Constellation Asset Management
Constellation Asset Management is a Brazilian investment firm managing equity and pension (PGBL/VGBL) funds for qualified investors through 12+ digital platforms, applying fundamental analysis with ESG integration and a 25+ year track record.
- Company typePrivate
- Founded1998
- HeadquartersSão Paulo, Brazil
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Constellation Asset Management does
Constellation Asset Management (legal entity Constellation Investimentos e Participações Ltda.) is a Brazilian investment management firm founded in 1998 by Florian Bartunek in São Paulo, originally as Utor Investments, a proprietary vehicle managing equity investments for the founders of 3G Capital including Jorge Paulo Lemann. The firm transitioned to a client-facing asset manager in 2002, and since 2007 has operated with Lone Pine Capital as a minority equity partner. Constellation serves qualified investors and institutional clients in Brazil through four product families: Long Only equity funds (Constellation FIC FIA, 60 FIC FIA, and Institucional), the Compounders fund focused on consistently profitable companies, the Global FIC FIA (launched June 2020) for international and high-quality Brazilian equities, and a six-product Previdência (PGBL/VGBL) pension line distributed through partnerships with Icatu, SulAmérica, BTG Pactual, and XP Vida e Previdência.
The firm's investment methodology follows a five-pillar philosophy — good companies, great people and ESG, earnings growth, attractive valuation, and positive backdrop — implemented through concentrated 20-30 stock portfolios built on fundamental analysis with an integrated ESG framework. Constellation is a signatory to the UN Principles for Responsible Investment and publishes annual SASB-aligned sustainability reports. The firm is registered with the Brazilian CVM, the U.S. SEC under the Investment Advisers Act of 1940, the Cayman Islands Monetary Authority, and complies with ANBIMA codes.
Constellation generates revenue through annual management fees (1.5%-2.0% of AUM depending on fund) and performance fees (15-20% of excess returns above benchmark hurdles such as IPC-A + IMA-B 5+, Ibovespa, or IPCA + IMAB5+). Distribution occurs primarily through 12 major Brazilian digital investment platforms (XP, BTG Digital, Ágora, Guide, Toro, BS2, Genial, Órama, Rico, ModalMais, RB, and Warren) enabling 100% online investment, supplemented by the embedded pension partnerships. With 24 professionals and average partnership tenure of 14+ years, the firm completed its merger with Aster Capital in August 2025, returning Marcello Silva as Partner and Co-CIO.
Constellation Asset Management firmographics
Firmographics- Name
- Constellation Asset Management
- Legal name
- Constellation Investimentos e Participações Ltda.
- Website
- https://constellation.com.br
- Company type
- Private
- Founded year
- 1998
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Constellation Asset Management is a Brazilian investment firm managing equity and pension (PGBL/VGBL) funds for qualified investors through 12+ digital platforms, applying fundamental analysis with ESG integration and a 25+ year track record.
- Ownership category
- akta.pro rank
Constellation Asset Management industry classification
Industry- Product category
- Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)
- akta.pro secondary industry
- Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)
Keywords
Where Constellation Asset Management is headquartered
LocationHeadquarters
- HQ city
- São Paulo
- HQ country
- Brazil
- HQ region
- Latin America
Offices1 record
Markets served
Constellation Asset Management business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Management Fees: Annual administration fees charged on assets under management across Long Only, Compounders, Global, and Previdência fund families. Rates range from 1.5% to 2.0% per annum depending on fund type.
