Hemisfério Sul Investimentos

What Hemisfério Sul Investimentos does

Hemisfério Sul Investimentos (HSI) is a Brazilian alternative investment manager founded in 2006, operating across multiple asset classes with a focus on real estate and credit. As of the most recent disclosure, the firm manages approximately BRL 13 billion in assets under management and has historically raised BRL 28 billion across its fund vintages, serving more than 240,000 investors through both institutional limited partner structures and retail channels on B3. The platform is organized into distinct business lines: a real estate private equity (REPE) franchise with BRL 7 billion in AUM; listed REITs totaling BRL 4.4 billion; private credit at BRL 800 million; and real estate credit at BRL 900 million. Through its wholly-owned subsidiary Alqia, acquired fully in 2022, HSI also administers 12 shopping centers, providing fee income beyond traditional fund management.

The firm pursues an active management model spanning origination, structuring, asset management, and disposition, supported by 160+ employees and a senior team averaging 24-25 years of experience. Notable transactions include the 2010 acquisition of Bracor for BRL 1.6 billion, the 2012 sale of CLB to GLP for BRL 2.9 billion, the 2019 IPO of HSML11 raising BRL 1.5 billion, and the 2024 entry into healthcare real estate via a joint venture. Strategic partnerships, including a 2018 collaboration with AccorHotels for hospitality development, complement in-house origination.

Revenue mechanics are anchored in management fees on AUM across listed and private vehicles, supplemented by performance fees on realized gains above hurdle rates, transaction and origination fees in the credit books, and shopping center administration fees via Alqia. Distribution combines direct institutional LP relationships with B3-listed REIT products accessible to retail investors, supporting both fundraising velocity and recurring fee revenue. The firm has received multiple #1 LATAM industry awards, reflecting brand strength in the regional real estate investment management category.

Name

Hemisfério Sul Investimentos

Legal name

Hemisfério Sul Investimentos S.A.

Website

https://hsinvest.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Hemisfério Sul Investimentos is a Brazilian alternative investment manager managing approximately BRL 13 billion across real estate private equity, listed REITs, private credit, and real estate credit, plus 12 shopping centers via Alqia, serving over 240,000 institutional and retail investors.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910), Other Financial Vehicles (52599)

SIC

Investment Advice (6282), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)

akta.pro secondary industries

Private Banking Advisory & Discretionary Portfolio Management (FSABADAD), Managed Accounts & Model Portfolios (SMA/UMA) (FSAAAAAG), Managed Account Platforms (Separately Managed Accounts / Customized Portfolios) (FSAHAKAC)

Keywords

• Real estate private equity
• Private credit solutions
• Listed REIT management
• Shopping center administration
• Alternative asset management

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

Revenue model

1. Management Fees (Real Estate Private Equity): HSI charges management fees on its private equity funds (FIPs) investing in real estate, credit, and special opportunities. Fees are calculated on committed or invested capital.
2. Management Fees (FIIs / Listed Funds): HSI earns management fees on listed real estate investment funds (HSML11, HSLG11, HSRE11, HSAF11) with fees based on net asset value. Over BRL 4.4 billion in FII assets under management.
3. Performance Fees / Carried Interest: HSI earns carried interest on private equity fund gains, aligning manager and investor interests. Track record includes BRL 9 billion returned to investors from REPE alone.
4. Credit Origination Income: Revenue from structuring and originating credit products including CRAs, CRIs, debentures, and direct lending through HSI Crédito Privado (BRL 800 million AUM) and HSI Ativos Financeiros (BRL 900 million AUM).
5. Shopping Center Administration (Alqia): Alqia earns fees for administering 12 shopping centers totaling 405,000 m² of GLA and BRL 5 billion in annual sales, managing planning, leasing, and commercialization.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

HSI is a Brazilian alternative investment manager that deploys capital across four business lines: real estate private equity (BRL 7B AUM), private credit (BRL 800M AUM), listed REITs accessible via B3 (BRL 4.4B AUM), and real estate credit through HSI Ativos Financeiros (BRL 900M AUM). It also operates Alqia, a wholly-owned shopping center administrator managing 12 centers with 405,000 m² of GLA. The firm serves both global institutional investors through private funds and Brazilian retail investors via listed FIIs, with a 20-year track record of active management.

Product overview

HSI (Hemisfério Sul Investimentos) is one of the largest alternative investment managers in Latin America, operating as a multi-product investment platform. The company offers four main business lines: HSI Real Estate Private Equity (direct real estate investments), HSI Crédito Privado (private credit solutions), HSI Fundos Imobiliários (listed REITs for Brazilian investors), and HSI Ativos Financeiros (real estate credit). The REIT arm includes three funds: HSI Malls (shopping centers - HSML11), HSI Logística (logistics warehouses - HSLG11), and HSI Renda Imobiliária (hybrid - HSRE11). The company also operates through subsidiaries including Syslog Logística (logistics brand), the GoodStorage self-storage platform, and the HSI Healthcare vertical. Additionally, HSI develops and manages commercial properties under brands like Inspira and Rythme, and administers shopping centers through its subsidiary Alqia. The platform manages BRL 13 billion in AUM across more than 240,000 investors.

