Vista Capital

What Vista Capital does

Vista Capital is a privately held Brazilian investment management firm founded in 2014 by João Landau and headquartered in Rio de Janeiro (Jardim Botânico). It manages five regulated FIC FIM funds under two pillars: Vista Macro (Vista Hedge, Vista Macro Absoluto, Vista Multiestratégia) for general and qualified investors, and Vista Previdência (Vista Macro Previdência, Vista Prev Plus) for pension-fund allocations. The funds employ discretionary global macro strategies investing across equities, fixed income, currencies, and commodities in Brazilian and international markets using directional, relative, and hedging structures, with risk levels classified from 2 to 3 on a four-level scale. Vista Capital also offers pension-fund-compliant wrappers that adapt the macro book to Brazilian retirement legislation.

The firm generates revenue through management/administration fees (2.0% disclosed on Vista Hedge AUM) and performance fees (20% of returns above the CDI benchmark), with minimum investments starting at R$5,000. Distribution is direct to investors via the firm's own IR team and bilingual website, with BTG Pactual acting as fund administrator and XP Inc. holding a minority equity stake acquired in November 2021 to provide distribution leverage through XP's retail and advisor ecosystem. Vista Capital's competitive positioning is anchored on a senior team that includes former Central Bank of Brazil president and BTG Pactual chairman/CEO Persio Arida as Sócio Conselheiro, a CEO/CIO/COO leadership triangle that was refreshed in 2024–2026, and portfolio managers drawn from Goldman Sachs, Stone Ridge, UBS London, and BTG Pactual.

Recent operating signals are mixed-to-negative: aggregate FIC AUM has contracted materially versus the prior 12 months and all three macro funds are negative YTD 2026 by double digits against a +6.73% CDI. Vista Capital has simultaneously pursued an off-strategy $20 billion smart-city JV in Angola via "Vista Capital Trust Angola," announced in April 2026, which extends the brand into infrastructure real estate and raises governance and brand-risk questions. The firm remains operating and product-active, but investment performance and AUM trends point to stress rather than expansion across the core asset management business.

Name

Vista Capital

Legal name

Vista Capital

Website

https://vistacapital.com.br

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Vista Capital is a Rio de Janeiro-based Brazilian macro asset manager founded in 2014, running hedge, multi-strategy, and pension-fund vehicles for retail, qualified, and retirement investors via a 2% admin / 20% performance-fee model distributed through XP and BTG Pactual.

Ownership category

akta.pro rank

Product category

Investment Management / Hedge Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industry

Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Investment management
• Hedge funds
• Macro strategy
• Pension funds
• Asset management

Headquarters

HQ city

Jardim Botãnico

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management and Administration Fees: Vista Capital generates revenue through management/administration fees charged on assets under management. Vista Hedge charges 2.0% administration fee annually.
2. Performance Fees: Performance-based revenue where Vista Capital earns 20% of returns that exceed the CDI benchmark, as seen in the Vista Hedge fund structure.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Vista Capital is a Brazilian investment management firm that manages a portfolio of regulated investment funds (FIC FIM structures) employing macro strategies across equities, commodities, fixed income, and currencies in Brazilian and global markets. The firm offers hedge funds, multi-strategy funds, absolute-return macro funds, and pension fund (Previdência) products targeting general investors, qualified investors, and pension fund investors, charging management/administration and performance fees on assets under management.

Product overview

Vista Capital is a Brazilian investment management firm founded in 2014, bootstrapped from R$30 million to over R$2 billion in assets under management. The company operates a portfolio of distinct investment funds under two main categories: Vista Macro (public funds including Vista Hedge, Vista Macro Absoluto, Vista Multiestratégia) targeting general and qualified investors, and Vista Previdência (Vista Macro Previdência, Vista Prev Plus) adapted for pension fund legislation. The funds employ macro strategies investing in equities, commodities, fixed income, and currencies across Brazilian and global markets, with varying risk levels and taxation structures.

