Pandhora

What Pandhora does

Pandhora Investimentos Ltda. (operating under the TC Pandhora brand) is a São Paulo-based, CVM-registered Brazilian asset management firm founded in 2016 that offers a multi-fund suite combining quantitative systematic strategies with discretionary macro and bottom-up management. The firm manages five distinct products: Pandhora Essencial, a systematic multimercado fund (launched 2016) combining trend-following and long/short strategies across Brazilian equities using value, quality, momentum, and liquidity factors; TC Cosmos (launched 2022), a higher-volatility multimercado livre fund led by Investment Committee member Pedro Albuquerque using global macro and bottom-up analysis; TC Digital Assets (launched 2023), an offshore-investing crypto and digital assets fund using active cryptopicking with quantitative trend-following and managed volatility; TC Cash (launched December 2023), a high-liquidity DI-referenced fixed income cash-management fund with a R$100 minimum; and Pandhora SulAmérica Prev I, a Previc-regulated quantitative fixed income pension fund co-managed with SulAmérica Investimentos DTVM. The firm is CVM-registered under Ato Declaratório CVM n.º 17.517 (Resolução CVM n.º 21/21) and ANBIMA-compliant, with technology-driven risk management and proprietary quantitative engines embedded across all strategies.

The business model is a classic fee-based asset management revenue structure. Management fees range from 0.30% p.a. (TC Cash) to 2.00% p.a. (TC Cosmos, TC Digital Assets), with Pandhora Essencial at 1.1-1.5% and minimum investments spanning R$100 (TC Cash) to R$500,000 (Pandhora Essencial for institutional clients). Performance fees of 10-20% over benchmarks (CDI or S&P 500 depending on fund) provide variable upside. Aggregated disclosed patrimony líquido is approximately R$ 144.5M, with TC Cosmos the largest at R$ 94.4M. Distribution combines the proprietary TC platform/app (tc.terrainvestimentos.com.br) with a network of 14+ Brazilian broker and platform partners including Genial, Inter, C6 Bank, Nubank, SulAmérica, Warren, Guide, Órama, Modal, Ativa, Mirae, Toro, Capital, and Nova, supported by fund administrators BTG Pactual DTVM and VORTX DTVM and Coinbase Custody for crypto assets.

Customer segments are split across institutional (family offices, foundations, institutional investors), qualified individual investors, Previc-regulated pension entities, and mass-retail cash-management users (via TC Cash). The firm operates with approximately 15+ collaborators including a CIO (Isaías Lopes), Distribution Director (Paulo Boghosian), Portfolio Manager (Jorge Souto), analyst, and compliance officer. Geographic footprint is single-country (Brazil), with global market exposure achieved through derivatives and offshore fund vehicles (TC Digital Assets IE). Marketing is multi-channel, leveraging LinkedIn, YouTube, Instagram, a monthly newsletter (Pandhora News), and downloadable monthly investor letters (Cartas Mensais) dating back to 2019. No external funding rounds, acquisitions, or M&A activity were disclosed; ownership appears private and closely held with team equity participation available.

Name

Pandhora

Legal name

Pandhora Investimentos Ltda.

Website

https://pandhora.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Pandhora Investimentos Ltda. is a São Paulo-based, CVM-registered Brazilian asset manager operating five funds (TC Cosmos, Pandhora Essencial, TC Digital Assets, TC Cash, Pandhora SulAmérica Prev I) that combine quantitative systematic strategies with discretionary macro management, serving qualified investors, family offices, foundations, and institutional clients across Brazil.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

akta.pro secondary industry

Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access) (FSAGAEAL)

Keywords

• Asset management
• Quantitative investing
• Multimercado funds
• Systematic strategies
• Wealth management

