Dahlia Capital

What Dahlia Capital does

Dahlia Capital Gestão de Recursos Ltda. is a Brazilian asset management firm (gestora de recursos) headquartered in the Itaim Bibi district of São Paulo, founded in 2018 and authorized by the Comissao de Valores Mobiliarios (CVM) to manage securities portfolios. The firm offers five core investment fund strategies: Dahlia Total Return (a multi-strategy macro fund focused on Brazilian equities with international diversification), Dahlia Acoes (long-only Brazilian equity), Dahlia Macro Global (macro strategy focused on international assets for Qualified Investors), Dahlia Equity Hedge (beta-neutral multi-strategy focused on alpha generation), and Dahlia PAX (global equity long-term growth). Three additional pension fund variants (Total Return Prev, Acoes Prev, Macro Global Prev) extend the core strategies into private pension structures with insurance companies and open pension entities.

The firm's investment philosophy combines global macro perspective with asymmetric micro analysis of individual assets, focusing on medium- to long-term theses. Dahlia operates exclusively as a fund manager and does not distribute fund shares directly; distribution is handled entirely through authorized third-party platforms and distributors, with minimum initial investments of R$500 and additional contributions from R$100. The firm generates revenue through management fees (taxa de administracao) and performance fees (taxa de performance) charged on assets under management across its fund strategies.

Dahlia maintains an active content and community presence through monthly investment letters (Cartas mensais), a Spotify podcast (Dahlia Talks), YouTube video commentary, and LinkedIn and Instagram channels. The firm is a signatory to the Principles for Responsible Investment (PRI) and has maintained carbon neutrality since 2020. Philanthropic partnerships include Instituto PROA, Instituto PROTEA, Achilles International Brasil, and Instituto Ambikira. Co-founder Sara Delfim and partner Felipe Hirai are publicly visible as founding partners of the firm, which operates with 11-50 employees.

Name

Dahlia Capital

Legal name

Dahlia Capital Gestão de Recursos Ltda.

Website

https://dahliacapital.com.br

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Dahlia Capital is a São Paulo-based, CVM-authorized Brazilian asset manager managing five multi-strategy investment funds plus pension variants, distributing exclusively through authorized third-party platforms to retail and qualified investors across Brazil.

Ownership category

akta.pro rank

Product category

Asset Management / Hedge Fund Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Discretionary Macro (Rates, FX, Equities) (FSAHABAA)

Keywords

• Brazilian asset management
• Hedge fund management
• Multi-strategy funds
• Private pension funds
• Portfolio management

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Management and Performance Fees: Dahlia Capital generates revenue through management fees (taxa de administração) and performance fees (taxa de performance) charged on investment funds under management. The specific fee percentages vary by fund strategy and are detailed in the Fund section. Additional expenses include custody, audit, and other regulatory costs common to the investment fund industry.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Dahlia Capital is a Brazilian asset management firm (gestora de recursos) that manages five core investment fund strategies — Dahlia Total Return (multimercado macro), Dahlia Ações (long-only Brazilian equities), Dahlia Macro Global (international macro), Dahlia Equity Hedge (beta-neutral), and Dahlia PAX (global equity) — plus three pension fund (previdência) variants. The firm generates revenue through management and performance fees on assets under management and distributes exclusively through authorized platforms and distributors.

Product overview

Dahlia Capital is a Brazilian asset management firm managing a portfolio of investment funds and pension strategies. The core product suite consists of five main fund strategies: Dahlia Total Return (flagship multimercado macro focusing on Brazilian equities with international diversification), Dahlia Ações (long-only Brazilian equity), Dahlia Macro Global (international-focused macro strategy for Qualified Investors), Dahlia Equity Hedge (beta-neutral alpha generation), and Dahlia PAX (global equity long-term growth). Each strategy is also available as pension fund (previdência) variants structured with insurance companies and open pension entities. The firm distributes exclusively through authorized platforms and does not sell directly to investors.

Differentiator

Problem solved

Functional benefit

Brands

• Dahlia Total Return: Multimarket fund focused on Brazilian equities with diversification in other markets and assets abroad.
• Dahlia Ações
• Dahlia Macro Global
• Dahlia Equity Hedge
• Dahlia PAX

Products and services

• Dahlia Total Return Multimercado macro strategy focused on Brazilian stocks with diversification into other markets and international assets. The flagship strategy combining global macro with asymmetric stock selection.
• Dahlia Ações Long-only equity strategy investing in Brazilian stocks in a diversified and balanced manner, with no exposure to international assets.
• Dahlia Macro Global Multimercado macro strategy focused on international assets with a portion of exposure to different Brazilian markets. Restricted to Qualified Investors due to CVM regulations (over 20% international exposure).
• Dahlia Equity Hedge Beta-neutral multimercado strategy focused on alpha generation through long and short positions.
• Dahlia PAX Global equity fund seeking consistent and diversified long-term growth, investing in international stocks.
• Total Return Prev (Previdência) Pension fund version of the Total Return strategy, structured for private pension (previdência privada) investments and distributed through insurance companies and open supplementary pension entities.
• Ações Prev (Previdência) Pension fund version of the Ações strategy, structured for private pension (previdência privada) investments and distributed through insurance companies and open supplementary pension entities.
• Macro Global Prev (Previdência) Pension fund version of the Macro Global strategy, structured for private pension (previdência privada) investments and distributed through insurance companies and open supplementary pension entities.

