Case Studies
Real Estate cases
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Quinta do Lago, Algarve, Portugal. Distressed Special Situation
Premium gated community and golf resort in the Algarve region of southern Portugal. We partnered with SPX Capital for a co-investment deal and acquired a stake at Quinta do Lago developments. It was a combination of value-add from an opportunistic distressed acquisition. The Sponsor is retrofitting 63 luxury houses, 35 new developments and coordinating hospitality management.
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Oslo Residential Building Development – Noroeste, Brasília, Brazil
Premium multi-family real estate development project split between managed rentals for income generation and direct sales. Designed for upscale living and constructed to the highest standards, Oslo features 24 apartments with 4 en-suite bedrooms and premium finishes. Amenities include a party room, gourmet space, sauna and spa, swimming pool and a gym.
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Chapada (Fazenda Vale Dourado) Greenfield Land – Chapada dos Veadeiros, Brazil
Acquisition of a riverfront land near Chapada dos Veadeiros National Park. The property features a pristine white-sand river beach and is rich in native cerrado vegetation. We are developing the property into a combined Residential and Hospitality project aiming to provide an unparalleled experience that respects and celebrates its extraordinary natural surroundings.
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Grupo Sabin S/A, Brasília, Brazil Sales-Leaseback
Sales-leaseback transaction in which we acquired a selection of properties from Grupo Sabin, including their corporate headquarters, and subsequently leased these assets back under a long-term agreement. This deal secured us a stable and long-term income stream and allowed Grupo Sabin to unlock valuable liquidity and improved tax efficiency.
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Premium Residential Properties
Portfolio of premium residential properties across prime locations in New York City, São Paulo, Trancoso, and Brasilia. Each asset has been strategically acquired or developed for its strategic location and growth prospects.
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Le Quartier, Corporate Office Floor Brasília, Brazil
Class A corporate office floor (~5,000 sf) located at premium location in Brasilia, leased to a major international organization. This is a core strategy. The tenant’s prominence further elevates the property's value and prestige, generating a stable income stream with excellent potential for capital appreciation.
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China Logistics Portfolio
Co-investment deal in partnership with Blackstone Asia. Portfolio of 18 logistics assets for lease totaling 32.3M sf located across China mostly around major cities. Assembled through 13 transactions since September 2018.
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Japan Hotels Portfolio
Acquisition of a stake in a portfolio of eight hotels / 2,294 keys, with value concentrated in three hotels located in front of central train stations or landmark attractions in Osaka, Kyoto and Fukuoka, acquired in October 2021.
Private Equity and Venture Capital cases
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Grupo Sabin S/A – Healthcare Services, Brazil
Sabin is the cornerstone of our portfolio and our story. Since 1984, we own a controlling stake at Grupo Sabin S/A, a medical lab test provider in Brazil. Sabin provides diagnostics services focused on clinical lab testing, imaging, primary care and vaccines. The company provides data insights for patients, doctors, and health insurance, serving 16 hospitals and over 6M patients through its digital channels and 375 patient service centers across 61 cities in Brazil. Our ownership stake in Sabin is not merely strategic or financial; it's also deeply personal, as it continues a legacy of healthcare excellence initiated by the Costa family.
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Impossible Foods, Inc – plant-based protein
In 2018 we acquired a stake at Impossible Foods through a secondary placement. Impossible is the global leader in the alternative protein industry. They have grown significantly by increasing availability and accessibility to its products worldwide. Their products are widely available through major food and beverage channels such as Burger King and Starbucks, as well as grocery chains such as Gelson’s, Trader Joe’s and Walmart. Their products are predominantly sold in North America, with recent expansion into Asia via Hong Kong and Singapore.
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BYJU'S Series F, ed-tech
BYJU'S is a global educational technology company that develops personalized learning programs for K-12 students. They operate worldwide and have a dominant market leading position in the Indian market. We invested in their Series F in March 2021, when they raised $460M at a $13B valuation. Their latest round valued the company at $22B.
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R2 Group – Events, Hospitality and Entertainment, Brazil
In 2020, we acquired a stake in R2 Entertainment Group S/A , a company specialized in large-scale events and hospitality ventures. Renowned for orchestrating the popular 'Na Praia' festival, the company has set new standards in event production and customer experience. Beyond events, R2 also manages Mané, a gastronomic complex inspired by international food markets like Time Out Market. Our investment decision was strongly influenced by the talented team behind R2. We believe in their vision, creativity, and proven capability to deliver high-quality, memorable experiences in both entertainment and gastronomy. This aligns seamlessly with our strategic focus on backing people and companies that stand out for their innovation, excellence, and impact.
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Spectra Investments – LatAm Alternatives
Spectra is one of our main partners for alternative investments in LatAm. We have been LPs on every vehicle since their first fund. The most recent was fund V. Spectra’s portfolios are hybrid, investing in theses such as Growth, Buyout, Venture Capital, Distress, Legal Claims, Mining, Search Funds and Special Situations. They invest in alternative assets, through the entire capital structure, always in partnership with asset managers specialized in their niches. Our investments are made in funds or directly in the underlying assets, in addition to offering liquidity to the market via secondary transactions.