Panamby Capital

What Panamby Capital does

Panamby Capital (legal entity PNBY Gestora de Recursos Ltda.) is a privately held Brazilian asset and wealth management firm headquartered in São Paulo, ANBIMA-certified for both asset management (Gestão de Recursos) and wealth management (Gestão de Patrimônio). The firm offers a family of six investment funds spanning macro multi-strategy (Panamby Global Multimercado), private credit across short and long duration (RF High Grade D5, D31, and D9 IcatuPrev), pension vehicles distributed through insurance partners (SulAmérica Previdência, D9 IcatuPrev), and an infrastructure debt fund (DRIVE CDI D5 Incentivado) under Brazil's Lei 12.431, complemented by a discretionary managed portfolio service (Carteiras Administradas).

The investment process is built on a proprietary macroeconomic analysis framework that combines qualitative and quantitative methods across interest rates, currencies, equities, and commodities, with weekly investment and macro committees overseeing positioning and risk. Risk management is positioned as a central discipline, with portfolios constructed in advance to perform across both favorable and adverse market regimes. Operational infrastructure is outsourced to established service providers: BTG Pactual and BEM DTVM serve as administrators, BTG Pactual and Banco Bradesco as custodians, while SulAmérica Investimentos DTVM administers the SulAmérica-branded pension fund.

Panamby makes money through recurring management fees ranging from 0.40% to 2.00% per annum across the fund family, performance fees of 20% over benchmark on selected funds (notably the SulAmérica Previdência fund, which charges 20% over 100% of CDI), and fee-only advisory fees on Carteiras Administradas where client assets remain at the client's preferred institution. The firm serves high-net-worth individuals and families through personalized advisory, pension fund investors via PGBL/VGBL products distributed through Icatu and SulAmérica, and institutional clients via those insurance partnerships, with the additional reach of 12+ broker platforms listed on its website.

Name

Panamby Capital

Legal name

PNBY Gestora de Recursos Ltda.

Website

https://panambycapital.com.br

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Panamby Capital is a São Paulo-based Brazilian asset and wealth management firm operating a family of six investment funds (multimercado, private credit, pension, and infrastructure debt) alongside fee-only managed portfolios, serving high-net-worth individuals, pension investors, and institutional partners such as Icatu and SulAmérica.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Open-End Investment Funds (52591), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Portfolio Construction & Asset Allocation Advisory (FSAEAAAC)

akta.pro secondary industry

Financial Planning & Goals-Based Advice (Mass Affluent) (FSAAAAAF)

Keywords

• Asset management
• Wealth management
• Fixed income funds
• Private credit funds
• Multimarket funds

Headquarters

HQ city

São Paulo

HQ country

Portugal

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fees (Taxa de Administração): Annual management fees charged on assets under management across the fund family. Fees range from 0.40% to 2.00% per annum depending on the fund strategy. For managed portfolios (Carteiras Administradas), a fixed fee-only model (FeeOnly) is used where resources pass through in the client's name without passing through the manager.
2. Performance Fees (Taxa de Performance): Some funds charge performance fees on returns exceeding a benchmark. For example, Panamby SulAmérica charges 20% of returns exceeding 100% of CDI. This aligns manager and investor incentives.
3. Wealth Management Services: Personalized wealth management and patrimonial planning services including investment allocation, tax and succession planning, delivered through partnerships with specialized planning firms. Revenue generated through management fees on client assets.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Panamby Capital manages a family of six Brazilian investment funds spanning multimercado (macro multi-strategy), private credit (fixed income crédito privado), pension (previdência PGBL/VGBL), and infrastructure (incentivado) categories, targeting returns from CDI+1.30% to CDI+5% per annum. The firm also provides personalized wealth management through Carteiras Administradas (fee-only managed portfolios) that include financial, tax, and succession planning delivered to high-net-worth individuals and family offices, with investments made via a proprietary macroeconomic analysis framework applied across interest rates, currencies, equities, and commodities.

Product overview

Panamby Capital is an asset management firm offering a family of investment funds and wealth management services. The product portfolio comprises six distinct investment funds: Panamby Global Multimercado (macro multi-strategy fund), PanAmby SulAmerica Previdência (pension fund), Panamby RF High Grade D5 Crédito Privado, Panamby RF High Grade D31 Crédito Privado, Panamby RF High Grade D9 IcatuPrev Crédito Privado, and DRIVE CDI D5 Fundo Incentivado (infrastructure fund). These span liquid funds, structured funds, and pension solutions. Additionally, the firm provides discretionary portfolio management (Carteiras Administradas) with personalized wealth management services including financial planning and succession advisory.

Differentiator

Problem solved

Functional benefit

Brands

• Panamby Capital Partners: Investment management brand operating under Panamby Capital
• Panamby Capital Partners

