What Trígono Capital does

Trígono Capital is an independent Brazilian asset management firm founded in October 2017 and headquartered in São Paulo. The company manages investment funds across four asset classes — variable income (equity), private credit, pension/previdência, and ETF — operating 13 distinct investment strategies. Its flagship offerings include the Flagship Small Caps fund (currently closed to new capital), Delphos Income (dividend-focused), Verbier, Horizon Microcap, Power & Yield, Parthenon, Dynamic Long Biased, and the TRIG11 ETF listed on B3. The private credit lineup includes Sirius Flex 5, and pension products include BP 70 PREV and two ICATU-branded funds. As of publicly disclosed data, total assets managed exceed R$2.3 billion across named funds (Flagship R$269MM, Delphos R$121.5MM, Flagship 60 R$104.7MM, etc.).

The firm's investment process rests on three proprietary pillars: Economic Value Added (EVA)-based intrinsic value determination, a dividend-focused philosophy, and a proprietary ESG scoring system that rates assets as negative, neutral, or positive. A relative value methodology is applied to private credit instruments. As a governance differentiator, Trígono nominates independent board members to investee companies (31 across the portfolio) and conducts constructive engagement at AGMs and ESMs. The firm is a signatory to the UN-supported Principles for Responsible Investment (PRI) since September 2023, holds Moody's Local MQ2.br quality rating (affirmed May 2026), and is an ANBIMA Associate member.

Trígono operates a 100% intermediary-based distribution model, with no direct sales to end investors. Funds are distributed through 25+ third-party platforms including Banco do Brasil (via BB Asset strategic partnership since June 2023), BTG Pactual, XP Investimentos, Icatu Seguros, NU Invest, C6 Bank, Inter, and Safra. Revenue is derived from management fees on AUM, with fund-specific minimum subscriptions ranging from R$100 (Dynamic) to R$50,000 (Flagship Institucional). The senior leadership team is anchored by founders Frederico Mesnik (CEO) and Werner Roger (CIO), with 33 and 43 years of market experience respectively, supported by a specialized team of portfolio managers, analysts, risk, compliance, and operations professionals.

Name

Trígono Capital

Legal name

TRÍGONO CAPITAL LTDA

Website

https://trigonocapital.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Trígono Capital is an independent Brazilian asset manager founded in 2017, operating 13 investment strategies across variable income, private credit, pension, and ETF products. It distributes exclusively through 25+ third-party platforms using proprietary EVA, dividend, and ESG methodologies.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Asset Income Funds (Diversified Income) (FSAAAJAG)

akta.pro secondary industry

ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)

Keywords

• Asset management
• Equity funds
• Private credit
• Pension funds
• ETF management

Headquarters

HQ city

Santo Antônio

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset Management Fees: Trígono Capital generates revenue by charging management fees on its investment funds. Each fund has its own fee structure as disclosed in fund-specific materials. The firm operates multiple fund categories: variable income (equity), private credit, pension/previdence, ETF, and institutional funds. Fees are typically calculated as a percentage of assets under management (AUM).

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels8 records

Core offering

Trígono Capital is an independent Brazilian asset management firm that manages investment funds across variable income (equities), private credit, pension, ETF, and institutional categories. The firm applies proprietary methodologies including EVA (Economic Value Added), dividend-based selection, and ESG integration to construct portfolios, and distributes products primarily through third-party platforms in Brazil.

Product overview

Trígono Capital is an independent asset management firm offering a diversified portfolio of investment funds across multiple asset classes. The product lineup includes: (1) Variable Income funds – Flagship Small Caps, Flagship 60, Delphos Income (dividends), Verbier, Power & Yield, Horizon Microcap, Parthenon, and Dynamic Long Biased; (2) Private Credit – Sirius Flex 5; (3) Pension/Previdência – BP 70 Prev, ICATU 70 Prev, and ICATU 100 FIA Prev; (4) ETF – TRIG11 tracking the TEVA index; and (5) Institutional funds for qualified investors. All funds are distributed through major Brazilian investment platforms including Banco do Brasil, BTG Pactual, XP Investimentos, ICATU, and others. The firm employs proprietary investment methodologies combining fundamental analysis, EVA, dividend strategies, ESG criteria, and risk management across its 13 investment strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• Variable Income Funds Brazilian equity (variable income) mutual funds managed by Trígono Capital using proprietary EVA, dividend-based, and ESG methodologies, targeted at institutional and qualified investors via third-party distribution platforms.
• Private Credit Funds Private credit funds managed by Trígono Capital, providing investors access to alternative credit opportunities in Brazil, distributed through third-party platforms to institutional and qualified investors.
• Pension Funds Pension-oriented funds within Trígono Capital's lineup, structured to meet the long-horizon objectives of pension allocators and distributed through third-party platforms in Brazil.
• ETF Management Exchange-traded funds managed by Trígono Capital, applying the firm's proprietary methodologies to listed vehicles, distributed through Brazilian broker and trading platforms.
• Institutional Mandates Institutional mandates and funds managed by Trígono Capital, tailored to institutional investors in Brazil and accessed through institutional distribution channels.

