ByLaws

Purpose & Investment Policy

Angels Way (AW) is a special type of investment fund known as an Alternative Investment Fund (AIF) of Venture Capital, specifically a Closed Venture Capital Fund. It's set up for a fixed period of 10 years, as per Portuguese laws and regulations, and it operates independently without being liable for its investors' debts or obligations.
AW is under the jurisdiction of Portuguese law and regulations, especially the capital markets regulator (CMVM).
AW focuses on investing in Portuguese Startups with high growth potential, especially in technology sectors. It aims to support these companies' growth and development by acquiring shares or debt instruments and can also invest in other similar venture capital funds.
AW has rules about how much it can invest in any one company or fund to ensure diversification and manages its investments with a strategic approach to maximize returns for its investors.

AW is starting with a capital of €1,200,000, divided into 1,200,000 units each worth €1.00. During the initial phase, investors can subscribe with a minimum of €1,200 and a maximum of €12,000, translating to an equivalent number of participation units.
Investors can contribute just with cash. All subscribed capital needs to be paid within three months of subscription. If the total capital reaches €1,200,000 or three years pass from the Initial Closing, this phase ends.

The capital of the AIF is divided into participation units valued at €1.00 (one euro) each.
The participation units are book-entry, registered, and without nominal value.
The participation units grant their holders an equitable and exclusive right over the assets that make up the Assets of the Venture Capital AIF, in proportion to their participation.
The value of the Venture Capital AIF's Participation Units is calculated by dividing the net global value of the Venture Capital AIF by the total number of subscribed Participation Units.

The capital of the Venture Capital AIF can be increased over its duration, depending on the resolution of the assembly of participants taken, upon proposal of the management company, by a simple majority of the votes cast.