Products and services

• Panamby RF High Grade D5 Crédito Privado Private credit fixed income fund investing in investment-grade corporate debt with efficient diversification, balanced risk, and focus on cash flow generation and business models of investee companies. Target return of CDI + 1.30-1.50% p.a. with 0.40% p.a. administration fee and short (5 business day) redemption.
• Panamby RF High Grade D31 Crédito Privado Long-term private credit fixed income fund focused on Brazilian corporate debt with active management targeting investment-grade securities. Uses the same strategy as the D5 fund, seeking opportunities in primary and secondary market transactions. Target return of CDI + 1.50-1.80% p.a. with 0.90% administration fee.
• Panamby RF High Grade D9 IcatuPrev Crédito Privado Pension-focused private credit fixed income fund structured for PGBL and VGBL complementary pension products through Icatu Seguros. Offers diversified, balanced risk allocation targeting retirement savings with target return of CDI + 1.50% p.a.
• DRIVE CDI D5 Fundo Incentivado Infrastructure-focused incentive fund under Lei 12.431/2011 offering tax-free (IR-exempt for individuals) fixed income with a conservative strategy. Invests in AAA-rated public and private credit assets with target return of 100% CDI, no come-cotas, and 0.50% administration fee.
• Panamby Global Multimercado Macro multi-strategy multimercado fund investing across interest rates, currencies, equities, and commodities markets using macroeconomic and fundamental analysis with focus on liquidity and risk management. Target return of CDI + 3.00% p.a. with long-term taxation and minimum application of R$5,000.
• Panamby SulAmérica Previdência Pension fund designed for SulAmérica Insurance clients seeking differentiated long-term investment alternatives. Replicates Global fund strategies with tax and succession benefits. Target return of CDI + 5% p.a. with 2% administration fee and 20% performance fee over 100% of CDI.
• Gestão Patrimonial - Carteiras Administradas (Managed Portfolios)

Quantifiable outcome

• Panamby RF High Grade D5 fund delivered 44.46% total return since inception (June 2023), outperforming CDI by a significant margin
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Pilotage Assessoria EmpresarialcoreGTM or Marketing PartnerPilotage is a Multi-Family Office that practices active investment management with medium and long-term vision, totally independent. Panamby Capital is branded as 'Panamby Capital Partners' together with Pilotage, indicating a co-branded strategic partnership for serving high-net-worth clients. In 2019, Pilotage also created Pilotage Assessoria Empresarial acting as correspondent for financial institutions related to foreign exchange operations and structuring of financial operations.
• Icatu SeguroscoreChannel Partner/ Reseller/ DistributorIcatu Seguros uses the Panamby RF High Grade D9 Icatu Prev fund to structure PGBL and VGBL complementary pension products for its policyholders. Panamby manages the investment fund while Icatu distributes it through its insurance platform.
• SulAmérica Investimentos DTVMcoreChannel Partner/ Reseller/ DistributorSulAmérica Investimentos DTVM serves as the administrator (Adm) of the Panamby SulAmérica INNO PREV FIE I FIC Multimercado fund. The fund is targeted at SulAmérica insurance customers seeking differentiated long-term investment alternatives. Panamby manages the fund investments while SulAmérica distributes it.
• BTG Pactual S.A. DTVMminorImplementation/ SI/ Consulting PartnerBTG Pactual serves as both administrator (Adm) and custodian (Custodiante) for multiple Panamby funds including the DRIVE CDI D5 Incentivado fund and the Panamby RF High Grade D31 fund.
• BEM DTVM S.A.minorImplementation/ SI/ Consulting PartnerBEM DTVM S.A. serves as administrator (Adm) for the Panamby Global Multimercado fund.
• BTG Pactual S.A. DTVM (D31 Fund)minorImplementation/ SI/ Consulting PartnerBTG Pactual S.A. DTVM serves as both administrator and custodian for the Panamby RF High Grade D31 Credit Private fund.
• Banco Bradesco S.A.minorImplementation/ SI/ Consulting PartnerBanco Bradesco serves as custodian (Custodiante) for the Panamby SulAmérica fund and provides asset pricing services (Manual de Precificação de Ativos) for the funds under Panamby's management.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Absolute Investimentos: Brazilian independent macro/credit asset manager running multimercado and fixed-income strategies for HNWI and institutional clients; comparable to Panamby in fund lineup, fee model, and macro-driven process.
• Ibiuna Investimentos: Brazilian macro multi-strategy manager offering multimercado funds and credit-focused vehicles to qualified investors; comparable to Panamby's Global Multimercado in approach and customer base.
• Kapitalo Investimentos: Brazilian independent macro/quant asset manager running multimercado funds for HNWI and institutional investors; comparable to Panamby in boutique positioning and macro-driven investment process.
• Genoa Capital: Brazilian credit-focused asset manager with private credit (crédito privado) and multimercado strategies; comparable to Panamby's D5, D31, and D9 credit funds and similar HNWI/institutional customer profile.
• Verde Asset Management: Brazilian boutique macro and multi-strategy asset manager with a similar long-cycle macro thesis, multimercado funds, and HNWI/wealth focus; directly comparable in product mix and target investor profile to Panamby's Global Multimercado and Carteiras Administradas.
• Vinci Partners: Brazilian alternative asset manager with credit, multimercado, real estate, and infrastructure strategies plus wealth management; comparable to Panamby in product breadth and HNWI/institutional targeting.
• Kinea Investimentos: Brazilian alternative asset manager offering credit, multimercado, private equity, and infrastructure strategies to institutional and qualified investors; comparable to Panamby on the credit and infrastructure side (DRIVE Lei 12.431).

Broad incumbents

• Itaú Asset Management: Incumbent Brazilian asset manager with the broadest retail and institutional reach across multimercado, fixed income, and pension products; overlaps with Panamby across most strategies but competes on scale and distribution breadth.
• BTG Pactual Asset Management: Brazil's largest investment platform and asset manager with broad multimercado, fixed income, credit, and infrastructure offerings; overlaps with Panamby's product set but at vastly greater scale, and serves as Panamby's fund administrator and custodian.
• XP Asset Management: Large Brazilian asset manager distributing funds through a wide open-investment platform serving HNWI and retail; competes with Panamby for the same broker-channel investor base on the 12+ platforms where Panamby funds are listed.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCptwR7NGBYjFZ9BJF7RdrBg
• LinkedInlinkedin.com/company/panambycapital
• Instagraminstagram.com/panamby.capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Panamby Capital