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Appetite for the Brazilian search fund market continues to grow month after month, and the country’s investor ecosystem is expanding rapidly. Alongside established investors such as KYR Capital, Spectra Investments, TMB3 Fund, KVIV Ventures, Allievo Capital, and Solum Capital, Kanoa Capital entered the market last year with the ambition of launching a dedicated fund and becoming a trusted partner for both entrepreneurs and investors.
Founded by Guilherme Bonifacio, José Dias, and Gustavo Vaz, Kanoa Capital was created to invest in and support entrepreneurs seeking to acquire and grow high-quality, mid-sized companies with strong potential, particularly businesses facing succession challenges. Beyond providing capital, the firm aims to be a hands-on partner, offering strategic and operational support throughout the entire journey, from the search process to post-acquisition operations.
Strong and growing interest from Brazilian investors, particularly local family offices, has prompted Kanoa Capital to increase the size of its inaugural fund. The firm now expects to hold its final close at R$200 million (approximately €35 million).
Kanoa Capital’s strategy is to back around 20 Brazilian SFs over the next few years, with the goal of building a portfolio of approximately 12 acquired companies, targeting acquisition multiples of around 4x EBITDA. To date, the firm has invested in half a dozen searchers, including Mamba Capital, 24 Capital, 2C Capital, and Aestra Capital, among others, and expects to complete its first acquisition before the end of the year.
The Brazilian SF ecosystem has gained significant momentum over the past year. Since the emergence of the asset class in the country, nearly 30 acquisitions have been completed. The market also delivered strong outcomes in 2025, with four successful exits—Agger, I4Pro, Labsoft, and Nova Telecom—generating excellent returns, while only one acquisition resulted in failure. Two more exits have been completed so far in 2026.