- Performance Fees: Success fees charged when fund returns exceed benchmark indices (IPC-A + yield IMA-B 5+, Ibovespa, or IPCA + yield IMAB5+). Typical rate of 15-20% of excess returns above hurdle rate.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Long Only FIC FIA - Closed to new capitation |
| Subscription | Annual | Long Only 60 FIC FIA - Institutional |
| Subscription | Annual | Long Only Institucional - General investors |
| Subscription | Annual | Compounders FIC FIA |
| Subscription | Annual | Global FIC FIA - Qualified investors |
| Subscription | Annual | Previdência funds - PGBL/VGBL products |
Go-to-market motion2 records
Distribution channels10 records
Marketing channels5 records
Constellation Asset Management product offering
Product offeringCore offering
Constellation Asset Management is a Brazilian investment management firm that manages actively managed equity funds and private pension (PGBL/VGBL) portfolios for qualified investors. Its strategies include Long Only Brazilian equity funds (20-30 high-quality companies), a Compounders strategy focused on sustainably growing businesses with ESG integration, a Global fund combining international technology equities with high-conviction Brazilian holdings, and a suite of Previdência funds distributed through partnerships with major Brazilian insurers and financial institutions.
Product overview
Constellation Asset Management is a Brazilian investment management firm offering a diversified portfolio of equity and pension funds. The core product lineup consists of Long Only funds (Constellation FIC FIA, 60 FIC FIA, and Institucional) investing in 20-30 high-quality Brazilian stocks, supplemented by the Compounders fund focused on companies with consistent earnings growth and ESG integration, and the Global fund investing in international technology companies combined with high-conviction Brazilian holdings. The pension product line (Previdência) includes six funds (Icatu 70, SulAmérica, BTG 70, BTG 100, XP Seguros 70, XP Seguros 100) offered through partnerships with major insurance and financial institutions, providing retirement solutions with varying equity allocations from 30% to 100%.
Differentiator
Problem solved
Functional benefit
Brands
- Aster Capital: A firm founded by Marcello Silva that merged with Constellation in August 2025. Following the merger, Marcello Silva returned to Constellation as Partner, Co-CIO.
Products and services
- Constellation FIC FIA (Long Only) Core long-only Brazilian equity fund investing in 20-30 high-quality companies with solid balance sheets, profitable business models, and excellent management teams; benchmark IPC-A + yield IMA-B 5+; closed to new capitation.
- Constellation 60 FIC FIA Long-only equity fund targeting qualified investors, allocating across 20-30 high-quality Brazilian stocks; benchmark IPC-A + yield IMA-B 5+; minimum R$ 50,000; D+60 redemption.
- Constellation Institucional FIA Long-only institutional equity fund open to general investors, focusing on high-quality Brazilian companies; benchmark Ibovespa; minimum R$ 50,000; D+60 redemption.
- Constellation Compounders FIC FIA Fund selecting companies that consistently grow their profits over time, integrating ESG factors to identify enduring companies with sustainable long-term results; benchmark IPCA + yield IMA-B 5+; D+120 redemption.
- Constellation Global FIC FIA Global equity fund investing in leading technology companies abroad combined with high-conviction Brazilian companies; targets qualified investors; benchmark IPCA + yield IMA-B 5+; D+60 redemption.
- Constellation Icatu 70 PGBL/VGBL pension product with up to 70% equity allocation, managed in partnership with Icatu.
- Constellation SulAmérica PGBL/VGBL pension product with 30-50% equity allocation, managed in partnership with SulAmérica.
- Constellation BTG 70 PGBL/VGBL pension product with up to 70% equity allocation, managed in partnership with BTG Pactual.
- Constellation BTG 100 PGBL/VGBL pension product with up to 100% equity allocation, managed in partnership with BTG Pactual.
- Constellation XP Seguros 70 PGBL/VGBL pension product with up to 70% equity allocation, managed in partnership with XP Vida e Previdência S.A.
- Constellation XP Seguros 100 PGBL/VGBL pension product with up to 100% equity allocation, managed in partnership with XP Vida e Previdência S.A.
Quantifiable outcome
- Allocation to 20-30 high-quality stocks with solid balance sheets, profitable business models, and excellent management teams
Companies that use Constellation Asset Management
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles3 records
Constellation Asset Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Constellation Asset Management partnerships and signals
Strategic signalScale indicators3 records
Recent moves9 records
Expansion highlights5 records
Constellation Asset Management competitors and assessment
Company assessmentBroad incumbents
- BTG Pactual Asset Management: One of Brazil's largest asset managers, part of BTG Pactual investment bank, offering extensive multi-asset products including pension funds. Comparable in Brazilian active equity offerings and pension product lineup but vastly larger scale and broader product suite.
