Citrino Asset · Alternatives

Asymmetric returns, by design and not by speculation.

In listed markets, everyone buys the same asset. In illiquids, each opportunity is that one, at that price, available to whoever was in the room.

The thesisAccess

Liquidity is a commodity.
Illiquidity is access.

In a listed market, information circulates and the price adjusts. What remains as an edge is allocating better, not seeing first. In illiquids the logic inverts: the opportunity arrives through a relationship rather than a screen, it is one of a kind, and it will not be there later.

The asymmetry comes from the structure, not from the bet. The firm enters real businesses, at a negotiated price, with term, instrument and security defined in a contract. It is the shape of the deal that caps the bad side without capping the good one.

The cost is liquidity. A family gives up redeeming at will, and that is precisely what it is buying: the premium exists because most investors cannot wait.

The platformFour verticals

Four strategies run in house.

Investors come into one or into all of them. Each has its own thesis, horizon and instrument, and none depends on the others to work.

Special Situations

Legal claims and performing receivables. Event-driven returns, with fundamentals independent of the market cycle and of the mood of the exchange.

Venture Capital

Early and growth-stage technology, through the firm's own vehicles and in partnership. Family capital and corporate capital come in through the same origination funnel.

Private Equity

Direct positions in established businesses in the real economy, held until exits that create value. Sectors invested, across current and realised positions: gas and power, lithium, logistics, education and fibre optics.

Corporate Venture Capital

Venture funds designed and managed for large Brazilian corporations, through Citrino Ventures, with a team dedicated to each mandate. Institutional venture capital discipline alongside the strategic reach of people who run the sector.

Corporate mandatesTotvs and Prio

Two listed companies chose the firm to run their own venture capital.

A corporate venture capital mandate is not won with a pitch deck. Each of these companies ran a process, assessed managers, and handed Citrino the management of its own innovation capital.

Totvs: Citrino Ventures runs the company's corporate venture strategy end to end: sourcing, diligence, investment and portfolio work. Totvs software serves businesses whose combined activity touches around a quarter of Brazilian GDP, according to the company.
Prio: A signed mandate to design and manage the corporate venture fund of the largest independent oil and gas producer in the country. Focus on the energy transition, industrial technology and operating efficiency for heavy industry.

Citrino Ventures has a dedicated team. What it sources reaches the families' portfolios.

For a corporation weighing up a venture arm of its own, the conversation happens at Citrino Ventures.

citrino.vc

UnderwritingHow a thesis gets in

Own origination, and a filter that does not outsource judgement.

The firm does not buy finished theses from intermediaries. Opportunities arrive through accumulated relationships, and the people who assess them have run real companies, at Cosan, Vale, Phosfaz and Brazil's Ministry of Agriculture. Reading an operation, not reading a deck.

What comes in passes through a proprietary model, through committee, and through the firm's own macro and micro research. What does not convince does not get in, and most of it does not convince.

In every approved thesis, the partners' own capital goes in too.

AccessWho invests

Two doors into the same platform.

Families under a management mandate reach the strategies as part of Wealth Management, at the depth they agreed on.

Outside investors reach the strategies directly, without handing over the whole of their wealth. They are individuals and institutional investors, and the relationship begins and ends with the theses they chose to enter.

Information on the vehicles is sent to qualified investors who identify themselves.

More than R$ 1B in Alternatives

Between active funds and committed capital strategies.

Institutional information only. It does not constitute an offer, a recommendation or promotional material for any investment fund.