Angra Partners

What Angra Partners does

Angra Partners is a Brazilian private equity and venture capital firm founded in 2003 and headquartered in São Paulo, with a secondary office in Rio de Janeiro. The firm operates as a CVM-licensed asset manager (BRLaw 8,668) running multiple fund vehicles including FIPs (Fundos de Investimento em Participações) and FIAs (Fundos de Investimento em Ações), with R$4 billion in capital managed across seven funds and 45+ portfolio assets. Its core strategies are Infrastructure (energy, ports, logistics, telecommunications, sanitation, transportation — managing 35 equity and 10 debt assets), Special Situations (complex governance, restructurings, asset monetization), and Growth Capital (with recent expansion into technology and innovation through Inova FIP).

The firm serves two primary customer segments: institutional limited partners (LPs) — including government development bank Finep and Abu Dhabi sovereign fund Mubadala Capital — who commit capital to its funds, and portfolio companies that receive capital, governance support, and operational expertise. Notable portfolio holdings and exits include Celesc (sold to EDP in 2018), A Geradora (sold in 2023), MetrôRio, Brasil Telecom, Rocha, Cattalini, and ATG (a new Brazilian stock exchange project). The firm generates revenue primarily through recurring management fees on committed or invested capital across its fund vehicles.

Angra Partners' growth strategy is anchored on platform expansion rather than geographic diversification. The 2016 acquisition of Mantiq from Santander doubled AUM to R$2 billion and added three new funds. In August 2024, the firm launched Inova FIP, a R$200 million venture capital fund with Finep as sole LP, targeting Series A and B investments in innovation and impact. The firm is led by Founder and CEO Alberto Guth (Wharton MBA, 35 years of asset management experience) with a senior team including Director Celso Quintella, Director Adriano Duriguel (CFA), and recently returned senior Murillo Vianna to lead the VC practice.

Name

Angra Partners

Legal name

Angra Partners

Website

https://angrapartners.com.br

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Angra Partners is a Brazilian private equity and venture capital firm managing R$4 billion across 7 funds, serving institutional LPs (Finep, Mubadala) and portfolio companies through Infrastructure, Special Situations, and Growth Capital strategies.

Ownership category

akta.pro rank

Product category

Private Equity and Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

akta.pro secondary industries

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC), Real Assets — Real Asset Fund Platforms / Multi-Asset Real Assets (Diversified Real Assets Funds) (FSAHAIAM)

Keywords

• Private equity funds
• Venture capital funds
• Infrastructure investing
• Special situations investing
• Growth capital

Headquarters

HQ city

Rio De Janeiro

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Angra Partners earns management fees on the funds it manages (FIPs and FIA), typically charged as a percentage of committed or invested capital. The firm manages multiple funds including FIP Angra Infra, FIP Investidores Institucionais series, FIP ETB, FIP Inova Empresa, and Volt FIA.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Angra Partners is a Brazilian private equity and venture capital fund manager that raises capital from institutional investors and deploys it across multiple fund vehicles (FIPs and FIA) targeting infrastructure assets, special situations, growth-stage companies, and innovation/technology ventures in Brazil. The firm also provides financial advisory in selected cases.

Product overview

Angra Partners is a Brazilian private equity and venture capital firm with over 20 years of experience managing alternative and illiquid assets. The firm operates a multi-fund platform comprising private equity funds (FIP Investidores Institucionais series, FIP Angra Infra) and venture capital funds (Inova FIP, FIP Inova Empresa). These funds target investments across three core strategies: Infrastructure (managing 35 equity assets and 10 debt assets in energy, ports, logistics, telecommunications, sanitation, and transportation), Special Situations (complex governance, financial restructurings, and asset monetization), and Growth Capital (high-growth potential companies with management support). The portfolio includes investments in sectors such as ports, energy, technology, telecommunications, and logistics/transportation. In 2024, the firm launched a new R$200 million VC fund focused on innovation and technology through Series A and B investments.

Differentiator

Problem solved

Functional benefit

Products and services

• FIP Angra Infra Infrastructure-focused private equity fund that invests across sanitation, logistics, transportation, renewable energies, biofuels, and oil and gas subsectors; targets Brazilian institutional investors (LPs) seeking infrastructure exposure.
• FIP Investidores Institucionais 1 Private equity fund managed by Angra Partners since 2004 with focus on investments in telecommunications, logistics, sanitation, and transportation sectors in Brazil.
• FIP Investidores Institucionais 2 Private equity fund assumed by Angra Partners in 2013 with 7 pre-existing assets across multiple sectors, including special situations.
• FIP Investidores Institucionais 3

Quantifiable outcome

• R$ 4 billion in capital managed across 7 funds and 22 assets
• +4 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• 3G Capital: Brazil-originated global private equity firm behind major consumer/food investments. Broad incumbent with overlapping Latin American PE activity, though operating at much larger cheque sizes globally.
• BTG Pactual (Alternative Investments): One of Brazil's largest investment banks with a significant private equity, infrastructure, and venture capital platform. Broader incumbent offering overlapping capabilities as part of a much larger financial services franchise.

Direct peers

• Bozano Investimentos: Long-standing Brazilian private equity and venture capital firm with broad sector exposure. Comparable as another Brazil-rooted multi-strategy alternative manager targeting institutional LPs.
• Monashees: One of the largest Latin American venture capital firms with strong Brazilian Series A/B focus. Comparable as Angra expands its venture platform (Inova FIP) targeting similar early growth-stage companies.
• Vinci Partners: Brazilian publicly-listed alternative asset manager offering private equity, infrastructure, credit, and wealth management strategies. Most directly comparable Brazilian peer, with overlapping institutional LP base and infrastructure focus.
• Pátria Investimentos: Largest Brazilian alternative asset manager with private equity, infrastructure, credit, and real estate strategies. Directly comparable in strategy mix and institutional LP focus, though larger in AUM.
• SP Ventures: Brazilian agtech and climate-focused venture capital firm that already co-invests alongside Angra's Inova FIP (Promip). Comparable as a Brazilian VC manager, currently both a peer and a partner.
• Gávea Investimentos: Brazilian alternative asset manager founded by former central bank governor Armínio Fraga, focused on PE, macro, and credit strategies. Comparable as a long-standing Brazilian institutional asset manager.
• Kaszek Ventures: Latin American venture capital firm backing technology-enabled businesses across the region. Comparable as a Brazilian-rooted VC manager targeting Series A/B rounds, where Angra's Inova FIP now competes.

Emerging players

• Hamilton Lane: Global private markets investment manager with growing Latin America presence, including fund-of-funds and direct investments. Comparable as an institutional-focused alternative manager expanding into Brazilian PE/VC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/43793
• Instagraminstagram.com/angrapartners

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Angra Partners