Differentiator

Problem solved

Functional benefit

Brands

• HSI Real Estate Private Equity: Real estate private equity investment platform, the largest in Latin America for the segment, with BRL 7 billion AUM.
• HSI Crédito Privado
• HSI Fundos Imobiliários
• HSI Ativos Financeiros
• Aqia
• Syslog Logística
• GoodStorage
• Zii Hotéis
• doispontozero hotéis
• HSI Malls (HSML11)
• HSI Logística (HSLG11)
• HSI Renda Imobiliária (HSRE11)
• HSI Ativos Financeiros (HSAF11)

Products and services

• HSI Real Estate Private Equity Private equity investment practice focusing on real estate assets across Latin America (shopping centers, corporate offices, logistics warehouses, residential, hospitality), deploying capital from global institutional investors. BRL 7 billion AUM.
• HSI Crédito Privado Private credit solutions offering customized credit and capital solutions for companies seeking growth or balance sheet restructuring, with governance goals that strengthen operational and financial discipline. BRL 800 million AUM.
• HSI Fundos Imobiliários (Listed REITs Platform) Real estate investment funds (REITs) that deliver HSI's active management model to Brazilian retail investors, launched in 2019. BRL 4.4 billion AUM across four listed vehicles.
• HSI Ativos Financeiros Real estate credit segment combining expertise in real estate and credit sectors, with active management and origination capabilities in the Brazilian market. BRL 900 million AUM.
• Alqia (Shopping Center Administration) Shopping center administration company managing a portfolio of 12 shopping centers across Brazil with 405,000 m² of GLA, BRL 5 billion in annual sales, and 90 million annual foot traffic, providing property management, leasing, and commercial administration services.
• HSI Malls (HSML11) — Listed REIT Shopping center REIT listed on B3, managing shopping center assets across multiple regions of Brazil.
• HSI Logística (HSLG11) — Listed REIT Logistics REIT focused on last-mile logistics warehouses, with a 100% last-mile portfolio strategy.
• HSI Renda Imobiliária (HSRE11) — Listed REIT Hybrid REIT with a diverse portfolio of properties from different real estate segments.
• HSI Ativos Financeiros (HSAF11) — Listed REIT Listed REIT focused on real estate receivables and credit investments.

Quantifiable outcome

• BRL 9.0 billion returned to investors from Real Estate Private Equity
• +7 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

17 partnerships are on record, tiered minor and core.

