Sparta

What Sparta does

Sparta is an independent Brazilian investment management firm headquartered in São Paulo, founded in 1994, that specializes in fixed income and private credit. The firm operates more than 50 fund vehicles organized into four categories: Crédito Privado (open-ended private credit funds such as Sparta Top and Sparta Max targeting CDI+1.3% to CDI+1.8%), Listado em Bolsa (B3-listed infrastructure and FIAGRO funds including JURO11, CDII11, CRAA11, and DIVS11 with IR exemption for individuals under Lei 12.431 and Lei 14.130), Previdência (pension sub-funds distributed via insurance platforms), and Multimercado (multi-strategy funds including Sparta Cíclico, which won BarclayHedge recognition for highest 36-month Global Macro return). Assets under management are stated at R$ 23 billion, supported by proprietary credit analysis, infrastructure-debenture structuring expertise, and quantitative/algorithmic trading strategies in the multimercado segment.

The firm's revenue model is built on management fees (typically 0.3%–2.0% per annum depending on fund type, with most credit private funds in the 0.5%–0.8% range) and contingent performance fees (commonly 20% of returns above benchmark). Distribution is hybrid: a long-tail of self-directed retail investors access open-ended and listed funds through brokerage firms (corretoras) and B3 homebroker platforms, while Sparta-branded pension sub-funds are embedded inside major insurance and brokerage platforms including Porto Seguro, Zurich, Itaú, Icatu, XP, and BTG Pactual — a channel arrangement that gives Sparta institutional reach without a captive retail sales force. Operational infrastructure is provided by BNY Mellon (global custody and investor portal) and BTG Pactual / XP (fund administration).

The firm is privately held under Sparta Administradora de Recursos Ltda., with no disclosed external investors, no M&A history beyond an internal fund-level merger in 2012, and continuous operation over 30 years. ANBIMA and PRI signatory status support regulatory standing, and award history (Exame best fixed income manager, Valor Investe 5-star ratings, BarclayHedge) reinforces brand credibility in a Brazilian market dominated by large bank-affiliated asset managers where independent specialists are rare.

Name

Sparta

Legal name

Sparta Administradora de Recursos Ltda.

Website

https://sparta.com.br

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

Sparta is a São Paulo-based independent investment manager founded in 1994, specializing in fixed income and private credit funds (crédito privado high grade, infrastructure debentures, FIAGRO, and multimercado), managing R$ 23 billion for retail and institutional clients via B3-listed vehicles and insurance-platform pension partnerships.

Ownership category

akta.pro rank

Product category

Fixed Income Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Specialized/Niche-Vertical RIAs (e.g., Medical, Tech, Executives, Athletes) (FSAAACAL)

akta.pro secondary industry

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

Keywords

• Fixed income management
• Private credit funds
• Asset management
• Infrastructure debentures
• Pension fund management

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fees (Taxa de Administração): Annual fees charged on assets under management across all fund types. Rates vary by fund — open-ended fixed income funds charge between 0.5% and 1.0% per annum on the private credit portfolio, with some dedicated funds (e.g., Sparta ANS) at 0.5% a.a. and premium/liquidity funds as low as 0.3% a.a.
2. Performance Fees (Taxa de Performance): Success fees charged when fund returns exceed defined benchmarks. Most funds charge 20% of returns exceeding the CDI benchmark (e.g., Sparta Top: 20% of CDI excess). Some funds use alternative benchmarks (e.g., Sparta Cíclico: 20% of Ibovespa excess). These are non-recurring and contingent on performance.
3. Infrastructure Listed Fund Distributions: CDII11 and similar listed infrastructure funds distribute dividends monthly (perspectiva de distribuições mensais), derived from coupon and interest income on debentures, passing through tax-exempt income to individual investors.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Sparta is an independent Brazilian asset manager that manages fixed income and private credit investment funds across open-ended, listed (B3), pension, and multi-strategy structures. The firm invests primarily in high-grade private credit (corporate debentures) and infrastructure debentures, offering tax-efficient products (IR-exempt under Lei 12.431 and Lei 14.130) for individual and institutional investors, alongside macro/quantitative strategies in its multimercado funds.

Product overview

Sparta is an independent investment fund manager specializing in fixed income and private credit with over 30 years of experience and R$ 23 billion under management. The company operates a multi-fund platform organized into four main categories: (1) Crédito Privado funds (Sparta Top, Sparta Max, Sparta Max Advisory, Sparta Max 60, Sparta Max A 60, Sparta Top Inflação, Sparta ANS) investing in high-grade private credit and fixed income securities; (2) Listado em Bolsa funds (JURO11, CDII11, CRAA11, DIVS11, Sparta Renda) offering exchange-traded exposure to infrastructure debentures and agro assets with IR exemption for individuals; (3) Previdência funds distributed through major insurance platforms (Icatu, Itaú, BTG, XP, Porto Seguro, Zurich) targeting pension assets; and (4) Multimercado funds (Sparta Cíclico, Sparta Premium) providing macro and quantitative strategies including commodities and cash management. The platform is supported by administrative partners including BNY Mellon, BTG Pactual, and XP Investimentos, with fund shares traded on B3.

