A US$20M investment in the general partner of Bay Street Hospitality, invested across four stages for the joint development of the Excellium Golden Visa platform.
Bay Street Hospitality VCC · Singapore | US$5.0M at signing · US$15.0M released against AUM conditions
Mercan Group has invested about EUR 1.2 billion across 31 hotel projects in Portugal since 2015, funded largely by Golden Visa investors, and is now described as the third largest hotel group in Portugal. After the 2023 rule change, Mercan moved to a regulated fund that holds hotel operating companies rather than the buildings themselves.
Sources: Mercan Group interview with ECO, November 2024 · IMI Daily, November 2025.
In November 2004, Affiliated Managers Group (AMG) bought a minority stake in AQR Capital Management, then a manager of about US$12 billion. AQR's founders kept majority ownership and full control of the business. AMG provided capital plus help with marketing, distribution and product development. Press reports at the time estimated the stake at about 25% for US$80M to US$100M.
| AMG and AQR · 2004 | Excellium and Bay Street · 2026 |
|---|---|
| Minority stake in a US$12B manager | Minority stake in the Bay Street GP · US$20M, paid in four stages |
| Founders kept majority ownership and ran the business | Bay Street management keeps majority ownership and continues to run the platform |
| AMG supplied capital plus marketing and distribution | Excellium supplies capital plus structuring and capital formation through its Luxembourg programmes |
| AQR grew from US$12B to about US$115B in ten years | Release conditions: US$250M, US$1B and US$2B of AUM, against US$340M signed and US$10.5B identified |
Sources: AMG announcement and SEC filing, 22 November 2004 · AMG announcement, December 2014 · baystreethospitality.com/team.
Golden Visa investors face a confusing decision: the manager, the fees, the documents, the exit and the visa rules, all at once. Introducers earn commissions by standing between the investor and the fund, often adding cost without adding clarity. The fund that explains itself best wins the investor directly and keeps the commission.
| Scale | Management fee · 2.0% per year | Performance fee · per year at 19 to 22% | GP fee pool · per year |
|---|---|---|---|
| US$250M AUM | US$5.0M | US$6.0M to 7.5M | US$11M to 12.5M |
| US$1B AUM | US$20M | US$24M to 30M | US$44M to 50M |
| US$2B AUM | US$40M | US$48M to 60M | US$88M to 100M |
| US$5B target fund | US$100M | US$120M to 150M | US$220M to 250M |
The 12% fee share is an example only; the actual percentage is agreed in the term sheet. Performance fee shown as a simplified annual accrual at target gross returns of 19 to 22%; actual carry is calculated on realized profits above the 7% minimum. Sponsor targets, not guarantees.
* Carried at US$250M where a transaction size is not yet stated · † Introduced by Australian state bodies · Further capital deployment priorities are shown by location; project level detail available on request.
| Travel and conferences | 25,000 |
| Marketing | 10,000 |
| Founder pay | 8,500 |
| Singapore operations | 6,500 |
| India investment team · 2 people | 10,000 |
| India support team · 5 people | 6,000 |
| Spain investor outreach · 2 people | 4,000 |
| Monthly total | 70,000 |
| 24 month total | 1,680,000 |
Figures rounded · Stage 4 at the US$2B condition is growth capital · A complete schedule accompanies the term sheet.
From Stage 1, Excellium receives a monthly written report on the US$250M raise. Both firms work from shared pipeline records.
I am available this week to walk through the numbers on a call.
William Huston · Founding General Partner · +65 8983 9826 · [email protected] ·
Parkview Square, 10th Floor, 600 North Bridge Road, Singapore 188778
Strictly confidential · Prepared for Excellium Securities S.A. · Indicative and subject to definitive
documentation · AUM levels are conditions for the release of committed capital, not forecasts · Fee pool
and pipeline figures are illustrative sponsor targets.