Partners since the end of last year, Verde Asset and Vinci Compass have just launched the first fund that will have joint management between two of the largest asset managers in the country.
For the debut of the model, which is expected to be followed in future funds from the firm, the choice was for a tax-exempt product, with investments primarily in infrastructure debentures, but with a "touch" of multi-market funds. The expectation is to raise R$ 1 billion in the medium term.
In an exclusive interview with NeoFeed , the managers shared details of the strategy. “We want to bring the best of both worlds: the carry of the credit market and the possibility of a differentiated return through multi-market strategies,” says Gustavo Cortes, partner and director of private credit at Vinci Compass.
Named Vinci Verde Infra, the fund is the first infrastructure fund with participation from the asset management firm created by Luis Stuhlberger . However, all credit management will be handled by Vinci, which already has R$ 3 billion in this strategy, while the Verde team will focus on the interest rate market.
“The idea is for each of us to focus on our core competencies. On our side, the focus is on taking advantage of opportunities using fixed-rate bonds, NTN-B bonds, and derivatives in an intelligent way. It's a highly productive collaboration because no one is stepping on each other's toes,” says Luiz Parreiras , partner and manager of the multi-market fund strategy at Verde Asset.
Strategies involving the stock market, common in Verde's multi-market funds, will not be included in this fund, according to Parreiras, while the view on the foreign exchange market should be expressed through positions in interest rates. "These are markets that are usually quite interconnected."
The two asset management firms are part of the same group, after Vinci acquired 50.1% of Verde at the end of last year for R$ 46.8 million plus an additional portion in shares. The agreement also foresees the purchase of the entire company within five years, for up to R$ 127.4 million, depending on the achievement of certain targets.
The Verde and Vinci teams remain separate, but are increasingly working together, with frequent online interactions and both sales teams exploring potential synergies.
As of September 2025, the date of its last published financial statement, Vinci Compass had R$ 316 billion under management and advisory services. Its main exposures are in the private equity, real estate, and credit markets. Verde, in turn, is one of the leading multi-market fund managers in the country, with approximately R$ 15 billion under management.
But recently, due to the bleeding of multi-market funds, which lost R$ 790 billion in four years, Stuhlberger's asset management firm began to diversify its operations. Verde Asset entered the credit market and, in 2024, opened a firm to operate in the area of incentivized investments, with real estate and agribusiness funds, Verde Agro & Imobiliário.
The idea for the first joint fund, the managers recall, stemmed from a challenge posed by a large bank to Vinci's sales team. "At that time, Gustavo and I didn't even know each other yet. But they challenged us, and after internal discussions, we realized the product was a good idea," says Parreiras.
Because it is tax-exempt, the fund must have at least 67% allocated to infrastructure debentures after 180 days and 85% after two years. However, with only one month of operation, Cortes has been taking advantage of the greater flexibility to concentrate the portfolio on traditional debentures and FIDCs (Investment Funds in Credit Rights) for payroll-deducted loans, which have higher credit spreads.
"We still have a runway to work with and will be allocating resources gradually," he says.
With the fund more mature, Cortes expects that, in addition to the multi-market component, Vinci's own originations will be a differentiating factor amidst a scenario of compressed spreads.
"When we approach a company directly, structure the debt, and retain 100% of the issuance, there are no intermediary fees that the market charges, so the return is higher."
Although he sees infrastructure debentures with lower spreads, Cortes does not foresee room for strong growth this year, due to the need to regulate the funds created in the last two years.
"From all indications, the primary market will not supply 100% of the demand. So, I would say that there will continue to be demand pressure that tends to keep these spreads relatively stable. But there should be new opportunities, both in the primary and secondary markets."
In the multi-market segment, Parreiras assesses that the yield curves are well priced in, with the market betting on a 280 basis point drop by the end of the Selic rate cut cycle, currently at 15%.
"It's a fair zone. So, we're not facing directional risk. But the world is very volatile. Our mindset today is to be quite opportunistic regarding these shocks, potentially building applied positions in pre-fixed or real interest rates."
Since it's less than six months old, a brief performance history of the shares cannot yet be disclosed. However, according to Cortes, the product should be more volatile than a classic infrastructure fund, but with fewer highs and lows than a multi-market fund. Intended for the general public, the fund should be distributed soon on investment platforms.
Vinci and Verde continue to explore new opportunities for joint ventures. "Our sales teams have been talking to clients and partners and considering opportunities we can pursue. But Vinci Verde Infra still has enormous room to grow."