• Andrade MorettinminorOthers · 1 January 2024Renowned Brazilian architecture firm responsible for the design of Capote 210, a multi-use development in Pinheiros, São Paulo, integrating commercial, retail, and residential spaces.
• Idea!ZarvosminorOthers · 1 January 2024Development partner for the Capote 210 project in Pinheiros, São Paulo.
• TriptyqueminorOthers · 1 January 2024Architecture firm responsible for the design of Rythme Leblon, a 21,044 m² triple-A corporate building in Rio de Janeiro's Leblon neighborhood.
• Julião ArquitetosminorOthers · 1 January 2024Architecture firm responsible for the design of Inspira Itaim, a 6,385 m² triple-A corporate building in São Paulo's Itaim Bibi district.
• Enrico De VettoricoreStrategic or Co-development Partner · 1 January 2024Joint venture with Enrico De Vettori (30+ years of healthcare experience) to provide financial and investment solutions to the healthcare sector. Solutions include Build-to-Suit, Sale Leaseback, structured credit, receivables anticipation, and CRI issuances tailored for healthcare companies.
• Deal ComunicaçõesminorGTM or Marketing Partner · 1 January 2024Press and communications agency handling HSI's media relations. Contacts: Luísa Melo and Paula Forster.
• AccorHotelscoreStrategic or Co-development Partner · 1 February 2018Partnership agreement with AccorHotels (global hospitality leader) and Atrio Hotéis to reflag HSI's hotel portfolio under the Ibis Styles brand. Covers 9+ hotels in the portfolio managed under the doispontozero hotéis platform.
• Atrio HotéiscoreStrategic or Co-development Partner · 1 February 2018Partnership with Atrio Hotéis (operator of 50+ hotels) alongside AccorHotels to manage HSI's hospitality portfolio under the Ibis Styles brand.
• VR InvestimentoscoreStrategic or Co-development Partner · 1 January 2018Land-owning partner in the Faria Lima Plaza development. VR Investimentos contributed the land parcel; HSI was responsible for construction and development of the 40,000 m² AAA corporate tower. Tower sold to an FII for BRL 481 million at 50% completion.
• KPF (Kohn Pedersen Fox)minorOthers · 1 January 2018World-renowned architecture firm responsible for the iconic design of Faria Lima Plaza in São Paulo.
• KOM (Kohn Pedersen Fox)minorOthers · 1 January 2018World-renowned architecture firm responsible for the iconic design of Faria Lima Plaza in São Paulo.
• Nortis Inc.coreStrategic or Co-development Partner · 1 January 2017Joint venture between HSI and Nortis Inc. (founded by Carlos Terepins, ex-CEO of Even). Launched 6 mid-to-high-end residential projects in São Paulo (Área, Elevo, Siga, POD, Nord, Ventura) representing over BRL 1.3 billion in sales value.
• CyrelacoreStrategic or Co-development Partner · 1 January 2017Partnership with Cyrela for development of Cyrela Iconyc, a predominantly residential project of 22,000 m² with VGV exceeding BRL 300 million. HSI acquired a 4,000 m² land parcel and entered a land-swap arrangement with Cyrela.
• Idea!Zarvos (I!Z)coreStrategic or Co-development Partner · 1 January 2016Joint venture between HSI and Idea!Zarvos, a residential developer with a long track record of upscale project development. Partnership resulted in 4 residential projects (Alba, Autem, Nube, Harmonia) totaling over 100,000 m² of saleable area.
• GoodStoragecoreStrategic or Co-development Partner · 1 December 2013Self-storage company founded by HSI in late 2013 to address urban storage needs. HSI developed and operated the units until GoodStorage became the sector leader within the first years of operation.
• Alqia Administradora de Empreendimentos ComerciaiscoreStrategic or Co-development Partner · 1 January 2012Joint venture formed in 2012 between HSI and Aqia for shopping center administration, planning, and commercialization. Aqia became the exclusive operator of HSI's shopping center portfolio. HSI acquired Aqia definitively in November 2022.
• Bracor Investimentos ImobiliárioscoreStrategic or Co-development Partner · 1 January 2010HSI acquired the entire portfolio of Bracor Investimentos Imobiliários (29 properties, 1+ million m² ABL) for BRL 1.6 billion, creating the CLB – Centro Logístico Brasil platform and establishing HSI as the leading logistics player in Brazil.

Scale indicators24 records

Recent moves3 records

Expansion highlights5 records

Broad incumbents

• XP Inc. Brazilian financial services platform with growing alternatives and asset management arm serving retail and institutional clients. Competes with HSI in retail FII distribution and increasingly in institutional mandates.
• BTG Pactual: Largest Brazilian investment bank with extensive alternatives platform spanning private equity, real estate, credit, infrastructure and listed funds. Operates far broader portfolio than HSI but competes for the same institutional capital and FII investors.
• Patria Investments: Leading Latin American alternative asset manager (NASDAQ-listed) with private equity, real estate, credit and infrastructure strategies across the region. Comparable institutional LP relationships and similar product breadth, but at substantially larger scale.

Direct peers

• Kinea Investimentos: One of Brazil's largest independent alternative investment managers, spun off from Itaú. Manages private equity, real estate, credit and infrastructure funds. Direct comparable to HSI across REPE, private credit and listed FII product lines, but operates at materially larger AUM scale (~BRL 100B+).
• Rio Bravo Investimentos: São Paulo-based investment manager specializing in Brazilian real estate private equity, listed FIIs (Fundos Imobiliários) and credit. Strong overlap with HSI's FII platform and institutional REPE strategy.
• Hedge Investments: Independent Brazilian alternative asset manager with multistrategy funds, private credit and real estate offerings. Comparable mid-sized alternative manager competing for the same institutional and high-net-worth LP pool.
• Capitânia Investimentos: Brazilian asset manager focused on real estate credit, receivables (CRIs, CRAs) and listed FIIs. Directly comparable to HSI's HSI Ativos Financeiros and Crédito Privado verticals, though smaller in AUM.
• Vinci Partners: Brazilian alternative investment manager (NASDAQ-listed) offering private equity, real estate, credit, infrastructure and listed fund products. Closest publicly-traded comp to HSI by product breadth, though larger and more diversified across alternative asset classes.
• TRX Real Estate (Tishman Speyer / Synergy): Brazilian real estate asset manager focused on listed FIIs and institutional mandates, with backing from global developer Tishman Speyer. Competes with HSI in logistics and corporate office REITs, particularly HSLG11.

Regional players

• Multiplan: Brazil's largest shopping center owner and operator, listed on B3. Comparable to HSI's Alqia-administered shopping center portfolio (12 centers, 405,000 m² GLA) but operates at far larger scale as a property owner/operator rather than fund manager.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hemisf-rio-sul-investimentos-s-a-
• Instagraminstagram.com/hsinvest
• Xx.com/hsinvestimentos
• Facebookfacebook.com/hemisf

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 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 Hemisfério Sul Investimentos