We are an independent partnership, focused on a single strategy






  • To invest in asymmetric risk x return opportunities, identifying companies that should experience a strong cycle of operational value generation over the next few years
  • Businesses with clear sustainable competitive advantages. They provide high returns with lower risks


  • Managers who are among the best businessmen in Brazil and in the world
  • Well managed leading companies with dominant position in their market segment
  • Exceptional people with the potential of generating real transformation and significant returns to the long-term shareholder


Foto FU Site 2.1

From 2004 to 2006, he was partner at Tarpon Investmentos. Following 2007, he was a founding-partner at Cox Capital, responsible for covering companies in several segments of the Brazilian market. In 2009, he joined M Square Brasil, as one of the main partners and member of the investment team until 2017.

Francisco Utsch, CFA

Chief Investment Officer
Foto LL Site

From 2002 to 2010, he was the portfolio manager at GAS Investimentos, with assets under management around R$2 Bn. Following the acquisition of GAS Investimentos by Vinci Partners, he was named partner from 2011 to 2016 and portfolio manager of the Vinci GAS Small Cap Value fund, which exceeded the benchmark by 40% during that period.

Luiz Liuzzi, CFA

Chief Strategy Officer
Foto CC Site

From 2010 to 2015, he worked for Pinheiro Neto Advogados, where he specialized in company governance. In 2012, he acted as external legal expert for the Ministry of Mines and Energy of the Republic of Mozambique. In 2015, assumed the role of legal consultant at Lobo de Rizzo Advogados.

Caio Castro

Chief Operating Officer

Bruno Maragliano

He joined Kiron Capital’s Research team in 11/2017, as a Junior Analyst.

In 07/2017, he joined Grand Prix Investimentos Equity Research team as an intern.

He graduated in Business Administration at FGV-SP in 2018.








Marcelo Quinteiro

He joined Kiron Capital’s Research team in 08/2017, as a Junior Analyst.

In 2016, he joined the AACD (a philanthropy association for disabled children) for an internship program, where he was responsible for restructuring the medical supply chain for the association.

He graduated in Business Administration at Insper in 2018, with a Certificate by the University of California, Berkeley.




Mateus Campos

Worked in Investment Banking at Bank of America Merrill Lynch from 2016 to 2017, carrying out activities related to M&A, ECM and DCM projects in the Consumer Goods and Retail, Infrastructure and Mining & Metals sectors.
He graduated in Business Administration at FGV-SP, in 2017, with a Graduate Specialization in Corporate Finance.






Ricardo Boiati

He was the head of Sell Side Consumer, Retail, Food and Beverages Research Division at Bradesco BBI from 2009 to 2016. During this period, he was ranked as one of the 3 best sell side analysts in Brazil by the Agência Estadio/Insper, in 2013. He first joined Bradesco BBI in 2006 as an intern and from 2007 to 2009 he was a sell-side associate. He participated in different IPOs and follow-ons and had a recurring roadshow agenda with investors from Brazil, USA, Europe, Asia, Middle East and Chile.

He graduated in Economics at PUC-São Paulo, in 2006.






Rogério Morais

Joined Atena Capital Gestão de Recursos, as an investment analyst in 2014 and stayed until 2015. From 2015 to 2016, worked as a quantitative analyst at InvestQuest Capital. During this period, he focused on asset allocation algorithms. In 08/2017, joined the Equity Research team of Grand Prix Investimentos.

He graduated in Business Administration at Católica-Porto Business School, in 07/2013 and holds a Major in Corporate Finance, from the Católica-Lisbon School of Business & Economics.



Vladimir Pinto, CFA

He was the Portfolio Manager at Grand Prix Investimentos from 12/2014 until 10/2017. He joined Grand Prix Investimentos in 12/2013 as Head of Research. From 1995 to 2013, he worked at Bradesco BBI, Unibanco Investshop, ING Barings, Deutsche Bank, Santander and ABN AMRO as a sell side analyst covering the Telecom, Oil & Gas, Petrochemicals, Utilities, Auto Parts and Aerospace sectors. From 2000 to 2001, he was part of the investment team of Fundação Cesp (a pension fund of the electric utilities’ cos from the state of São Paulo) covering Utilities, Oil and gas, Petrochemicals and Aerospace industries. From 2001 until 2007, he worked at EDP Energias do Brasil, where he was responsible for the M&A area of the group, and was among the leading professionals of the team which ran the IPO and shareholding restructuring process, which took place in 2005. In 2009, he joined Bradesco’s sell side team as a Utilities analyst and worked in equity offerings from companies such as EDP Energias do Brasil, Equatorial and CPFL Renovaveis.

He holds CFA, CGA (from Anbima) and CNPI (from Apimec) certificates. He graduated in Business Administration at Universidade de São Paulo, in 1996, and holds a Masters Degree in Economics by Fundação Getulio Vargas São Paulo from 2007/08.




If you are an acredited investor and wish to receive further information, please reach us at


If you are an acredited investor and wish to receive further information, please reach us at

Kiron Institucional FIA

If you are an acredited investor and wish to receive further information, please reach us at



Years of combined experience in Equities Market


R$ Mn under management



Constant follow-up of companies that meet our quality criteria.
Attention to events that may change the operational/business dynamic of the companies


Definition of key questions and of the agenda to address them.
Qualitative analysis, financial modeling and interaction with companies and stakeholders


Discussions with the whole team about opportunities and risks in different scenarios.
Review of the key questions and decision making: establishing new agenda and/or defining investment positioning and sizing


Investments are closely monitored and frequently brought to the attention of the Investment Committee. We evaluate any changes to the risk/reward ratio in order to adjust our portfolio's exposure. Permanent process of re-evaluating the key questions


It occurs whenever the Investment Committee deem: (i) that the company has reached its assessed potential or
(ii) there were material changes to the underlying fundamentals justifying a new opinion on the case


Rua Tabapuã, 1123, 8th floor. São Paulo, SP. ZIP 04533-014

+5511 3135-6501


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