What Invepar does

Invepar (legal name: Investimentos e Participações em Infraestrutura S.A.) is a Brazilian publicly held infrastructure holding company founded in 2000 that develops and operates transportation and mobility concessions across Brazil. The company manages a portfolio of toll roads (LAMSA/Linha Amarela in Rio de Janeiro, Via 040 on the BR-040 corridor between Brasília and Juiz de Fora, and ViaRio/Transolímpico expressway), an airport (GRU Airport — São Paulo Guarulhos International Airport, the largest airport in South America), and urban mobility systems (VLT Carioca light rail in Rio de Janeiro). Each concession is held through a dedicated subsidiary under time-bound government concession agreements regulated by ANTT and ANAC.

The company's revenue model is built on transaction-fee collection from end users across its infrastructure assets: toll fees from vehicles on its highways, passenger and cargo charges at GRU Airport, and fares from VLT Carioca riders. Revenue is also derived from construction services under concession agreements. The go-to-market has two distinct vectors: a B2G model where new concessions are acquired through government auctions and public tenders, and a direct-to-consumer model where infrastructure services are delivered at physical access points (toll plazas, airport terminals, transit stations). Shareholders are four institutional investors holding approximately 25% each — PREVI, PETROS, FUNCEF, and FIP Yosemite — with Monte having acquired a stake in 2022 by purchasing OAS's creditor positions.

Invepar has undergone significant portfolio restructuring since 2017, divesting CART, CRA, CBN, LAMSAC, and PEX Peru, and losing the 232 km MG-JF section of Via 040 in April 2024. The current active portfolio consists of four concessions. A new CEO/CFO was appointed in January 2025 amid a governance reset, with the company holding a net cash position of R$1,457.5 million against gross debt of R$2,501.3 million as of 2025. The company has been a UN Global Compact signatory since 2010 and maintains an IBGC-aligned corporate governance framework.

Name

Invepar

Legal name

Investimentos e Participações em Infraestrutura S.A.

Website

https://invepar.com.br

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Short description

Invepar is a Brazilian publicly held infrastructure holding company that operates government-concessioned toll roads, airports, and urban mobility systems across Brazil, serving end users and government regulators. Its current portfolio includes GRU Airport (the largest in South America), LAMSA, ViaRio, and Via 040.

Ownership category

akta.pro rank

Headquarters

HQ city

Rio

HQ country

Brazil

HQ region

Latin America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Toll Road Operations: Revenue generated from operating toll road concessions including LAMSA (Linha Amarela in Rio de Janeiro), Via 040 (BR-040 Brasília-Juiz de Fora corridor), ViaRio (Transolímpica expressway), and historical operations of CART, CLN, CBN, and CRT. Revenue comes from toll collection from vehicles using the roads.
2. Airport Operations: Revenue from operating GRU Airport (Guarulhos International Airport), the largest airport in South America. Includes passenger fees, cargo handling charges, retail concessions, and parking services.
3. Urban Mobility Systems: Revenue from urban mobility solutions including VLT (Light Rail Transit) Carioca system in Rio de Janeiro, and historical MetrôRio operations.
4. Construction and Concession Rights: Revenue recognition from construction services under concession agreements, including recognition of fair value revenue and costs from construction activities, reflecting the primary responsibility of the concessionaire for infrastructure development.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Invepar develops, operates, and manages transportation infrastructure concessions in Brazil through two core segments: Toll Roads (highway concessions including LAMSA, ViaRio, Via 040, CLN, and CRT) and Airports (GRU Airport – São Paulo Guarulhos International Airport). The company also operates urban mobility assets such as VLT Carioca light rail transit. Subsidiaries operate under separate multi-decade government concession agreements awarded by ANTT and ANAC, providing toll collection, airport passenger/cargo services, and urban transit to drivers, passengers, and cargo operators across multiple Brazilian states.

Product overview

Invepar is a Brazilian infrastructure holding company that develops and manages transportation and mobility concessions. The company operates through two core segments: Toll Roads (highway concessions including LAMSA, ViaRio, Via 040, CLN, CBN, and CRT) and Airports (GRU Airport). The portfolio also includes urban mobility assets such as VLT Carioca. Each subsidiary operates under separate government concession agreements, providing toll collection, airport services, and urban transit. The group is organized around providing 'inteligent mobility' through integrated transportation solutions across Brazil's major regions.

