What Atmos capital does

Atmos Capital (legal name: Atmos Capital Gestão de Recursos Ltda.) is an independent, privately-held Brazilian asset management firm founded in July 2009 by Lucas Bielawski and Bruno Levacov, headquartered in Leblon, Rio de Janeiro. The firm is exclusively focused on long-only investments in the Brazilian equity market, operating two flagship funds: Atmos Ações FIC FIA (inception October 15, 2009; CNPJ 11.145.320/0001-56) and Atmos Ações II FIC FIA (inception March 31, 2014; CNPJ 19.726.267/0001-99). Both funds pursue a concentrated, value-oriented strategy targeting companies with sustainable competitive advantages, with the top 5 holdings representing 51.4% of the portfolio and the next 5 at 17.8%, and benchmark performance against IPCA+IMA-B Yield plus absolute-return objectives. Since-inception returns stand at 1,024.43% for Atmos Ações (vs. Ibovespa 157.84%) and 390.66% for Atmos Ações II, with 12-month returns of 10.21% and 10.77% respectively as of June 2026.

The firm's business model is a classic fee-based active management structure, earning approximately 2.0% per annum in management fees from Atmos Ações (1.85% FIC + 0.15% Master) and 1.5% from Atmos Ações II (1.35% FIC + 0.15% Master), billed monthly, plus performance fees of 10% and 20% respectively on returns above the IPCA+IMA-B benchmark with high-water marks, paid annually. Total assets under management stood at R$12,817.23 million (~US$2.4 billion) as of June 2026. Both funds are closed to new applications (captações), and distribution, administration, and custody are handled exclusively by BTG Pactual through its DTVM and banking entities; the firm is registered with ANBIMA and displays the ANBIMA Asset Management seal under the 'Ações Livre' (Equity Investors) category.

Atmos Capital targets qualified investors (investidores qualificados) per CVM Instruction 554/14 and operates with a partnership culture in which all partners hold substantial proprietary capital in the funds, compensation is tied to firm-wide results rather than short-term performance, and the team has experienced zero turnover since inception. The firm is small (1–10 employees), has no disclosed external institutional or PE backing, and communicates primarily through detailed semi-annual investor letters (33 published as of 1H25), monthly performance reports, and a bilingual institutional website, with no AI/ML, technology platform, or product expansion signals visible in the available data.

Name

Atmos capital

Legal name

Atmos Capital Gestão de Recursos Ltda.

Website

https://atmoscapital.com.br

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Short description

Atmos Capital is a privately-held Brazilian asset manager founded in 2009 that runs two closed, long-only Brazilian equity funds (Atmos Ações and Atmos Ações II) for qualified investors, distributing exclusively through BTG Pactual and managing approximately R$12.8 billion in AUM.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Other Investment Pools and Funds (5259), Open-End Investment Funds (525910), Open-End Investment Funds (52591)

SIC

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

akta.pro primary industry

Money Market Funds & Ultra-Short Duration (FSAAAHAK)

akta.pro secondary industries

Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI), At-the-Market (ATM) Offerings (FSACAAAH)

Keywords

• Brazilian equity funds
• Value investing
• Long-only equities
• Asset management
• Qualified investor funds

Headquarters

HQ city

Leblon

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Management fees charged on fund assets under management. Atmos Ações charges 1.85% p.a. on FIC FIA NAV plus 0.15% on Master fund NAV (total ~2.0%). Atmos Ações II charges 1.35% p.a. on FIC FIA NAV plus 0.15% on Master fund NAV. Fees are provisioned daily and paid monthly.
2. Performance Fees: Performance fees charged on returns exceeding benchmark (IPCA + IMA-B Yield). Atmos Ações charges 10% with high-water mark. Atmos Ações II charges 20% with high-water mark. Paid annually.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Atmos Capital manages two closed-end, long-only Brazilian equity mutual funds—Atmos Ações FIC FIA (inception October 15, 2009) and Atmos Ações II FIC FIA (inception March 31, 2014)—that pursue concentrated, value-oriented investments in the Brazilian stock market. The funds target qualified investors per CVM Instruction 554/14 and charge management fees plus performance fees against an IPCA+IMA-B benchmark with high-water marks. Both funds are currently closed to new applications.

Product overview

Atmos Capital is an independent asset management company founded in July 2009, exclusively focused on long-only equity investments in the Brazilian stock market. The firm operates two main investment funds: Atmos Ações FIC FIA (launched October 2009) and Atmos Ações II FIC FIA (launched March 2014). Both funds follow a concentrated, value-oriented investment strategy targeting companies with sustainable competitive advantages and growth potential. The funds are closed to new applications and target qualified investors, with a focus on absolute return generation above Brazilian long-term interest rate benchmarks (IPCA+IMA-B).

