23S Capital
- Company typePrivate
- Founded-
- HeadquartersSão Paulo, Brazil
- Headcount11–50
- GTM typeB2B
- OfferingServices
What 23S Capital does
23S Capital is a São Paulo-based growth equity investment manager established in August 2022 as a 50/50 joint venture between Votorantim, a 100+ year-old Brazilian investment holding company with diversified sector exposure, and Temasek, a Singapore-headquartered global investment company with a US$297 billion portfolio. The firm manages a single US$700 million fund committed equally by both parents, focused on long-term equity investments in high-growth Brazilian companies across sectors including financial services, education, fintech, and digital business models.
The investment platform combines Votorantim's local market knowledge and industry relationships with Temasek's global network and long-term capital orientation. The team of approximately 12 professionals — led by Managing Partner and founder Matheus Villares (13 years at Temasek leading Brazil investments, ex-Goldman Sachs and Citigroup M&A) alongside four additional Partners sourced from Temasek's prior Brazil operations — executes direct equity investments, typically taking board or board-observer positions, and supports portfolio companies across governance, strategic positioning, acquisitions, technology, and talent development. Disclosed portfolio investments include Ademicon (consortium administration), Vitru Educação (Nasdaq: VTRU, distance learning), and Asaas (SMB fintech). CADE antitrust approval was obtained for both fund formation and the Ademicon transaction, and CVM registration as a Brazilian asset manager is in process.
Revenue is generated through traditional private equity fund management economics: management fees on committed/invested capital and potential carried interest on successful exits. Distribution is exclusively via direct investment partnerships with portfolio companies rather than external channels. The firm is in active capital deployment phase, with growth bounded by the single-fund structure and dependent on continued pace of new investments and, longer term, a potential successor fund.
23S Capital firmographics
Firmographics- Name
- 23S Capital
- Legal name
- 23S Capital LTDA
- Website
- https://www.23scapital.com/
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
23S Capital industry classification
Industry- Product category
- Growth Equity / Private Equity Fund Management
- NAICS
- Other Financial Vehicles (525990), Other Investment Pools and Funds (5259)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)
- akta.pro secondary industry
- Independent Venture Debt Funds / Platforms (FSANAIAB)
Keywords
Where 23S Capital is headquartered
LocationHeadquarters
- HQ city
- São Paulo
- HQ country
- Brazil
- HQ region
- Latin America
Offices1 record
Markets served
23S Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Investment Management: Private equity fund management generating returns through equity investments in high-growth Brazilian companies. Revenue derived from fund management fees and carried interest on successful exits.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
23S Capital product offering
Product offeringCore offering
23S Capital manages a US$700 million private equity fund focused on growth capital investments in high-growth Brazilian companies across sectors including financial services, education, and fintech. The firm was formed through a strategic partnership between Votorantim and Temasek, providing long-term capital and strategic support (governance, acquisitions, technology, and people development) to portfolio companies with sustainable business models and strong management teams.
Product overview
23S Capital is an investment management company that operates a single investment fund (US$700 million) focused on long-term sustainable value creation. The fund invests in high-growth Brazilian companies across various sectors including financial services, education, and fintech. The company supports portfolio companies through strategic positioning, governance, acquisitions, technology, and people development. The fund's portfolio includes three main investments: Ademicon (financial services/consortium administration), Vitru Educação (digital education), and Asaas (fintech/payments).
Differentiator
Problem solved
Functional benefit
Products and services
- 23S Capital Investment Fund A US$700 million private equity fund focused on growth capital investments in Brazilian companies across various sectors (financial services, education, fintech, technology), formed through strategic partnership between Votorantim and Temasek. The fund targets high-growth companies with sustainable business models and strong management teams, providing long-term capital and strategic support.
Companies that use 23S Capital
Customer profileNamed customers3 records
Segments1 record
Ideal customer profiles1 record
23S Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
23S Capital partnerships and signals
Strategic signalScale indicators2 records
Recent moves7 records
Expansion highlights5 records
23S Capital competitors and assessment
Company assessmentDirect peers
- Vinci Partners: Brazilian alternative asset manager with listed shares, offering private equity, credit, infrastructure and real estate funds. Comparable to 23S Capital as a domestic multi-strategy alternatives platform serving high-growth Brazilian companies and institutions.
