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KYR Capital began investing in SFs five years ago, initially through the Karaíba family office and later through KYR Capital, the first platform in Brazil exclusively dedicated to SF investments. Through its first fund, KYR Capital invested in 8 companies: Nova Telecom, Labsoft, Agger, Tatil Design, OxyMed, Junsoft, ABC Empilhadeiras, and CAF Máquinas.
2025 has been an exceptionally strong year, validating the SF thesis in Brazil. During the year, KYR Capital completed 3 exits: Nova Telecom was sold to Tecpar; Labsoft was acquired by Confience, generating an outstanding 5x MOIC and a 56% IRR; and Agger was acquired by Dimensa, also delivering exceptional returns (MOIC >6x). As a result of these exits, KYR Capital has achieved a 39% IRR to date.
2026 brings a new challenge for KYR Capital as the firm plans to complete the fundraising of its second fund, targeting approximately $25M, with an 80/20 allocation between Brazil and the broader Latin American market. The fund aims to invest in 6 to 12 companies, with larger check sizes ranging from $1.5M to $3M per investment. KYR’s partners and their families will remain significant shareholders, while the fund is expected to attract substantial participation from both existing and new LPs. The firm has also recently added a new partner, Paulo Maranesi, who served as Managing Director at XP Inc. for the past 7 years.
Consistent with its investment philosophy, KYR Capital will take an active governance role by holding board seats in every portfolio company. This approach ensures that, beyond providing capital, portfolio company CEOs receive the strategic guidance and support needed to succeed.
This model is gaining significant traction in Brazil. In 2025, the number of entrepreneurs choosing the ETA path tripled compared to previous years and is now expanding rapidly across other Latin American countries. During 2025, KYR Capital backed several new searchers, including 24 Capital, Auctari Capital, Batis Capital, Vesper Capital, and Zarpo Capital in Brazil; Convexo3 Capital in Colombia; and Netherwood Capital in Argentina.
