What Cartesian Capital Group does

Cartesian Capital Group, LLC is a global private equity firm founded in 2006 and headquartered in New York, with additional offices in Sao Paulo and Shanghai. The firm operates a unified investment platform comprising three private equity funds (Pangaea One, Two, and Three) and multiple SPAC vehicles (Cartesian Growth Corporation II and IV), managing over $3 billion in committed capital and having invested more than $2.5 billion across 70+ companies in 20+ industries and 24+ countries.

Cartesian deploys growth capital into closely-held companies with proven or potential transnational operations, applying an investment philosophy centered on global economic continuities and dislocations. Portfolio companies span quick-service restaurants (Tim Hortons China, BK China, TAB Gida), financial services (AlTi Global, Cartesian Specialty Finance, Cartesian Royalty Holdings), transportation and logistics (Pangaea Logistics Solutions, Viva Group, Aqua Comms), space technology (NorthStar Earth & Space), education (Grupo Ser Educacional), and cross-border eCommerce (Tiendamia). The firm provides strategic support, board representation, and operational assistance, including secondments, merger synergies, and institutional development.

The firm generates revenue through management fees on committed capital from its private equity funds and SPAC vehicles, carried interest on successful exits and investment returns, and realization of investments through IPOs, M&A transactions, and strategic sales. Investment opportunities are sourced through direct relationships, portfolio company referrals, industry connections, and thought leadership content. The leadership team, largely drawn from AIG Capital Partners, has worked together for an average of more than 13 years, led by Managing Partner Peter Yu.

Name

Cartesian Capital Group

Legal name

Cartesian Capital Group, LLC

Website

https://cartesiangroup.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Cartesian Capital Group is a global private equity firm founded in 2006 that invests growth capital in closely-held companies seeking international expansion, managing over $3 billion across emerging markets and operating through Pangaea funds and SPAC vehicles.

Ownership category

akta.pro rank

Product category

Private Equity / Emerging-Markets Investment Management

NAICS

Investment Banking and Securities Intermediation (523150), Funds, Trusts, and Other Financial Vehicles (525), All Other Financial Investment Activities (52399)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

akta.pro secondary industries

Secondary Offerings & Share Sales (Secondary Placements) (FSACAAAG), Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

Keywords

• Private equity
• Growth capital
• Emerging markets
• SPAC formation
• International expansion

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Management Fees: The firm charges management fees on committed capital from their private equity funds (Pangaea One, Pangaea Two, Pangaea Three) and SPAC vehicles.
2. Carried Interest/Performance Fees: The firm earns carried interest on successful exits and investment returns from portfolio companies.
3. Investment Returns: Realization of investments through IPOs, M&A transactions, and strategic sales of portfolio companies.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Cartesian Capital Group is a global private equity firm that deploys growth capital to closely-held companies with proven or potential transnational operations. It manages three private equity funds (Pangaea One, Pangaea Two, Pangaea Three) and forms Special Purpose Acquisition Companies (Cartesian Growth Corporation II and IV), while providing strategic support, operational assistance, and international expansion expertise to portfolio companies across emerging and developed markets.

Product overview

Cartesian Capital Group is a global private equity firm that operates as a unified investment platform without discrete product modules. The firm manages three private equity funds (Pangaea One, Pangaea Two, and Pangaea Three) and multiple SPACs (Cartesian Growth Corporation II and IV). Their portfolio spans across diverse sectors including quick-service restaurants (Tim Hortons China, BK China, TAB Gida), financial services (AlTi Global, Cartesian Specialty Finance, Cartesian Royalty Holdings, Cartesian Re), transportation and logistics (Pangaea Logistics Solutions, Viva Group, Aqua Comms), technology and telecommunications (Tiendamia, Aloo Telecom), energy (Westport Fuel Systems, PolyNatura), agriculture (Nitron Group Corporation, Pescanova), education (Grupo Ser Educacional), and space technology (NorthStar Earth & Space). The firm focuses on emerging markets and provides growth capital, strategic support, and international expansion expertise to portfolio companies.

