Brasil Capital

What Brasil Capital does

Brasil Capital (legal name BC Gestão de Recursos LTDA) is a São Paulo-based investment management firm founded in 2008 that operates a single equity strategy focused exclusively on Brazilian listed companies. The firm manages three core equity funds — Brasil Capital FIC FIA (flagship, launched October 2008, qualified investors), Brasil Capital Inst 30 FIC FIA (launched August 2012, general investors), and Brasil Capital RP INST FIC FIA (launched April 2021, EFPC/RPPS pension entities) — plus three pension-wrapped variants (Brasil Capital 70 XP FIM, Brasil Capital 100 XP FIA, Brasil Capital 100 B FIC FIA) distributed through insurance and brokerage partners. Total assets under management across the three main funds reached R$365.32 million as of June 2026, with cumulative since-inception returns of 1,394.39% (FIC FIA, since October 2008) and 195.10% (Inst 30, since August 2012) per disclosed performance reports.

The firm's investment process is built on fundamental analysis of "superior quality business models" led by "competent, honest, and aligned" management teams, purchased at attractive valuations with a margin of safety. There is no proprietary technology platform, AI/ML component, or app — Brasil Capital is a traditional discretionary long-only equity manager. Revenue is generated through management/administration fees (1.5%–3.0% p.a. on AUM depending on fund) and performance fees (typically 20% of returns exceeding the Ibovespa or IGPM+6% benchmark), payable on a subscription/recurring basis to qualified investors, pension funds, and retail customers.

Distribution is exclusively indirect, conducted through more than 20 Brazilian digital brokerage platforms (XP, BTG Digital, Banco Inter, Warren, Rico, Toro, Guide, Genial, Modal Mais, Nu Invest, C6Bank, PagSeguro, ANDBANK, among others) and insurance companies (XP Seguridade, BTG) for pension products. Back-office functions are outsourced to tier-one service providers (BNY Mellon as administrator/custodian for Inst 30; Banco Bradesco and BEM DTVM for the RP fund; KPMG/EY as auditors). The firm employs 11–50 people and operates from a single office in the Itaim Bibi district of São Paulo.

Name

Brasil Capital

Legal name

BC Gestão de Recursos LTDA

Website

https://brasilcapital.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Brasil Capital is a São Paulo-based equity investment management firm founded in 2008, managing R$365M across three funds focused exclusively on Brazilian listed companies. It serves qualified investors, pension funds, and retail clients through 20+ digital brokerage platforms.

Ownership category

akta.pro rank

Product category

Equity Asset Management

NAICS

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

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Central Bank Reserve Management (FSAAAGAF)

akta.pro secondary industry

Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)

Keywords

• Equity fund management
• Brazilian listed equities
• Asset management services
• Pension fund management
• Investment management firm

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Management and Performance Fees: Brasil Capital generates revenue through management fees (administration fees) and performance fees (taxa de performance) charged on assets under management. The performance fee is typically 20% of returns exceeding a benchmark (Ibovespa or IGPM+6%).

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Brasil Capital is an equity investment management firm that manages and distributes investment funds (FIA) focused exclusively on Brazilian listed companies. Its portfolio of funds includes the flagship Brasil Capital FIC FIA, Brasil Capital Inst 30 FIC FIA, and Brasil Capital RP INST FIC FIA for institutional pension investors, plus pension fund variants distributed through XP and BTG platforms. The firm applies fundamental analysis under a single investment philosophy targeting quality business models with competent management and attractive valuations.

Product overview

Brasil Capital is an equity investment management firm that operates a portfolio of distinct investment funds. The core offering consists of three main equity funds: Brasil Capital FIC FIA (the flagship fund for qualified investors, launched in 2008), Brasil Capital Inst 30 FIC FIA (for general investors, launched in 2012), and Brasil Capital RP INST FIC FIA (retirement-focused fund for pension entities, launched in 2021). These are complemented by three pension fund variants—Brasil Capital 70 XP FIM, Brasil Capital 100 XP FIA, and Brasil Capital 100 B FIC FIA (BTG)—which share the same equity investment strategy but are structured to meet pension regulatory requirements and distributed through specific platforms (XP and BTG). All funds operate under a single investment philosophy focused on superior quality Brazilian listed companies with competent management and attractive valuations.

Differentiator

Problem solved

Functional benefit

Products and services

• Brasil Capital FIC FIA The flagship equity investment fund focused on Brazilian listed companies, launched on October 13, 2008. It targets qualified investors and has delivered 1,394.39% cumulative returns since inception. The fund follows a single investment strategy focused on superior quality business models with competent management teams. Minimum investment R$1,000 with D+14 settlement and a 20% performance fee on returns exceeding IGPM+6%.
• Brasil Capital Inst 30 FIC FIA An equity fund launched on August 27, 2012, designed for general and institutional investors. It offers 1.5% annual administration fee and 20% performance fee on returns exceeding Ibovespa. The fund has accumulated 195.10% returns since inception and is classified as Ações Livre by ANBIMA. Minimum investment R$100,000 with R$10,000 minimum movements. Administered by BNY Mellon with KPMG audit.
• Brasil Capital RP INST FIC FIA A retirement-focused equity fund launched on April 13, 2021, targeting EFPC (supplementary pension entities under Resolução CMN 4.661) and RPPS (public servant pension funds under Resolução 3.922). It features 3.00% annual administration fee with no performance fee, D+30 redemption settlement, and requires R$1,000 minimum investment. Banco Bradesco serves as custodian and BEM DTVM as administrator, with EY as independent auditor.
• Brasil Capital 70 XP FIM A pension fund with a 70% variable income allocation limit, designed for general investors. It follows the same equity investment strategy as traditional Brasil Capital funds with regulatory restrictions specific to pension products, distributed through XP Seguridade's platform.
• Brasil Capital 100 XP FIA A pension fund allowing up to 100% variable income allocation, targeted at qualified investors. It maintains the core Brasil Capital equity strategy while complying with pension legislation requirements, distributed through XP Seguridade.
• Brasil Capital 100 B FIC FIA (BTG) A pension fund available through BTG Pactual platform, offering 100% variable income allocation. Distributed exclusively via BTG's digital platform for private pension products, serving the same Brasil Capital equity strategy under pension regulation.

