Tivio Capital

What Tivio Capital does

Tivio Capital is one of Brazil's largest independent asset managers focused exclusively on alternative investments. Founded in 1999 as Votorantim Asset Management, later renamed BV Asset, and rebranded as Tivio Capital in 2023 following Banco Bradesco's acquisition of control, the firm is headquartered in São Paulo and serves Brazilian qualified investors, institutional allocators, and family offices. It manages "billions of reais" in assets under management across five platforms: Private Credit (TIVIO BANKS, TIVIO INSTITUCIONAL 15/30, TIVIO INFRA PLUS, TIVIO PREV TOP CREDIT), Alternative/Structured Credit (TIVIO ALT 90 FIDC, TIVIO ALT 180 FIDC, TIVIO ALT LIGHT PREV), Real Estate (TVRI11, GTWR11, BBRC11, VSHO11, VOTS11, TVOI11, BRADESCO TIVIO IMOB PREV, BVEP Plaza FIP, Santa Cruz Multi FIP, Ciclos Imobiliários), Investment Solutions (TIVIO ALOCAÇÃO INFLAÇÃO, TIVIO ATIVO, TIVIO DÓLAR CAMBIAL, TIVIO FEDERAL, TIVIO INFLATION, TIVIO IRF-M 1+, TIVIO SOBERANO, plus fund-of-funds), and Private Solutions (Energia Sustentável I/II/III FIP Infra, Nova Raposo FIP Multi NVRP11).

The firm's core intellectual property is a proprietary internal credit rating model that scores issuers across two dimensions — quality of business (sector resilience, competitive position, cash flow predictability) and quality of credit (capital structure, leverage/coverage, liquidity, governance) — used to determine eligibility and risk sizing across all credit and real estate vehicles. Tivio's revenue model is asset-based recurring: management fees on AUM (e.g., 0.045% p.a. for TOP GESTOR LONG ONLY FC) plus performance fees (e.g., 20% on fund distribution plus 10% p.a. for TOP GESTOR), with target returns typically benchmarked to CDI plus spreads ranging from 1.40% (TIVIO INSTITUCIONAL) to 4.6% gross (TIVIO ALT 180). Go-to-market is sales-led and channel-partnered, with products distributed across 20+ Brazilian platforms including XP Investimentos, BTG Pactual, Bradesco (controlling shareholder), Itaú, C6 Bank, Nubank, Warren, Safra, Banco do Brasil, and CM Capital. The firm has pioneered several firsts in the Brazilian market: the country's first private credit fund (Fundo Vintage, 2001) and its first listed sustainable-energy private equity fund (Energia Sustentável I, 2011).

Name

Tivio Capital

Legal name

Tivio Capital

Website

https://tivio.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

51–100 employees

Short description

Tivio Capital is a Brazilian independent asset manager, controlled by Banco Bradesco since 2023, managing "billions of reais" across ~35+ alternative-investment funds spanning private credit, structured credit, real estate, liquid, and private equity vehicles for qualified and institutional investors.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Open-End Investment Funds (525910)

SIC

Investment Advice (6282), Asset-Backed Securities (6189)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

akta.pro secondary industries

Fixed Income Mutual Funds (FSAAAEAB), Target-Risk / Risk-Managed Allocation Funds (FSAAAEAG), Registered Investment Advisor (RIA) Wealth Management (FSAEABAA), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Alternative asset management
• Private credit funds
• Structured credit fidc
• Real estate investment funds
• Fund of funds

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. Fund Management Fees: Tivio Capital generates revenue primarily through management fees charged on its investment funds, including private credit funds, structured credit (FIDC), real estate funds (FIIs), liquid funds, and fund-of-funds. Fees are calculated as a percentage of assets under management on an annual basis.
2. Performance Fees (Taxa de Performance): Some funds charge performance fees — e.g., TOP GESTOR LONG ONLY FC charges 20% on fund distribution plus 10% per annum, applied over a benchmark. This aligns manager incentives with investor returns.

Pricing tiers

Go-to-market motion1 record

Distribution channels10 records

Marketing channels8 records

Core offering

Tivio Capital is an independent Brazilian asset manager that creates, manages, and distributes alternative investment funds across five verticals: private credit (corporate and bank debt), structured/alternative credit (FIDC), real estate funds (FIIs and FIPs), liquid fixed income and fund-of-funds, and private equity and wealth solutions. Funds are distributed through more than 20 Brazilian broker and bank platforms, with revenue generated through recurring management fees on AUM plus performance fees on select funds.