- Itaú Asset Management: Brazil's largest asset manager affiliated with Itaú Unibanco, offering comprehensive active and passive strategies across equities, fixed income, and pension products. Comparable as a Brazilian active equity and pension manager but with massive scale, retail distribution, and multi-asset capabilities beyond Constellation's niche.
Direct peers
- Dynamo Administração de Recursos: One of Brazil's most established active equity managers, focusing on concentrated Brazilian stock portfolios with long-term horizons. Highly comparable to Constellation in investment philosophy, concentrated long-only approach, and qualified investor focus.
- SPX Capital: Brazilian active equity and multi-strategy asset manager serving qualified investors. Comparable in fund structure (Long Only funds), qualified investor positioning, and São Paulo-based independent asset management model.
- Gávea Investimentos: Brazilian alternative asset manager founded by former Central Bank Governor Arminio Fraga, offering equity, private equity, and macro strategies. Comparable in being a high-profile Brazilian active manager with multi-strategy offerings and institutional/qualified investor base.
- Vinci Partners: Brazilian alternative asset manager listed on Nasdaq, offering equities, private equity, credit, and infrastructure strategies. Comparable as a Brazilian multi-strategy asset manager with institutional/qualified investor focus and pension product expertise.
- Verde Asset Management: Brazilian independent asset manager with multi-strategy equity and macro funds, headquartered in São Paulo. Directly comparable to Constellation as a focused, founder-led Brazilian active equity manager with similar client base of qualified investors.
- Arsenal Investimentos: Brazilian independent asset manager offering active equity and multi-strategy funds. Comparable in being a São Paulo-based active manager focused on Brazilian equities with similar qualified investor target market.
- Squadra Investimentos: Brazilian active equity manager with long-only and long-biased strategies serving qualified investors. Directly comparable in concentrated Brazilian equity approach, fund structure, and target client segment.
- Polo Capital: Independent Brazilian asset manager offering active equity, macro, and credit strategies to qualified investors. Comparable in business model, scale (mid-sized), and Brazilian equity-focused product lineup to Constellation.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Constellation Asset Management compliance and trust
Trust signalCompliance6 records
Constellation Asset Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Constellation Asset Management leadership team
Management profileNumber of profiles
Profiles10 records
Constellation Asset Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Constellation Asset Management M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Constellation Asset Management
What does Constellation Asset Management do?
Constellation Asset Management is a Brazilian investment management firm that manages actively managed equity funds and private pension (PGBL/VGBL) portfolios for qualified investors. Its strategies include Long Only Brazilian equity funds (20-30 high-quality companies), a Compounders strategy focused on sustainably growing businesses with ESG integration, a Global fund combining international technology equities with high-conviction Brazilian holdings, and a suite of Previdência funds distributed through partnerships with major Brazilian insurers and financial institutions.
Is Constellation Asset Management a public or private company?
Constellation Asset Management is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Constellation Asset Management founded?
Constellation Asset Management was founded in 1998. It employs 11 to 50 people.
Where is Constellation Asset Management based?
Constellation Asset Management is headquartered in São Paulo, Brazil, in the Latin America region.
How does Constellation Asset Management make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are performance Fees.
Who are Constellation Asset Management's main competitors?
Broad incumbents on record are BTG Pactual Asset Management and Itaú Asset Management. Direct peers are Dynamo Administração de Recursos, SPX Capital, Gávea Investimentos, Vinci Partners, Verde Asset Management, Arsenal Investimentos, Squadra Investimentos and Polo Capital.
Does Constellation Asset Management have an API?
No public API is recorded for Constellation Asset Management.
What industry is Constellation Asset Management in?
Constellation Asset Management's product category is Investment Management. Its primary akta.pro industry code is FSAAAJAJ, Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns), with a secondary code of FSAAACAG, Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions). Its NAICS code is 523940 and its SIC code is 6282.