Differentiator

Problem solved

Functional benefit

Brands

• Sparta Top: Flagship private credit fixed income fund targeting CDI+1.3% returns, open for investment with D+30+1 redemption.
• Sparta Max
• Sparta Premium
• Sparta Debêntures Incentivadas
• Sparta Cíclico
• Sparta Renda
• Sparta Dinâmico

Products and services

• Sparta Top FIC FIF RF Cred Priv LP RL Fixed income fund investing in high-grade private credit (corporate debentures) of large Brazilian companies, targeting CDI+1.3% with a 0.7% annual administration fee and 20% performance fee on returns exceeding CDI. Aimed at public retail investors.
• Sparta Max FIC FIF RF Cred Priv LP RL Sophisticated fixed income private credit fund for qualified investors (Investidor Qualificado), targeting CDI+1.8% with 0.8% annual management fee on the private credit portfolio and D+30+1 redemption settlement.
• Sparta Premium FIC FIF RF RL Conservative cash/money market fund with daily liquidity targeting CDI variation, with 0.3% annual administration fee and minimum investment from R$ 1,000. Designed for conservative investors.
• Sparta Debêntures Incentivadas FIC FIF-Infra RF RL Fixed income fund investing in large infrastructure projects under Lei 12.431, offering IR exemption for individual investors and targeting CDI+0.5%. Provides tax-efficient exposure to infrastructure credit.
• JURO11 Listed FI-Infra fund investing in debentures, targeting IMA-B 5+2%, with IR exemption for individual investors. Traded on B3.
• CDII11 Listed FI-Infra fund investing in infrastructure debentures under Lei 12.431, targeting CDI+2%, with monthly distribution perspective and IR exemption for individuals. Traded on B3 under ticker CDII11.
• CRAA11 Listed FIAGRO fund investing in agroindustrial credit assets, primarily certificates of agricultural receivables (CRA), targeting CDI+2% with IR exemption for individuals. Traded on B3.
• DIVS11 Listed FI-Infra fund, IR-exempt for individual investors, targeting IDkA IPCA 5a+2%, traded via B3 homebroker.
• Sparta Renda FIF-Infra RF RL Infrastructure fixed income fund offering monthly distributions of 100% CDI, targeting CDI+0.5% annually, IR-exempt for individual investors, with payments on the 15th of each month.
• Sparta ANS FIF RF Cred Priv LP RL Dedicated fixed income private credit fund exclusively for health plan operators registered with ANS (Agência Nacional de Saúde Suplementar), targeting CDI+1.5% with 0.5% annual administration fee.
• Sparta Cíclico FIC FIM RL Aggressive multi-strategy (multimercado) fund with macro thesis exposure to commodities, equities, currencies, and interest rates. Charges 2.0% annual admin fee and 20% performance fee vs Ibovespa benchmark. Inception date 19/10/2005.