Product overview

Tivio Capital is one of Brazil's largest independent asset managers focused on alternative investments. It operates as a multi-platform investment firm organized across five core verticals: Private Credit (high grade credit funds including TIVIO BANKS, TIVIO INSTITUCIONAL, TIVIO INSTITUCIONAL 15, TIVIO INSTITUCIONAL 30, TIVIO INFRA PLUS), Alternative Credit/Structured Credit (TIVIO ALT 180 FIDC, TIVIO ALT 90 FIDC, TIVIO ALT LIGHT PREV), Real Estate (FIIs including TVRI11, GTWR11, BBRC11, VSHO11, VOTS11, TVOI11, and pension-focused BRADESCO TIVIO IMOB PREV), Investment Solutions (liquid funds including TIVIO ALOCAÇÃO INFLAÇÃO, TIVIO ATIVO, TIVIO DÓLAR CAMBIAL, TIVIO FEDERAL, TIVIO INFLATION, TIVIO IRF-M 1+, TIVIO SOBERANO; and fund-of-funds including TIVIO TOP GESTOR CP, TIVIO TOP GESTOR MACRO, TIVIO TOP MANAGER GLOBAL ALLOCATION, TOP GESTOR LONG ONLY FC), and Private Solutions (private equity funds including ENERGIA SUSTENTAVEL I/II/III FIP INFRA and NOVA RAPOSO FIP MULTI). The firm was founded in 1999 as Votorantim Asset Management, later became BV Asset, and was rebranded as Tivio Capital in 2023 after Banco Bradesco acquired control. It serves retail investors through broker distribution, and institutional/family office clients through dedicated private solutions mandates.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Credit Platform Investment platform managing private credit funds (TIVIO BANKS, TIVIO INSTITUCIONAL, TIVIO INSTITUCIONAL 15, TIVIO INSTITUCIONAL 30, TIVIO INFRA PLUS, TIVIO INFRA PLUS CDI 30, TIVIO PREV TOP CREDIT) focused on high-grade Brazilian corporate and financial institution debt, using fundamental analysis and Tivio's proprietary rating model to deliver consistent returns and capital preservation. Targets qualified individual and institutional investors.
• Alternative Credit (Structured Credit) Platform Investment platform managing structured credit funds (TIVIO ALT 180 FIDC, TIVIO ALT 90 FIDC, TIVIO ALT LIGHT PREV) for qualified investors, focused on higher-return debt securities backed by robust guarantees such as sureties and receivables, with D+90 and D+180 liquidity and CDI+ return targets.
• Real Estate Funds Platform Investment platform managing listed and private real estate funds (TVRI11, GTWR11, BBRC11, VSHO11, VOTS11, TVOI11, BRADESCO TIVIO IMOB PREV, CICLOS IMOBILIÁRIOS, BVEP PLAZA FIP, SANTA CRUZ MULTI FIP) across income-generating assets, development projects, and secondary-market FII acquisitions, supported by Tivio's proprietary credit-rating models and active portfolio management.
• Investment Solutions Platform (Liquid and FoF) Customized investment strategy and product-development platform combining liquid fixed-income funds and fund-of-funds. Includes TIVIO ALOCAÇÃO INFLAÇÃO (NTN-B inflation-linked), TIVIO ATIVO (active interest-rate curve), TIVIO DÓLAR CAMBIAL (USD/BRL tracker), TIVIO FEDERAL (LFT post-fixed), TIVIO INFLATION, TIVIO IRF-M 1+, TIVIO SOBERANO, plus FoFs TIVIO TOP GESTOR CP, TIVIO TOP GESTOR MACRO, TIVIO TOP GESTOR RF ATIVO FIC LP, TIVIO TOP MANAGER GLOBAL ALLOCATION, and TOP GESTOR LONG ONLY FC.
• Private Solutions Platform (Private Equity and Wealth) Private wealth and private-equity platform serving families, business groups, and institutional clients. Includes the Energia Sustentavel I/II/III FIP INFRA sustainable-energy series, NOVA RAPOSO FIP MULTI (NVRP11) residential development FIP, and BB Votorantim Highland Infraestrutura FIDC, plus family funds and exclusive investment structures for customized mandates.

Quantifiable outcome

• TIVIO INSTITUCIONAL: target carry CDI + 1.40% net with D+0 redemption
• +5 more outcomes

Named customers10 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

Ten partnerships are on record, tiered flagship, core, major and minor.

