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Based in Brazil, Spectra Investments is the largest asset manager specializing in Latin American alternative investments. After discovering the SF model in 2015 when it was nascent in Brazil, they invested in Voke (220 Capital) in 2018, subsequently deciding to establish an SF vertical.
By the end of 2023, they maintained a portfolio of 27 active SFs, having completed 13 acquisitions. Most of their portfolio is concentrated in Brazil and Mexico, with additional exposure to other Latin American countries such as Colombia and Paraguay. Their ideal investment size ranges between $2M and $7M, but they offer flexibility to ensure a relevant cap table.
A few months ago, they decided to expand their SF investments globally. While maintaining their leadership and focus in Latin America -recently participating in SFs such as Mexican AVS Capital and Entrevo Capital, Brazilian Almirante Capital and Nosara Partners, and acquiring Kofre Tecnología at the beginning of 2024- they have also adopted a global strategy.
They have already invested across four continents, with commitments in the USA in Luz Capital Partners (Danilo Boavista & Rafael Pacheco); in Europe in Spanish Entredos Capital (Enric Ballus & Juan Carlos Cano), Italian Alpha Generator (Federico Di Benedetto); in France and in the UAE (to be announced soon); and in Australia in Pacifique Capital (Sebastian Parr). Their strategy is to continue investing worldwide, establishing Spectra as one of the leading investors in the SF segment.
Rafael Bassani commented: “We’re thrilled with how Search Funds are developing globally, especially the growth of the ecosystem in Europe and the steady performance in the USA. This year, we’ve made significant commitments, and we’re poised to enhance our participation even further in the years ahead.”
