Gávea Investimentos

What Gávea Investimentos does

Gávea Investimentos is an independent Brazilian asset manager founded in 2003 and headquartered in Leblon, Rio de Janeiro. The firm manages two strategies: a global macro hedge-fund franchise and a Brazil-focused private-equity practice. The hedge-fund business comprises five Multimercado funds (Gávea Macro, Gávea Macro II, Gávea Macro Dólar, Gávea Macro Plus II, and Gávea Macro II Previdenciário) built on a shared global macro process covering currencies, interest rates, equities, and commodities across 25+ countries, with a stress-tested risk-management discipline. The private-equity strategy takes minority positions in Brazilian companies with governance and liquidity rights, and has executed 57 investments and 53 divestments with USD 5.4 billion of committed capital since inception.

Revenue is generated through annual management fees (1.975%–2.016% on macro AUM; industry-standard rates on PE committed capital) plus a 20% performance fee above the CDI or USD + Fed Funds benchmark, billed semi-annually. Distribution combines direct institutional sales, suitability-vetted qualified-investor subscriptions (minimums R$50k–R$100k), and a pension-wrapper fund distributed through Bradesco Vida e Previdência and XP Vida e Previdência, with BEM DTVM (Bradesco group) serving as fund administrator. The firm is regulated by the Brazilian Central Bank, CVM, and ANBIMA, and was founded by Arminio Fraga (former Brazilian Central Bank President and Soros Fund Management MD) and Luiz H. Fraga.

Customers include HNWI/qualified investors in the macro funds, Brazilian private-pension participants (VGBL/PGBL) via insurance partners, and institutional LPs in the PE strategy. The portfolio spans fintech (Stone), e-commerce (VTEX), equipment rental (Armac), healthcare (São Francisco), pulp & paper (Fibria, divested), payments/debt collection (Paschoalotto, divested), beverages (Natural One), facility management (Grupo GPS), pet retail (Mundo Pet), and environmental services (re.green). Disclosed scale: ~BRL 6 billion in AUM, 51–100 employees with ~20 investment professionals, and a six-person senior leadership team including CIOs for both strategies, a CRO, Senior Economist, and CFO/Partner Eduardo Soares.

Name

Gávea Investimentos

Legal name

Gávea Investimentos Ltda.

Website

https://gaveainvest.com.br

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

51–100 employees

Short description

Gávea Investimentos is an independent Brazilian asset manager founded in 2003, operating global macro hedge funds across 25+ countries and a Brazil-focused private-equity strategy with USD 5.4 billion committed since inception. It serves HNWI, qualified investors, and institutional LPs.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Discretionary Macro (Rates, FX, Equities) (FSAHABAA)

Keywords

• Asset management
• Global macro hedge funds
• Private equity investing
• Emerging markets funds
• Pension fund management

Headquarters

HQ city

Rio De Janeiro

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Annual management fees charged on assets under management, typically ranging from 1.975% to 2.016% per year, paid monthly.
2. Performance Fees: 20% of fund returns that exceed the benchmark (CDI or USD + Fed Funds), paid semi-annually.
3. Private Equity Management: Management of private equity funds with USD 5.4 billion committed capital since strategy inception.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Gávea Investimentos is an independent asset management firm that invests globally and in Brazil through two core strategies: global macro hedge funds (Multimercados Macro Global) covering currencies, fixed income, equities and commodities, and Brazilian-focused private equity making minority investments with governance and liquidity rights. The hedge fund lineup includes the base Gávea Macro, Gávea Macro II, Gávea Macro Dólar (USD-exposed), Gávea Macro Plus II (leveraged) and Gávea Macro II Previdenciário (pension wrapper).

Product overview

Gávea Investimentos is an independent asset management firm founded in 2003 offering two main business areas: Hedge Funds (Multimercados Macro Global) and Private Equity. The hedge fund business comprises five related products built on a shared global macro strategy focused on currencies, fixed income, equities, and commodities: the base Gávea Macro FIF CIC Multimercado RL and Gávea Macro II FIF CIC Multimercado RL (open to general investors); Gávea Macro Dólar FIF CIC Multimercado RL (dollar-exposed variant for qualified investors); Gávea Macro Plus II FIF CIC Multimercado RL (higher-leverage variant for qualified investors); and Gávea Macro II Previddenciário FIF CI Multimercado RL (pension fund wrapper offering tax benefits for PGBL/VGBL plans). The Private Equity strategy makes minority investments in Brazilian companies, with a portfolio of 57 investments and 53 divestments.

