeline, current fundraising phase, and pipeline pharmacies
00:16:13 – Decision not to use omnibus accounts and risk rationale
00:17:42 – Liquidity, exit options, and closed-end fund structure
00:18:48 – Closing remarks on healthcare demand, aging population, and value creation
00:21:08 – Final wrap-up and contact information
ChatGPT can mak
Информация по комментариям в разработке