Subscribe to unlock this article
Thanks for your support.
Henrique Duarte began investing in SFs approximately 6 years ago through the family office Karaiba. By the end of 2021, he decided to partner with Taissa Faro and launch KYR Capital, the first exclusive fund of funds to support the best entrepreneurs in Brazil through the ETA model. With a size of €6M, they have backed a dozen of searchers over the last 3 years, including Atlante Capital, Carta Investimentos, Ciclo Partners, Connectus Capital, D1 Capital, Everlast Capital, Grit Capital, Iole Capital, Kuarup Capital, Lotta Capital, and Oumua. They have also completed 5 acquisitions in Brazil, including Oxymed (Medical Equipment Rental), Tatil Design (Brand Design Agency), Agger (Software), Nova (Telecom), and Labsoft (Software).
They still have a couple of additional acquisitions to make with this first fund, and they will likely launch a second fund, expanding their investment horizon to the main countries in Latin America, with a target size of around €20M to €25M, probably by the end of 2024. They remain the only Brazilian investor dedicated exclusively to SFs, although several family offices and the giant Spectra, an asset manager specialized in Latin American alternative investments, are also very active.
According to Taissa, Brazil is one of the most important markets in the world for SF activity. The model started more than a decade ago, and to date, about 40 SFs have been launched in the country, with almost half already operating their acquisitions. Additionally, the country has experienced its first three divestments.