Differentiator

Problem solved

Functional benefit

Products and services

• Gávea Macro FIF CIC Multimercado RL

Quantifiable outcome

• Assets under management: BRL 6 billion (~USD 1.2 billion)
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core.

• Bradesco Vida e PrevidênciacoreChannel Partner/ Reseller/ DistributorInsurance partner for distribution of pension fund products (VGBL/PGBL). The Gávea Macro II Previdenciário fund is distributed through Bradesco's pension platform, allowing access to retirement planning investors.
• XP Vida e PrevidênciacoreChannel Partner/ Reseller/ DistributorInsurance partner for distribution of pension fund products. XP is a major Brazilian investment platform providing access to a wide range of investors.
• BEM DTVM Ltda. (Grupo Bradesco)coreImplementation/ SI/ Consulting PartnerFund administrator responsible for fund operations, custody, NAV calculation, and regulatory compliance. Handles fund registration, investor servicing, and distribution of fund information through their platform.
• ANBIMAcoreOthersBrazilian financial market association for self-regulation. Gávea funds are registered and compliant with ANBIMA regulations. The firm displays the ANBIMA self-regulation badge on its website.
• CVM (Comissão de Valores Mobiliários)coreOthersBrazilian Securities Commission that supervises and regulates Gávea's investment funds. Funds are subject to CVM oversight and investor protection mechanisms.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Verde Asset Management: Brazilian independent asset manager focused on global macro and multi-asset strategies. Competes head-to-head with Gávea in the Brazilian multimercado macro category and serves overlapping HNW, qualified investor, and institutional segments.
• Ibiuna Investimentos: Brazilian macro and credit-focused asset manager with strong pension fund and institutional distribution. Highly comparable on product mix (multimercado macro), investor base, and Bradesco ecosystem distribution footprint.
• SPX Capital: Brazilian independent macro manager running multimercado funds with global macro and discretionary strategies. Comparable product structure (open-end multimercado) and investor base, and competes for the same qualified-investor mandates.
• Vinci Partners: Brazilian alternative investment platform combining hedge funds (macro, equity, credit) with private equity and private credit. Comparable dual-strategy model (liquid alternatives + PE), GP-led value creation, and institutional/pension client base.
• ARX Capital: Brazilian independent macro manager historically focused on emerging markets macro. Highly comparable product strategy (global macro EM), though now operating under Aberdeen ownership; serves as a direct benchmark for independent Brazilian macro houses.
• Brevan Howard: Global macro hedge fund manager with strong emerging markets and rates capabilities. Comparable investment philosophy (discretionary macro, FX/rates/equities/commodities), though operating at significantly larger AUM and global brand scale.

Broad incumbents

• BTG Pactual Asset Management: Largest Brazilian investment bank with a broad alternative and traditional asset management platform. Competes with Gávea across hedge funds, PE, and pension products, but as part of a much wider, vertically integrated financial services portfolio.
• Itaú Asset Management: Brazilian incumbent asset manager with deep pension fund and retail reach. Overlaps with Gávea's previdenciário and qualified-investor segments but offers a broader multi-asset product set and balance-sheet scale.
• XP Asset Management: Asset management arm of XP Inc., Brazil's largest retail investment platform. Distributes Gávea funds via XP Vida e Previdência while also running competing multimercado and alternatives strategies, making it both a partner and a competitor.

Regional players

• 3G Capital: Brazilian-founded global private equity firm with operating partner model and concentrated sector approach. Comparable PE governance-led playbook and Brazil-anchored origins, though focused exclusively on large-cap control deals versus Gávea's minority PE strategy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/gavea-investimentos

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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

M&A

Investments11 records

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

Frequently asked questions about Gávea Investimentos