Quantifiable outcome

• Sparta Top — 319.29% cumulative return since inception (07/02/2012) with 14.53% over trailing 12 months as of June 2026
• +5 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Banco FatorcoreChannel Partner/ Reseller/ DistributorBanco Fator serves as the formador de mercado (market maker) for CDII11, providing liquidity support for the listed infrastructure fund on B3. This is a critical function enabling secondary market trading and price discovery for retail investors accessing the fund through homebroker platforms.
• BTG Pactual Serviços Financeiros S.A. DTVMcoreChannel Partner/ Reseller/ DistributorBTG Pactual acts as the fund administrator (administrador) for listed funds CDII11, CRAA11, and other Sparta products. Provides regulatory administration, B3 connectivity, and investor servicing infrastructure. The partnership enables Sparta to list and distribute funds on B3.
• BNY Mellon Serviços Financeiros DTVM S.A.coreTechnology or IntegrationBNY Mellon serves as the global custodian (custódia) for Sparta funds and operates the investor portal (portaldeinvestidor.com.br) providing account access, reporting, and fund administration for investor services. This is a key institutional infrastructure partnership.
• XP Investimentos CTVM S.A.coreChannel Partner/ Reseller/ DistributorXP Investimentos acts as fund administrator (administrador) for certain Sparta fund structures and provides distribution infrastructure through its platform. Also hosts dedicated Sparta pension sub-funds (SpartaPrevidênciaXP, SpartaPrevidênciaInflaçãoXP) accessible to XP's large retail investor base.
• Porto SegurocoreChannel Partner/ Reseller/ DistributorPorto Seguro hosts the 'Porto Seguro SpartaPrev' pension sub-fund on its platform, enabling its insurance and financial services customer base to access Sparta-managed fixed income pension strategies. The partnership provides co-branded fund distribution through Porto Seguro's established customer network.
• Zurich SeguroscoreChannel Partner/ Reseller/ DistributorZurich hosts the 'SpartaPrevidênciaZurich' pension sub-fund on its platform, distributing Sparta-managed fixed income pension products to Zurich's insurance customer base with performance benchmark of CDI and 10% performance fee.
• Icatu SeguroscoreChannel Partner/ Reseller/ DistributorIcatu hosts multiple Sparta-branded pension sub-funds on its platform including SpartaPrevidênciaIcatuD, SpartaPrevIcatuAdvisory, and SpartaPrevidênciaInflaçãoIcatu, covering both CDI-referenced and inflation-linked (IMA-B 5) fixed income strategies. Provides access to Icatu's retail pension customer base.
• ItaúcoreChannel Partner/ Reseller/ DistributorItaú distributes Sparta-managed pension sub-funds (SpartaPrevidênciaIU, SpartaPrevidênciaInflaçãoIU) on its platform, enabling Itaú's extensive retail and private banking customer base to access Sparta fixed income strategies under the Itaú pension product umbrella.
• ANBIMA (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais)coreStrategic or Co-development PartnerSparta is a signatory to ANBIMA and subject to its regulatory standards and codes of conduct. The ANBIMA seal (Selo de Gestão de Recursos) displayed on the website indicates compliance with ANBIMA's best practices for asset management. ANBIMA also publishes the IPC index which Sparta references as a benchmark.
• PRI (Principles for Responsible Investment)minorStrategic or Co-development PartnerSparta is listed as a PRI signatory, indicating commitment to incorporating ESG (environmental, social, and governance) factors into its investment analysis and decision-making processes. The PRI is a UN-supported initiative.

Scale indicators6 records

Recent moves8 records

Expansion highlights4 records

Broad incumbents

• Itaú Asset Management: Asset management division of Itaú Unibanco, Brazil's largest private bank. Comparable as a partner distributing Sparta pension sub-funds and as a dominant bank-affiliated competitor in fixed income and credit strategies.
• Vinci Partners: Listed Brazilian alternative investment platform spanning credit, equities, infrastructure, and private equity. Comparable as a larger, more diversified independent Brazilian manager with overlapping credit and infrastructure strategies.
• XP Asset Management: Asset management arm of XP Inc., one of Brazil's largest retail investment platforms. Comparable as a partner hosting Sparta pension sub-funds and as a competitor offering credit, fixed income, and multimercado funds across the same retail base.
• BTG Pactual Asset Management: Asset management arm of BTG Pactual, a leading Brazilian investment bank. Comparable as both a partner (administrator for listed funds) and a competitor managing fixed income, credit, and multimercado funds across retail and institutional channels.

Direct peers

• Ibiuna Investimentos: Brazilian independent macro and multi-strategy manager with strong institutional client base. Directly comparable as another independent Brazilian specialist with macro orientation and pension/institutional distribution.
• Vinland Capital: Brazilian independent asset manager with credit and fixed income strategies. Comparable to Sparta as a niche independent specialist operating in Brazilian credit markets with similar institutional distribution model.
• ARX Investimentos: Independent Brazilian asset manager with multi-strategy capabilities including fixed income, equities, and macro. Directly comparable as a long-tenured independent specialist competing against bank-affiliated giants in the Brazilian market.
• Truxt Investimentos: Brazilian independent manager specializing in private credit and fixed income strategies. Directly comparable to Sparta's core crédito privado franchise with similar institutional credit focus.
• Bahia Asset Management: Brazilian independent asset manager focused on fixed income and credit strategies. Comparable to Sparta as a domestic independent specialist with overlapping product categories and institutional client base.
• Kapitalo Investimentos: Brazilian independent asset manager specializing in macro and quantitative strategies with multimercado and systematic products. Comparable to Sparta through its independent ownership and proprietary systematic investment approach.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCKNQrMiAckB3wwXEqB3OmYw
• Facebookfacebook.com/spartafundos
• LinkedInlinkedin.com/company/sparta-fundos-de-investimento
• Instagraminstagram.com/sparta_investimentos
• Xx.com/spartafundos

Compliance2 records

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

Investments

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

Frequently asked questions about Sparta