Quantifiable outcome

• Three funds (Flagship, Delphos, Verbier) received Morningstar 5-star rating in 2021
• +5 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• BB AssetcoreStrategic or Co-development Partner · 1 June 2023Among 165 asset managers evaluated, Trígono was selected by BB Asset as a strategic partner for variable income (equity) investments, based on fund profitability, management quality, and high corporate responsibility principles. The partnership was formalized in June 2023 and represents Trígono's flagship distribution alliance with a major state-owned bank. The strategic selection positions Trígono among elite Brazilian equity managers.
• ANBIMAcoreOthersTrígono Capital is an Associate (Associado) member of ANBIMA since January 2024, having elevated its participation from Aderente to Associado. This affiliation requires adherence to ANBIMA's codes of conduct governing market sustainability and investor protection.
• PRI (Principles for Responsible Investment)coreStrategic or Co-development PartnerTrígono Capital became a signatory to the UN-supported Principles for Responsible Investment (PRI) since September 2023, committing to incorporating ESG factors into investment practices. The PRI is a UN-supported network of investors working together to put responsible investment into practice.
• Hospital de AmorminorOthersSocial partnership with Hospital de Amor (formerly Hospital de Câncer de Barretos), a nationally and internationally recognized healthcare institution specializing in cancer treatment and prevention, offering free high-quality medical care.
• TenYadminorOthersSocial partnership with TenYad, a charitable organization dedicated to social assistance and support for people in vulnerable situations, providing essential services such as food distribution, educational support, and social integration programs.
• SitawiminorOthersSocial partnership with Sitawi, an innovative organization developing financial solutions for social and environmental impact, offering credit, investments, and fund management for sustainable initiatives, combining financial returns with socioenvironmental benefits.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• SPX Capital: Brazilian independent asset manager with multi-strategy offerings (equities, fixed income, private credit) and proprietary fundamental research. Comparable in size class, distribution model through third-party platforms, and Brazilian-market focus.
• Verde Asset Management: Brazilian independent asset manager offering diversified equity, fixed income, and alternative strategies distributed through major platforms. Comparable in independent status, multi-strategy platform, and emphasis on proprietary fundamental research.
• Gávea Investimentos: Brazilian independent asset manager with value-oriented equity and credit strategies. Comparable as an independent Brazilian manager with a long-term fundamental approach and institutional-quality reporting.
• Dynamo Administração de Recursos: Brazilian independent asset manager specializing in value-oriented equities, with a similarly concentrated product lineup and long-horizon fundamental approach. Closely comparable in business model and target customer base (qualified individual and institutional investors via Brazilian distribution platforms).
• Kapitalo Investimentos: Brazilian independent multi-strategy asset manager with equity and macro offerings. Comparable in boutique scale, proprietary research orientation, and distribution through Brazilian wealth platforms.
• Quest Investimentos: Brazilian independent asset management firm with diversified funds including equities and fixed income. Comparable in independent ownership, Brazilian-market mandate, and reliance on multi-platform distribution.
• Ibiuna Investimentos: Brazilian independent asset manager with macro and equity strategies. Comparable in independent boutique structure, sophisticated Brazilian investor base, and proprietary fundamental methodologies.

Emerging players

• Constellation Investimentos: Brazilian asset management firm with multi-strategy offerings including equities and private credit. Comparable as an emerging Brazilian manager focused on sophisticated strategies for qualified investors.

Broad incumbents

• Itaú Asset Management: Largest Brazilian asset manager and a wholly-owned subsidiary of Itaú Unibanco. Comparable as a multi-strategy Brazilian manager competing for the same shelf space and institutional mandates, but with materially larger AUM and captive distribution.
• BTG Pactual Asset Management: Asset management arm of BTG Pactual, a leading Brazilian investment bank. Comparable as a Brazilian multi-strategy manager; notably serves as both a peer and Trígono's largest distribution partner (carrying nine of its funds).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCIvAMTR2gh1RySFiC7w4_ag
• Facebookfacebook.com/TrigonoCapital
• LinkedInlinkedin.com/company/tr%C3%ADgono-capital
• Instagraminstagram.com/trigonocapital
• Xx.com/trigonocapital

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

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 Trígono Capital