• Bradesco Vida e PrevidênciaflagshipStrategic or Co-development Partner · 1 January 2025Bradesco controls Tivio Capital following its acquisition of BV Asset in 2023. In 2025, the two entities launched the first exclusive private credit fund in partnership with Bradesco Vida e Previdência, and also launched an exclusive real estate multi-strategy fund with Bradesco Vida e Previdência. Bradesco distributes these products through its platform and provides co-branded fund offerings (e.g., BRADESCO TIVIO IMOB PREV).
• XP InvestimentoscoreChannel Partner/ Reseller/ Distributor · 1 January 2023XP Investimentos is the primary distribution platform for Tivio Capital funds, making Tivio products available to XP's millions of investors. Multiple Tivio funds are listed on XP's platform including TIVIO INSTITUCIONAL 15, TIVIO INSTITUCIONAL, TIVIO BANKS, TIVIO INFRA PLUS, TIVIO ALT 90, TIVIO ALT LIGHT PREV, TIVIO ALOCAÇÃO INFLAÇÃO, and TIVIO ATIVO, with direct 'Invest Now' links from the Tivio website.
• BTG PactualcoreChannel Partner/ Reseller/ DistributorBTG Pactual serves as a key distribution partner, making multiple Tivio funds available through its platform including TIVIO BANKS, TIVIO INSTITUCIONAL, TIVIO ALT 90, TIVIO ALOCAÇÃO INFLAÇÃO, TIVIO ATIVO, TIVIO DÓLAR CAMBIAL, TIVIO INFLATION, TIVIO IRF-M 1+, TOP GESTOR LONG ONLY FC, and TIVIO TOP MANAGER GLOBAL ALLOCATION.
• Itaú (ion.itau / itau.com.br)majorChannel Partner/ Reseller/ DistributorItaú's digital investment channels distribute Tivio's structured credit funds — TIVIO ALT 90 and TIVIO ALT 180 — giving access to qualified investors through Itaú's extensive retail banking network and digital platforms.
• WarrenmajorChannel Partner/ Reseller/ DistributorWarren is a major digital wealth management platform distributing 9 Tivio funds covering private credit, infrastructure, structured credit, liquid assets, and inflation-linked products.
• C6 BankmajorChannel Partner/ Reseller/ DistributorC6 Bank distributes 7 Tivio funds including TIVIO BANKS, TIVIO INSTITUCIONAL, TIVIO INFRA PLUS, TIVIO ALOCAÇÃO INFLAÇÃO, TIVIO ATIVO, TIVIO DÓLAR CAMBIAL, and TIVIO IRF-M 1+.
• SaframajorChannel Partner/ Reseller/ DistributorSafra distributes 6 Tivio funds: TIVIO BANKS, TIVIO ALOCAÇÃO INFLAÇÃO, TIVIO ATIVO, TIVIO DÓLAR CAMBIAL, TIVIO INFLATION, and TIVIO FEDERAL.
• Banco do BrasilmajorChannel Partner/ Reseller/ DistributorBanco do Brasil distributes Tivio-managed funds BBRC11 (BB Renda Corporativa FII) and BB Votorantim Highland Infraestrutura FIDC. BBRC11 involves acquisition and adaptation of properties in São Paulo state for lease back to Banco do Brasil under atypical 10-year contracts.
• XP SegurosmajorChannel Partner/ Reseller/ DistributorXP Seguros is the pension plan distribution channel for TIVIO ALT LIGHT PREV, making this structured credit fund available to qualified investors with minimum application of R$ 1,000 through XP's pension plan platform.
• Additional Distribution PartnersminorChannel Partner/ Reseller/ DistributorTivio Capital maintains distribution relationships with 20+ additional Brazilian platforms including Agora Investimentos, Attiva Investimentos, Banco Seguro, CM Capital, Galapagos Outdoor, Genial Investimentos, Inter, Mirae Asset, Nova Futura, Rico, Terra Investimentos, Toro Investimentos, and others, providing broad national coverage across retail and high-net-worth segments.

Scale indicators4 records

Recent moves14 records

Expansion highlights4 records

Broad incumbents

• Itaú Asset Management: Itaú Asset Management is Brazil's largest traditional asset manager, with deep fixed income, credit, and structured product offerings that overlap with Tivio's distribution on Itaú's platform and in pension wrappers.
• BTG Pactual Asset Management: BTG Pactual's asset management division is one of Brazil's largest incumbents, with broad credit, real estate, and equities offerings — overlapping with Tivio products distributed through BTG's platform.
• XP Asset Management: XP Asset Management is the in-house manager of XP's wealth platform — Tivio's largest distribution partner — offering credit, real estate, and allocation funds that compete for the same end-client wallet.

Direct peers

• Ibiuna Investimentos: Ibiuna is a Brazilian independent macro/credit manager with institutional and qualified-investor focus. Comparable in strategy scope (credit, macro, multi-asset) and in selling through Brazilian broker platforms.
• SPX Capital: SPX Capital is a Brazilian multi-strategy asset manager with significant credit, equities, and FOF offerings distributed through major retail platforms. Overlapping product menu and distribution channels make it a direct peer.
• Capitânia Investimentos: Capitânia is a Brazilian independent asset manager specializing in credit, real estate (CRIs), and structured fixed income strategies — closely overlapping with Tivio's private credit and real estate platforms.
• Verde Asset Management: Verde is a Brazilian independent multi-strategy manager with long-running credit, macro, and equities franchises. Comparable product breadth and Brazilian distribution footprint.
• Vinci Partners: Vinci Partners is Brazil's largest publicly traded independent alternative asset manager, with comparable multi-strategy offerings across credit, private equity, real estate, and infrastructure. As a publicly listed Brazilian alternatives platform, it is the closest structural comparable to Tivio's independent-manager thesis.
• Kinea Investimentos: Kinea is a leading Brazilian alternative asset manager (Itaú group) offering private credit, real estate, private equity, and infrastructure funds with broad retail and institutional distribution — directly comparable to Tivio's five-vertical structure.

Emerging players

• Galápagos Capital: Galápagos Capital is a Brazilian independent credit and special-situations manager; smaller than Tivio but competing in adjacent private credit and structured credit mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

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Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 Tivio Capital