Differentiator

Problem solved

Functional benefit

Brands

• Vista Hedge: Macro strategy fund seeking absolute long-term returns without correlation to market indices, with Level 2 risk allocation and declining long-term taxation.
• Vista Macro Absoluto
• Vista Multiestratégia
• Vista Macro shorem
• Vista shorem Prev Plus

Products and services

• Vista Hedge FIC FIM Macro strategy fund seeking absolute long-term returns without correlation to market indices, investing across global equities, interest rates, currencies, and commodities with hedging structures. Risk allocation level 2, open to general investors with minimum R$5,000, administration fee 2.0%, performance fee 20% over CDI, D+15/D+16 redemption windows, long-term decreasing taxation.
• Vista Macro Absoluto FIC FIM Macro strategy fund targeting absolute long-term returns with no correlation to market indices, investing globally in equities, interest rates, currencies, debt, and commodities without leverage restrictions. Risk allocation level 3 with variable income taxation (come-cotas exempt), restricted to qualified investors, D+60/D+61 redemption windows.
• Vista Multiestratégia FIC FIM Multi-strategy fund offering diversified asset class portfolio management across equities, commodities, fixed income, and currencies in Brazilian and global markets. Inception 30-01-2015 with 386.87% cumulative return since inception vs 201% CDI benchmark as of 26/06/2026.
• Vista Macro Previdência Macro strategy fund adapted to Brazilian pension fund legislation requirements, providing pension-focused investment solutions with regulatory compliance for retirement accounts. Risk allocation under pension fund rules.
• Vista Prev Plus

Quantifiable outcome

• Vista Multiestratégia delivered 386.87% returns since inception (01-30-2015)
• +2 more outcomes

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

Two partnerships are on record, tiered flagship.

• TGI Solar Power GroupflagshipStrategic or Co-development Partner · 10 April 2026TGI Solar Power Group and Vista Capital Trust Angola signed a Letter of Intent to jointly develop VISTA ADVENT CITY, a $20 billion flagship Smart Forest City project in Angola. The project features biophilic design with 1:1 ratio of built infrastructure to green space, including 250,000 trees for CO2 sequestration.
• Vista Capital Trust AngolaflagshipStrategic or Co-development Partner · 10 April 2026Vista Capital Trust Angola is partnering with TGI Solar Power Group to develop the VISTA ADVENT CITY Smart Forest City project in Angola, a $20 billion initiative featuring biophilic design and advanced infrastructure including an international airport, desalination facilities, and deep-sea port.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Others

• Capitânia Investimentos:

Broad incumbents

• BTG Pactual Asset Management: One of Brazil's largest asset managers and the administrator for Vista Hedge. Comparable as a full-stack Brazilian asset manager; also a direct talent feeder (multiple Vista executives began careers at BTG Pactual, including the founder at Banco Pactual).
• XP Asset Management: Asset management arm of XP Inc., which holds a minority stake in Vista Capital. Comparable as a Brazilian asset manager with multi-strategy offerings; broader platform including fixed income, equities, and alternatives makes it an incumbent rather than a direct peer in the macro/hedge niche.

Direct peers

• Garde Asset Management: Brazilian independent macro and multi-strategy asset manager. Comparable to Vista Capital in boutique macro positioning, multi-strategy fund structures, and qualified-investor target segment.
• Verde Asset Management: One of Brazil's largest independent macro hedge fund managers founded by Luis Stuhlberger. Directly comparable to Vista Capital in macro/multi-strategy mandate, Brazilian institutional and qualified-investor client base, and benchmark-agnostic absolute-return philosophy.
• Kadima Asset Management: Brazilian independent asset manager offering hedge fund, multi-strategy, and credit strategies. Directly comparable to Vista Capital in boutique multi-strategy mandate and institutional client focus.
• Ibiuna Investimentos: Independent Brazilian macro hedge fund manager. Direct peer to Vista in macro mandate, qualified-investor focus, and absolute-return strategy.
• Gávea Investimentos: Brazilian alternative asset manager founded by Arminio Fraga (former Brazilian Central Bank President). Comparable to Vista Capital in macro and multi-strategy offerings, institutional client base, and the 'ex-Central Bank President' credibility marker that Vista also has via Persio Arida.
• Vinci Partners: Brazilian listed alternative investment platform with macro, private equity, and credit strategies. Comparable to Vista Capital in macro and multi-strategy funds; also relevant as prior employer of Lucas Valente, who moved from Vinci's middle office to Vista.
• SPX Capital: Brazilian macro and multi-strategy hedge fund manager. Comparable to Vista Capital in product structure (multi-strategy and macro funds), hedge fund focus, and exposure to Brazilian and global markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/vista-capital-gestora

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments

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

Frequently asked questions about Vista Capital