Differentiator

Problem solved

Functional benefit

Brands

• Pangaea One: First private equity vehicle of Cartesian Capital Group
• Pangaea Two
• Pangaea Three

Products and services

• Pangaea One The first private equity fund managed by Cartesian Capital Group, deploying growth capital into companies with transnational operations, primarily in emerging markets. Available to institutional limited partners.
• Pangaea Two The second private equity fund managed by Cartesian Capital Group, continuing the firm's emerging-markets investment strategy of building market-leading companies internationally. Available to institutional limited partners.
• Pangaea Three The third private equity fund managed by Cartesian Capital Group, deploying growth capital and providing strategic and operational support to portfolio companies across emerging and developed markets. Available to institutional limited partners.
• Cartesian Growth Corporation II (CGC II) A Special Purpose Acquisition Company (blank check company) sponsored by Cartesian Capital Group, formed in May 2022 and listed on Nasdaq. The vehicle raised $230 million in its IPO and was actively searching for high-quality potential merger targets to create value for CGC II's shareholders.
• Cartesian Growth Corporation IV (CGC IV) A Special Purpose Acquisition Company (blank check company) sponsored by Cartesian Capital Group, the fourth such vehicle formed by the firm. CGC IV completed a $275 million IPO in June 2026, trading on Nasdaq under CGCFU, and targets high-growth businesses with proven or potential transnational operations.

Quantifiable outcome

• Increased Burger King China from 56 to more than 1,300 restaurants
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor, core and flagship.

• ChampneysminorStrategic or Co-development Partner · 2 April 2026Townhouse partnered with Champneys to introduce luxury nail salon services within the Champneys Wellness Spa estate in the UK as part of Townhouse's international expansion strategy.
• Restaurant Brands InternationalcoreStrategic or Co-development Partner · 9 December 2025Cartesian founded Tims China in partnership with Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International. Tim Hortons was the standout performer for RBI in Q3 2024 with $1.9 billion combined North America sales.
• Tim Hortons Restaurants InternationalcoreStrategic or Co-development Partner · 12 November 2025Founded Tims China in 2019 in partnership with Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International. Tims China operates as the exclusive master franchisee for Tim Hortons in mainland China, Hong Kong, and Macau. Cartesian and Tim Hortons Restaurants International extended the maturity of their 2024 unsecured convertible notes to September 2029.
• Tiedemann Group and AlvariumflagshipStrategic or Co-development Partner · 1 January 2021Cartesian Growth Corporation combined with Tiedemann and Alvarium groups to form AlTi Global, a leading independent global wealth and asset manager with nearly $60 billion in AUM/AUA, trading on Nasdaq under ticker ALTI.

Scale indicators8 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Actis: Actis is a global private equity firm focused on emerging markets, particularly Africa, Latin America, and Asia. It is one of the closest direct comparables to Cartesian given similar EM-focused growth capital strategy, multi-region presence, and infrastructure/consumer investing themes.
• AIG Capital Partners: AIG Capital Partners was the predecessor firm founded by Peter Yu that grew to $4.5B AUM. Although no longer operating as an active platform, the firm is the direct lineage and operating model blueprint for Cartesian — same leadership, same investment philosophy, same emerging-markets focus.
• Aureos Capital (now part of Abraaj): Aureos was an emerging-markets-focused PE firm historically comparable in size and mandate to Cartesian. Now part of the Abraaj ecosystem, it represents a directly comparable niche EM-focused PE peer that targeted similar growth-stage international expansion deals.

Broad incumbents

• The Carlyle Group: Carlyle is a globally diversified PE manager with significant emerging-markets and consumer franchises. Comparable as a scaled incumbent pursuing similar cross-border growth equity opportunities, though at materially larger AUM.
• CVC Capital Partners: CVC is one of the largest global PE platforms with broad sector exposure and a long history of cross-border investing. Comparable as a scaled incumbent competing for institutional capital and similar quality growth/buyout opportunities globally.
• Advent International: Advent International is a large global PE firm co-founded by Thomas Armstrong, who is now a Senior Advisor to Cartesian. Comparable as a generalist EM/global PE platform with substantially greater scale than Cartesian and a similar cross-border value-creation approach.
• Warburg Pincus: Warburg Pincus is a long-tenured global growth investor with deep emerging-markets exposure (China, India, LatAm). Multiple Cartesian team members previously worked at Wasserstein Perella Emerging Markets alongside Warburg alumni, making it a natural comparable.
• TPG Capital: TPG is a global alternative asset manager with growth-equity and EM exposure. Comparable in business model (private equity with capital-raising and platform-building focus) and overlapping portfolio themes in consumer, infrastructure, and emerging markets.
• EQT Partners: EQT is a major global PE and growth investor with deep emerging-markets exposure and active sector-focused strategies. Comparable as a scaled, multi-region PE manager with consumer/infrastructure theses that overlap with Cartesian's portfolio focus.
• Bain Capital: Bain Capital is a global PE firm with multi-strategy offerings including growth equity and EM exposure. Comparable as a competing institutional capital manager pursuing similar scale-up opportunities, with several Cartesian team alumni having Bain/consulting backgrounds.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments14 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cartesian Capital Group