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Annual fees charged on assets under management across all fund products. Fee rates vary by fund: TC Cash charges 0.30% p.a. (0.05% administration + 0.25% management), TC Digital Assets up to 2.00% p.a., TC Cosmos 2.00% p.a., Pandhora Essencial 1.1-1.5% p.a.
2. Performance Fees: Success fees charged when fund returns exceed a defined benchmark. TC Digital Assets charges 20% over S&P 500; TC Cosmos and TC Digital Assets charge 20% over CDI; Pandhora Essencial charges 10% over CDI.
3. Client Services and Account Management: Direct client services provided through the contact team, available Monday to Friday, 9am to 7pm. Investor relations contact via [email protected] and phone +55 11 4003-6048.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Pandhora Investimentos Ltda. is a Brazilian asset management firm (CVM-registered) that manages a suite of five investment funds spanning systematic multimercado, discretionary macro, digital assets, fixed income cash management, and pension strategies. The firm combines proprietary quantitative trading technology with experienced portfolio managers to deliver non-correlated, alternative-risk-factor exposures primarily to qualified investors and institutional clients in Brazil. Products are distributed through a proprietary TC digital platform, mobile apps, and a network of 14+ brokerage and digital bank partners.

Product overview

Pandhora is a Brazilian investment management firm (gestora de recursos) that operates a multi-fund product suite spanning five distinct funds: (1) TC Cosmos — a multimercado livre fund with macro and discretionary strategies led by Pedro Albuquerque; (2) Pandhora Essencial — a systematic trend-following and long & short fund for Brazilian equities; (3) TC Digital Assets — a cryptocurrency and digital asset fund with active cryptopicking; (4) TC Cash — a high-liquidity fixed income fund for cash management; and (5) Pandhora SulAmérica Prev I — a quantitative fixed income pension fund co-managed with SulAmérica. The firm blends quantitative (systematic) and discretionary strategies, with technology embedded in its DNA for quantitative funds and experienced managers for traditional funds. All funds are distributed through third-party brokerages including BTG Pactual, Genial, Inter, C6, Nubank, and others.

Differentiator

Problem solved

Functional benefit

Products and services

• TC Cosmos FIC FIM Multimercado livre (higher-volatility) fund that uses different asset classes across global markets to pursue short, medium, and long-term opportunities. Managed by Pedro Albuquerque, the fund employs macro and bottom-up analyses combined with quantitative and fundamental research on specific assets to seek high returns through structural and tactical positions in indices, dollar, and DI derivatives. Open to qualified investors with a R$500 minimum investment, 2.00% annual management fee, and 20% performance fee over CDI.
• Pandhora Essencial FIC FIM Systematic multimercado fund combining trend-following and long & short strategies in the Brazilian market, with over 7 years of history. Targets low systemic risk by capturing alternative multifactor risk premiums (value, quality, momentum, liquidity) in local assets. Targets institutional clients including family offices, foundations, and institutional investors with R$500,000 minimum investment, 1.1% (max 1.5%) annual management fee, and 10% performance fee over CDI.
• TC Digital Assets FIM IE Multimercado fund investing abroad in digital assets and cryptocurrencies using an active cryptopicking strategy. Combines quantitative trend-following, managed volatility, top-down macro analysis, and fundamental research to select and actively manage crypto project allocations. Uses Coinbase Custody for institutional-grade digital asset custody. Targets qualified investors with R$1,000 minimum investment, up to 2.00% annual management fee, and 20% performance fee over S&P 500.
• TC Cash FIC FIRF High-liquidity fixed income fund investing in DI-referenced fixed income funds and private credit bond funds, targeting cash management with low risk. Charges a 0.30% annual fee (0.05% administration + 0.25% management) with no performance fee and no entry/exit fees. Open to all investors with a R$100 minimum investment.
• Pandhora SulAmérica Prev I FIM Multimercado pension fund using a quantitative fixed income strategy with systematic managed futures to identify interest rate curve trends. Co-managed with SulAmérica Seguros and SulAmérica Investimentos DTVM (BTG Pactual acts as administrator). Charges a 20% performance fee over CDI. Serves as the firm's pension and Previc-regulated offering with R$ 11.1 million in net equity.

Quantifiable outcome

• Pandhora Essencial fund net equity maintained above benchmark since inception in June 2016
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and major.

