Search Fund · Brazil

Acquisition and operations
of Brazilian businesses.

We aim to acquire and operate a single Brazilian company and lead it into a new phase of growth, preserving the legacy left by its founders.

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Investment criteria

What we look for in a company.

We look for a company with solid fundamentals and an owner committed to a careful transition. The criteria below describe the profile that best fits our long-term model — without rigidity, but with clarity on where we can truly add value.

I · COMPANY

With solid fundamentals.

  • Revenue between R$ 50M and R$ 200M (~US$ 10M–40M) per year
  • EBITDA from R$ 10M (~US$ 2M) upward
  • Consistent track record of profitability
  • Diversified and recurring customer base
II · SECTOR

In an attractive sector.

  • B2B services, agribusiness, financial services, software, and specialized industry
  • Attractive markets with a fragmented competitive landscape
  • Operating in Brazil, in any region
III · OWNER

In a moment of transition.

  • Considering succession or a new chapter
  • Committed to the continuity of what they have built
  • Open to a respectful transition period
  • Willing to sell control (80–100%)
Our process

From first contact to transition.

Our process is clear and structured around well-defined stages. We aim for a smooth transition, with milestones agreed at each step — respecting confidentiality and the owner's time from start to finish.

STAGE I

Initial conversation

A confidential, no-commitment conversation. We understand your business, your moment, and tell you about ourselves. One meeting usually does it.

STAGE II

Analysis and proposal

Under a confidentiality agreement, we evaluate the business fundamentals and present a letter of intent with preliminary deal terms.

STAGE III

Due diligence

Accounting, tax, legal, and operational audit conducted with complete discretion. We work in parallel to minimize impact on daily operations.

STAGE IV

Closing

Final negotiation of terms, documentation, and signing. We structure the transaction so it makes sense for both sides.

STAGE V

Transition

Handover alongside the founder, at the pace required. We respect the culture, team, and relationships built over the years.

About us

Operators first.

The same two partners who speak with you from the first contact will lead the operation of the company in the years that follow. No intermediaries, no layers — complete alignment between who decides, who executes, and who lives the business day to day.

João Maia

João Maia

Founding partner

João Maia has worked in strategy, operations, investments, and business development across different contexts in Brazil. Before Lac Léman Capital, he was a manager at Bain & Company, where he supported global investors in assessing investment opportunities across Brazil's many value chains. He has over 10 years of experience leading teams, working specifically in infrastructure, energy, industrials, mining, financial services, software, and agriculture. João is a civil engineer from UFRJ and holds an MBA from the University of Oxford.

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Pedro Bogado

Pedro Bogado

Founding partner

Pedro Bogado built his career in strategy, operations, and M&A, with experience in Brazil and abroad. Before Lac Léman Capital, he worked in infrastructure and search funds in Brazil and, abroad, at the headquarters of Grundfos, the Danish industrial leader, where he led several acquisitions across Europe, the United States, and Canada. Pedro holds a degree in Mechanical Engineering from UFF, an MBA from the International Institute for Management Development (IMD) in Switzerland, and a finance education from London Business School.

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Investors

Far beyond capital.

We are backed by institutional funds and individual investors with a proven track record in the search fund model, across Brazil, the Americas, and Europe — combining global experience with deep knowledge of the Brazilian market.

Institutional
United States
  • Cromwell Harbor
  • Kinderhook
  • Mazal Capital
Canada
  • Ambit Partners
Mexico
  • Cerralvo Capital
Brazil
  • Spectra
  • KYR Capital
  • KVIV
Spain
  • JB46
Spectra Investments KYR Capital KVIV Ventures Cromwell Harbor Kinderhook Partners Mazal Capital Cerralvo Capital JB46 Ambit Partners
Individuals
Eduardo Bartolomeo
Eduardo Bartolomeo
Former CEO of Vale, with broad experience in industrial operations, logistics, and leadership of large Brazilian organizations.
Paulo Pellon
Paulo Pellon
Former VP at AB InBev and Kraft Heinz, with extensive experience in operations, supply chain, and management of complex industrial value chains.
Claudio Palaia
Claudio Palaia
Search fund investor and board member of Motiva (formerly CCR) and Intercement Participações. He has served on the boards of Alpargatas S.A., CPFL Energia, and Cimpor Cimentos.
Julian Tonioli
Julian Tonioli
Partner at Auddas Consultoria, focused on SMEs in Brazil, and mentor at G4 Educação. Entrepreneur and investor with experience in strategy, operations, and growth, having scaled multiple businesses throughout his career.
Gabriel Ronacher
Gabriel Ronacher
Investor, former CEO of Agger, and founder of Arco Capital. He was one of the most successful searchers in Latin America.
Why a search fund

A model proven
for four decades.

The search fund model was created in 1984, at the Stanford Graduate School of Business.

It allows experienced entrepreneurs to raise capital to find, acquire, and operate an existing company.

In Brazil, the first search fund emerged in 2015. Notable exits include Agger Seguros (sold to TOTVS) and i4Pro (sold to Banyan Mercury).

The model rests on a simple principle: whoever runs the business owns it.

R$2bn+
Capital invested in search funds
in Brazil to date (~US$ 400M)
50+
Search funds
launched in Brazil since 2015
20+
Acquisitions
completed in the country
4th
Largest search fund
market in the world

How we compare.

Selling a company you have built is a major decision. It's worth understanding clearly who sits on the other side of the table.

Strategic
acquirer
Private
equity
Horizon
Indefinite, focused on synergies
3 to 5 years until exit
Long term, with no exit deadline
Management
Integrated into the parent business, with a different culture
Active board, hired executives
Partners in operations, day after day
Focus
One of many operations in the group
Portfolio of 7–10 companies in parallel
A single company: yours
Process
Bureaucratic, committees, multiple layers
Structured, with rigid rules
Direct, confidential, with the decision makers
Legacy
Often dilutes into the parent brand
Subordinated to financial performance
Preserved and continued