Differentiator

Problem solved

Functional benefit

Products and services

• GRU Airport – São Paulo Guarulhos International Airport Operation of Brazil's largest airport and South America's largest passenger and cargo aviation gateway, located in Guarulhos, São Paulo. Provides passenger services, cargo handling, retail concessions, parking facilities (including a 2,644-space parking deck inaugurated 2015), and a Data Center and Control Center (GCC). Served 20 million passengers, 156 thousand aircraft movements, and 211 thousand tonnes of cargo in 2020.
• LAMSA – Linha Amarela Operation of the 20-km Linha Amarela (Yellow Line) urban expressway in Rio de Janeiro connecting Barra da Tijuca to Ilha do Fundão. Collects tolls from vehicle users and accepts contactless payment via VISA partnership introduced in 2024.
• ViaRio – Transolímpico Expressway Operation of the Transolímpico expressway in Rio de Janeiro, connecting important parts of the city to reduce travel time from west to north zones.
• Via 040 – BR-040 Brasília/Juiz de Fora Toll Road Operation of a 936.8-km stretch of the BR-040 highway between Brasília (DF) and Juiz de Fora (MG) under a 30-year concession, providing toll collection, traffic management, and emergency services to vehicle users. In 2020, served 166 million equivalent vehicles across all toll road operations (37 million continued operations plus 129 million discontinued operations).
• CLN – Concessionária Litoral Norte (BA-099) Operation of highway BA-099 connecting Lauro de Freitas to the Bahia-Sergipe border, with total extension of 217.7 km, providing toll collection and maintenance services.
• VLT Carioca – Light Rail Transit Operation of the light rail transit system in Rio de Janeiro, Brazil's first LRT system, providing urban mobility connecting key areas of the city for commuters and visitors.
• Concession Construction Services Construction services performed under concession agreements, with revenue and costs recognized at fair value per the concessionaire's primary responsibility for infrastructure development. This is a contracted activity embedded within each concession contract rather than a standalone commercial offering.

Quantifiable outcome

• Largest airport in South America handling 20 million passengers annually
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature1 record

Partnerships

Two partnerships are on record, tiered minor.

• VISATechnology or IntegrationPartnership with VISA enabling contactless payment acceptance at toll booths on Linha Amarela (Lamsa). In partnership with VISA, Linha Amarela began accepting proximity payment for tolls, improving convenience for drivers.
• Amigo do Clima (Voluntary Environmental Program)minorOthersInvepar partners with the Amigo do Clima voluntary environmental program to support greenhouse gas emission reduction projects. The partnership has enabled compensation of corporate emissions through projects including methane destruction at pig farms, renewable energy from forest waste, landfill gas reduction, deforestation prevention in the Amazon, and wind energy.

Scale indicators8 records

Recent moves12 records

Expansion highlights8 records

Direct peers

• EcoRodovias: EcoRodovias is a major Brazilian toll road concessionaire operating extensive highway networks across multiple states. It directly competes with Invepar's highway concessions (LAMSA, ViaRio, Via 040, CLN) under the same ANTT regulatory framework with comparable transaction-fee revenue models.
• AENA: AENA is the world's largest airport operator by passenger numbers, operating a global portfolio of airports under concession arrangements. AENA is directly comparable to Invepar's airport operations at GRU Airport, sharing the same regulated airport concession model with revenue from passenger fees, cargo handling, and retail concessions.
• CCR: CCR is Brazil's largest toll road operator with multiple highway concessions across Brazil. It directly competes with Invepar in operating toll road concessions under similar government frameworks (ANTT regulation), shares the same concession-based business model, and serves the same vehicle-user customer base.
• Aéroports de Paris (Groupe ADP): Groupe ADP operates Paris-area airports and holds international airport concession stakes. It is directly comparable to Invepar's GRU Airport operations through similar concession-based business models, regulated tariff structures, and revenue diversification across passenger, cargo, and retail.
• Fraport: Fraport operates Frankfurt Airport and a global portfolio of airport concessions. As a fellow airport concessionaire, Fraport shares Invepar's GRU Airport business model with revenue from passenger fees, cargo handling, and commercial concessions under regulated frameworks.
• Arteris: Arteris operates a portfolio of toll road concessions across Brazil, directly comparable to Invepar's highway concession portfolio. Both operate under government-regulated concession agreements with similar fee structures and customer segments (vehicle users on inter-urban highways).
• Triunfo Participações e Investimentos: Triunfo is a Brazilian infrastructure holding company with toll road and port concessions. Like Invepar, it operates government-awarded infrastructure concessions with a focus on highway and transportation assets, using a similar transaction-fee revenue model.

Broad incumbents

• Atlantia: Atlantia is a major European infrastructure group with toll road and airport operations (including Aéroports de la Côte d'Azur and earlier AENA exposure). It is broadly comparable to Invepar as a multi-modal infrastructure operator with similar concession-based business model, though operating at much larger scale and geographic scope.
• Ferrovial: Ferrovial is a global infrastructure operator with toll road and airport segments (including a major stake in Heathrow). Although broader in scope, it shares Invepar's concession-based business model across toll roads and airports and competes for the same institutional infrastructure capital.

Others

• Brookfield Infrastructure Partners: Brookfield Infrastructure Partners is a globally diversified infrastructure investor with significant toll road and airport holdings. Although not a direct operator competing in Brazil, it is an investor in the same asset class and serves as a useful comparison for valuation benchmarking and capital allocation strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/invepar/?viewAsMember=true
• Instagraminstagram.com/grupoinvepar?igshid=1tdgra8cqykb7

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries12 records

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 Invepar