Differentiator

Problem solved

Functional benefit

Brands

• Atmos Ações: Long-only equity fund focused on Brazilian stock market, seeking absolute returns with capital preservation as priority.
• Atmos Ações II

Products and services

• Atmos Ações FIC FIA Long-only Brazilian equity mutual fund (FIC FIA) that invests in a concentrated portfolio of Brazilian stocks targeting absolute returns above the IPCA+IMA-B benchmark with capital preservation as priority. Targeted at qualified investors per CVM 554/14; minimum investment R$50,000; closed to new applications. Management fee 1.85% p.a. on FIC FIA NAV plus 0.15% on Master fund NAV; performance fee 10% with high-water mark. Since inception on October 15, 2009, the fund has returned 1,024.43% cumulative vs. Ibovespa 157.84%.
• Atmos Ações II FIC FIA Second long-only Brazilian equity mutual fund (FIC FIA) launched March 31, 2014, applying in the Atmos Master Fundo de Investimento em Ações. Follows the same concentrated, value-oriented strategy as Atmos Ações but charges 1.35% p.a. management fee on FIC FIA NAV plus 0.15% on Master fund NAV and a 20% performance fee above IPCA+IMA-B benchmark with high-water mark. Targets qualified investors with longer redemption periods (60 business days without exit fee); closed to new applications. Since inception, the fund has returned 390.66% cumulative.

Quantifiable outcome

• Atmos Ações: 1,024.43% cumulative return since October 2009 (vs Ibovespa 157.84%)
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• BTG PactualcoreChannel Partner/ Reseller/ Distributor · 15 October 2009BTG Pactual provides fund administration (BTG Pactual Serviços Financeiros S.A. DTVM), custody services (Banco BTG Pactual S.A.), and serves as the primary distribution channel for Atmos Capital funds. Atmos Ações and Atmos Ações II FIC FIA are distributed through BTG Pactual's network to qualified investors.
• ANBIMAcoreOthersANBIMA (Brazilian Financial and Capital Markets Investors Association) is the self-regulatory body for the Brazilian capital markets. Atmos Capital is registered with ANBIMA and displays the ANBIMA Asset Management seal. Funds are classified under ANBIMA category 'Ações Livre' (Equity Investors). The firm publishes reports per ANBIMA guidelines.
• KPMG Auditores IndependentesminorImplementation/ SI/ Consulting PartnerKPMG serves as the independent auditor for Atmos Capital's funds, providing annual audit services to verify financial statements and compliance with regulatory requirements.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Verde Asset Management: Brazilian long-only equity manager with a deep-value, concentrated portfolio approach and strong long-term track record. Closely comparable to Atmos in strategy, fund structure, and qualified investor focus.
• Constellation Asset Management: Brazilian independent asset manager with long-only equity and long-biased strategies. Comparable in client base (qualified investors) and fund-of-funds plus direct equity offerings.
• SPX Capital: Independent Brazilian asset manager running long-only equity and multi-strategy funds. Comparable boutique profile, AUM scale, and qualified investor client base to Atmos Capital.
• Bahia Asset Management: Independent Brazilian asset manager founded by Luis Stuhlberger, focused on long-term Brazilian equity and macro strategies. Comparable in boutique scale, philosophy, and target market.
• Pollux Capital: Brazilian value-oriented asset manager with a long-term, concentrated approach to Brazilian equities. Highly comparable in philosophy and fund structure to Atmos.
• Legacy Capital: Boutique Brazilian asset manager focused on long-only equities for high-net-worth and institutional clients. Comparable in scale, fund structure, and concentrated value approach.
• Kapitalo Investimentos: Brazilian independent asset manager combining long-only equity with macro and quant strategies. Comparable in scale and Brazilian focus, though broader in strategy than Atmos.
• Dynamo Administração de Recursos: One of Brazil's most respected independent asset managers, focused on long-only Brazilian equity with a value-oriented approach. Highly comparable to Atmos in philosophy, AUM scale (multi-billion BRL), and target investor base.

Broad incumbents

• Gávea Investimentos: One of Brazil's largest and most established alternative asset managers, founded by former Central Bank governor Armínio Fraga. Comparable in Brazilian focus and long-term orientation, but operates across private equity, credit, and equities at a much larger scale.
• Vinci Partners: Large Brazilian alternative asset manager publicly listed (NASDAQ: VINP) with credit, private equity, and equity hedge strategies. Comparable in Brazilian focus and LP base, but at a much larger, multi-strategy scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/atmos-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments7 records

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

Frequently asked questions about Atmos capital