Quantifiable outcome

• 1394.39% cumulative return since inception (2008)
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

21 partnerships are on record, tiered core and minor.

• XP InvestimentoscoreChannel Partner/ Reseller/ DistributorXP Investimentos is a primary distribution platform for Brasil Capital funds, offering Brasil Capital FIC FIA and Brasil Capital 30 FIC FIA to its investor base.
• BTG DigitalcoreChannel Partner/ Reseller/ DistributorBTG Digital distributes Brasil Capital funds including Brasil Capital 30 FIC FIA and Brasil Capital 100 B FIC FIA for pension products.
• Banco InterminorChannel Partner/ Reseller/ DistributorDigital bank offering Brasil Capital 30 FIC FIA to its retail investor customers.
• WarrenminorChannel Partner/ Reseller/ DistributorWealth management platform distributing Brasil Capital funds to its customer base.
• RicominorChannel Partner/ Reseller/ DistributorDigital brokerage platform offering Brasil Capital funds.
• Toro InvestimentosminorChannel Partner/ Reseller/ DistributorDigital investment platform distributing Brasil Capital funds.
• Guide InvestimentosminorChannel Partner/ Reseller/ DistributorBrokerage platform distributing Brasil Capital funds.
• Genial InvestimentosminorChannel Partner/ Reseller/ DistributorDigital brokerage platform distributing Brasil Capital funds.
• Modal MaisminorChannel Partner/ Reseller/ DistributorDigital investment platform distributing Brasil Capital funds.
• Nu InvestminorChannel Partner/ Reseller/ DistributorNubank's investment platform distributing Brasil Capital funds.
• C6BankminorChannel Partner/ Reseller/ DistributorDigital bank platform distributing Brasil Capital funds.
• Agora InvestimentosminorChannel Partner/ Reseller/ DistributorBrokerage platform distributing Brasil Capital funds.
• ANDBANKminorChannel Partner/ Reseller/ DistributorPrivate banking platform distributing Brasil Capital funds.
• ATIVA InvestimentosminorChannel Partner/ Reseller/ DistributorBrokerage platform distributing Brasil Capital funds.
• Mirae AssetminorChannel Partner/ Reseller/ DistributorBrokerage platform distributing Brasil Capital funds.
• NectonminorChannel Partner/ Reseller/ DistributorBrokerage platform distributing Brasil Capital funds.
• PagSegurominorChannel Partner/ Reseller/ DistributorDigital payments platform investment offering Brasil Capital funds.
• RB InvestimentosminorChannel Partner/ Reseller/ DistributorInvestment platform distributing Brasil Capital funds.
• Terra InvestimentosminorChannel Partner/ Reseller/ DistributorBrokerage platform distributing Brasil Capital funds.
• CM CapitalminorChannel Partner/ Reseller/ DistributorCapital markets platform distributing Brasil Capital funds.
• BREminorChannel Partner/ Reseller/ DistributorDigital platform distributing Brasil Capital funds.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Verde Asset Management: Brazil's flagship long-only equity manager founded by Luis Stuhlberger, focused on Brazilian listed equities via active mutual funds. Directly comparable single-strategy boutique with similar distribution via Brazilian corretoras and institutional channels.
• Dynamo Administração de Recursos: Boutique Brazilian equity manager with a value/margin-of-safety philosophy similar to Brasil Capital. Long-running single-strategy focus on Brazilian listed companies makes it one of the closest comparables by investment style.
• Squadra Investimentos: Independent Brazilian asset manager focused primarily on long-only equity strategies. Comparable boutique-scale manager with similar distribution and Brazilian equity mandate.
• ARX Investimentos: Brazilian long-biased equity and macro manager with concentrated portfolios of Brazilian listed equities. Comparable boutique structure and channel-driven distribution model.
• Bogari Capital: Boutique Brazilian asset manager dedicated to Brazilian equity strategies. Closely comparable focus area, boutique scale, and distribution through Brazilian brokerage platforms.
• Constância Investimentos: Brazilian long-only equity boutique with similar active management approach to Brazilian listed companies. Comparable in scale and single-strategy positioning.

Broad incumbents

• Gávea Investimentos: Major independent Brazilian asset manager (founded by former central banker Armínio Fraga) offering multi-strategy mandates including equities. Larger-scale incumbent with overlapping equity capabilities but broader portfolio.
• Vinci Partners: Publicly listed Brazilian alternative asset manager with private equity, equities, infrastructure and credit strategies. Larger incumbent with overlapping Brazilian equity mutual fund products distributed via the same platforms.
• BTG Pactual Asset Management: Asset management arm of BTG Pactual, one of Brazil's largest investment banks, distributing Brasil Capital's own pension product (Brasil Capital 100 B FIC FIA) on its platform. Represents the dominant incumbent in Brazilian equities and alternative funds.
• Itaú Asset Management: Brazil's largest asset manager and part of Itaú Unibanco, offering extensive equity, fixed income, and multi-asset funds across retail and institutional channels. Sets the scale benchmark Brasil Capital competes against on the same distribution platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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

M&A

Investments2 records

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

Frequently asked questions about Brasil Capital