Named customers2 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

Partnerships

Nine partnerships are on record, tiered minor and core.

• BloombergminorStrategic or Co-development Partner · 1 January 2022In 2022, Dahlia partnered with Bloomberg and Instituto PROA to create a Financial Education course for high school students.
• Instituto PROAminorStrategic or Co-development Partner · 1 January 2021Instituto PROA is an NGO dedicated to transforming the trajectory of young people from low-income backgrounds in Brazil through education and work. Dahlia's female team conducted a live session with 40 girls from Instituto PROA discussing career and personal finance for women. Partners include Sara Delfim and Felipe Hirai.
• Instituto PROTEAminorStrategic or Co-development Partner · 1 January 2021In October 2021, Dahlia partnered with Instituto PROTEA in support of breast cancer awareness. The partnership involved a live session as part of breast cancer awareness month activities.
• Achilles International BrasilminorStrategic or Co-development PartnerDahlia supports Achilles International Brazil, an organization that serves 150,000 athletes with disabilities, providing philanthropic support to enable athletic participation.
• Instituto AmbikiraminorStrategic or Co-development PartnerDahlia partners with Instituto Ambikira. Partners Sara Delfim and Felipe Hirai attended the launch event of the new Instituto Ambikira.
• PRI (Principles for Responsible Investment)coreStrategic or Co-development PartnerDahlia Capital is a signatory to the Principles for Responsible Investment (PRI), demonstrating commitment to incorporating ESG factors into investment practices.
• BNY MellonminorOthersBNY Mellon serves as fund administrator for some of the funds under management (servicosfinanceiros.bnymellon.com).
• IntragminorOthersIntrag serves as fund administrator for some of the funds under management (www.intrag.com.br).
• CDP (formerly Carbon Disclosure Project)minorStrategic or Co-development PartnerDahlia Capital participated in CDP minicast series discussing ESG strategy. The company maintains carbon neutrality through annual GHG inventory following GHG Protocol methodology.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• SPX Capital: Brazilian multi-strategy hedge fund manager (formerly SPX Gestão) running both long-biased and macro mandates with multi-channel distribution. Directly comparable to Dahlia on multi-strategy platform breadth, Brazilian distribution, and pension fund wrappers.
• Verde Asset Management: Brazilian multi-strategy and macro hedge fund manager based in São Paulo, widely regarded as one of Brazil's leading independent asset managers. Directly comparable to Dahlia on multi-strategy macro positioning, Brazilian institutional distribution, and fee model (management + performance).
• Kadima Asset Management: Brazilian macro hedge fund manager focused on rates, FX, and Brazilian fixed income. Comparable to Dahlia on macro-driven investment philosophy and Brazilian institutional/HNWI distribution.
• JGP Gestão de Recursos: Brazilian macro and multi-strategy hedge fund manager with a long track record in Brazilian rates, FX, and equities. Directly comparable to Dahlia on macro strategy emphasis, Brazilian institutional client base, and diversified product lineup.
• Gávea Investimentos: Brazilian alternative asset manager founded by former central bank governor Arminio Fraga, spanning hedge funds, private equity, and wealth. Comparable to Dahlia on Brazilian institutional positioning and multi-strategy macro capabilities.
• Ibiuna Investimentos: Brazilian macro hedge fund manager with a strong reputation in global macro and Brazilian rates. Comparable to Dahlia on macro strategy positioning and Brazilian multi-strategy distribution model.
• Atmos Capital Management: Brazilian independent asset manager focused on macro and multi-strategy mandates for institutional and qualified investors. Comparable to Dahlia on strategy mix and São Paulo-based independent positioning.

Broad incumbents

• Itaú Asset Management: Largest Brazilian institutional asset manager, part of Itaú Unibanco, offering broad multi-asset and hedge fund capabilities. Overlaps with Dahlia in Brazilian institutional distribution and multi-strategy offerings, but operates at vastly greater scale as a captive of a major bank.
• Bridgewater Associates: Global macro hedge fund incumbent, the archetypal discretionary macro manager. Comparable to Dahlia at the strategy archetype level (discretionary global macro across rates, FX, equities) but operates globally at vastly greater scale.
• BlackRock: Global asset management incumbent with growing Brazil presence offering multi-asset and alternative strategies. Comparable to Dahlia only at the broadest level (multi-asset portfolio management) but competes for institutional Brazilian mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@dahliacapital
• LinkedInlinkedin.com/company/dahlia-capital
• Instagraminstagram.com/dahliacapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Dahlia Capital