- General Atlantic: Global growth equity firm with a long-standing São Paulo office investing in Brazilian and Latin American technology and growth companies. Highly comparable to 23S Capital on growth-stage mandate, cheque size and target sectors (fintech, education, digital).
- Patria Investimentos: Latin American alternative asset manager with deep Brazil PE, real estate, credit and infrastructure franchises. Comparable to 23S Capital as a multi-product LatAm-focused platform competing for the same Brazilian growth-equity deal flow.
- GP Investments: One of Brazil's largest independent alternative asset managers, investing across PE, infrastructure and credit. Comparable to 23S Capital as a Brazil-rooted growth and PE platform with a similar multi-sector mandate and senior team that overlaps with 23S alumni.
- Kaszek Ventures: Latin America's largest venture and growth fund, founded by MercadoLibre alumni, focused on early- and growth-stage tech-enabled businesses across the region. Comparable to 23S Capital on Latin America growth mandate, fintech/education focus and minority-equity approach.
- Gávea Investimentos: Brazilian alternative asset manager founded by former Central Bank governor Armínio Fraga, with PE and macro funds. Comparable to 23S Capital as a Brazil-based institutional manager attracting both domestic and international capital for Brazilian growth investments.
Broad incumbents
- GIC: Singapore sovereign wealth fund with global PE exposure including meaningful Brazil allocations. Comparable to 23S Capital as a long-duration Singapore-linked LP/investor (and Temasek peer) backing Brazilian growth companies with patient capital.
- BTG Pactual: Brazil's largest independent investment bank with significant alternative asset management and PE operations. Comparable to 23S Capital as a domestic capital allocator with PE capabilities, but operates at much broader scale across banking, sales/trading and wealth management.
- Warburg Pincus: Global growth-oriented private equity firm with active investments across Brazil and Latin America in financial services, healthcare and technology. Comparable to 23S Capital on growth-stage equity mandate and Brazilian/LatAm focus, though Warburg deploys far larger global funds.
Regional players
- Banco Bradesco (PE arm / Bradesco Private Equity): Major Brazilian financial conglomerate with a private equity subsidiary investing in mid-market Brazilian companies. Comparable to 23S Capital as a domestic institutional investor in Brazilian growth companies, though distributed through a banking group's balance sheet and broader client base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
23S Capital social profiles
Digital presence23S Capital compliance and trust
Trust signalCompliance2 records
23S Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
23S Capital leadership team
Management profileNumber of profiles
Profiles12 records
23S Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
23S Capital M&A and investment
M&A and investmentM&A
Investments4 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about 23S Capital
What does 23S Capital do?
23S Capital manages a US$700 million private equity fund focused on growth capital investments in high-growth Brazilian companies across sectors including financial services, education, and fintech. The firm was formed through a strategic partnership between Votorantim and Temasek, providing long-term capital and strategic support (governance, acquisitions, technology, and people development) to portfolio companies with sustainable business models and strong management teams.
Is 23S Capital a public or private company?
23S Capital is a private company. It is classified as corporate owned and is currently operating.
When was 23S Capital founded?
23S Capital was founded in -1. It employs 11 to 50 people.
Where is 23S Capital based?
23S Capital is headquartered in São Paulo, Brazil, in the Latin America region.
How does 23S Capital make money?
One revenue line is on record: investment Management.
Who are 23S Capital's main competitors?
Direct peers on record are Vinci Partners, General Atlantic, Patria Investimentos, GP Investments, Kaszek Ventures and Gávea Investimentos. Broad incumbents are GIC, BTG Pactual and Warburg Pincus. Banco Bradesco (PE arm / Bradesco Private Equity) is listed as a regional player.
Does 23S Capital have an API?
No public API is recorded for 23S Capital.
What industry is 23S Capital in?
23S Capital's product category is Growth Equity / Private Equity Fund Management. Its primary akta.pro industry code is FSANAAAJ, Venture Capital Fund-of-Funds / Multi-Manager Platforms, with a secondary code of FSANAIAB, Independent Venture Debt Funds / Platforms. Its NAICS code is 525990 and its SIC code is 6159.