• BTG Pactual DTVM S.A.coreChannel Partner/ Reseller/ DistributorBTG Pactual serves as the fund administrator (administrador) for TC Cosmos and Pandhora Essencial funds, providing custody, administration, and regulatory compliance services. The administrator handles fund operations, NAV calculation, and regulatory reporting.
• VORTX DTVM LTDA.coreChannel Partner/ Reseller/ DistributorVORTX DTVM serves as the fund administrator for TC Digital Assets fund, providing administrative services including custody, compliance, and regulatory reporting.
• Coinbase CustodymajorTechnology or IntegrationCoinbase Custody is the digital asset custody solution used for TC Digital Assets fund, providing secure storage for cryptocurrency holdings. It is the same custody solution used by major US Bitcoin ETFs (BlackRock, Fidelity, Ark). Coinbase is a publicly traded company, audited by Deloitte and regulated by NYDFS.
• BANCO BTG PACTUAL S.A.coreChannel Partner/ Reseller/ DistributorBanco BTG Pactual serves as the fund administrator for TC Cash, providing custody and administrative services including daily fee calculation and monthly payment.
• SulAmérica Investimentos DTVM S.A.coreStrategic or Co-development PartnerSulAmérica Investimentos DTVM co-manages the Pandhora SulAmérica Prev I pension fund alongside Pandhora. SulAmérica Seguros de Vida e Previdência serves as co-investor. The fund explores new fixed income ideas following the 2023 transition with the TC partnership.
• Genial InvestimentosmajorChannel Partner/ Reseller/ DistributorOne of the primary brokerage platforms distributing Pandhora fund products to retail and qualified investor clients.
• Warren BrasilmajorChannel Partner/ Reseller/ DistributorDigital wealth management platform distributing Pandhora fund products to its client base of retail and qualified investors.
• NubankmajorChannel Partner/ Reseller/ DistributorDigital bank platform with large retail customer base distributing Pandhora fund products, providing access to a broad population of Brazilian investors.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Verde Asset Management: One of Brazil's largest and most established quantitative macro asset managers, offering systematic and discretionary multi-strategy funds to institutional and qualified investors — directly comparable to Pandhora's quant/multimercado offering.
• Genoa Capital: Brazilian independent asset manager specializing in macro and quant strategies, distributing multimercado funds across Brazilian brokerages to qualified and institutional investors, very similar to Pandhora's structure.
• Ibiuna Investimentos: Brazilian alternative asset manager with macro and long-short equity strategies distributed through major Brazilian brokerages; comparable in offering multimercado and crypto-adjacent funds.
• Giant Steps Investimentos: Brazilian macro and quant asset manager running multimercado funds with systematic and discretionary approaches; serves as a like-for-like peer to Pandhora given similar strategy mix and Brazilian institutional focus.
• Absolute Investimentos: Brazilian alternative asset manager with macro and systematic strategies; directly comparable peer to Pandhora in the multimercado livre and quant strategy segments.
• SPX Capital (Quantitas): Brazilian systematic / quantitative asset manager known for factor-based strategies and managed futures — closely comparable to Pandhora's trend-following, multi-factor Essencial strategy.
• Kaplan Investimentos: Brazilian macro-focused asset manager offering multimercado livre and quant strategies to qualified investors through Brazilian brokerage networks.

Broad incumbents

• BTG Pactual Asset Management: Largest Brazilian investment bank with the country's biggest asset management franchise and one of Pandhora's fund administrators; competes broadly in the same institutional and qualified investor space.
• Vinci Partners: Large Brazilian alternative asset manager with multi-strategy offerings including macro, equities, private credit and infrastructure — broader portfolio but overlapping in Brazilian alternative/multimercado distribution.

Emerging players

• Hashdex Asset Management: Brazilian crypto-focused asset manager offering crypto ETF and fund products to Brazilian investors; partial overlap with Pandhora's TC Digital Assets strategy in the crypto allocation space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/PandhoraInvestimentos
• LinkedInlinkedin.com/company/pandhora-investimentos
• Instagraminstagram.com/tcpandhora

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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 Pandhora