Solis Investimentos is restructuring its operations to double in size by 2028. With approximately R$ 30 billion under management, the firm specializing in Credit Rights Investment Funds (FIDCs) has reorganized its structure, created five credit verticals, and redesigned processes and leadership to achieve this goal.

According to the management company, this move was designed in parallel with the arrival of Patria Investimentos , a partnership established in November 2025, which acquired 51% of Solis in a transaction that foresees the integration of 100% of the operation within three years. And it is precisely this partnership that could accelerate the process.

“With Pátria, we have a new front for originating good assets, as it gives us greater access to the universe of its investments, and we also broaden the spectrum of investors, especially international ones. This can accelerate the achievement of our goal,” says Ricardo Binelli , also a managing partner at Solis.

The reorganization translates into the division of Solis into five areas: public payroll loans, private payroll loans, multi-originator and multi-debtor loans, real estate, and structured assets in general, a category that includes corporate debt operations and other more specific assets.

Segmentation was a direct response to the growing weight of each type of asset within the platform, better separating the areas. Instead of the same analyst alternating between assets with very different dynamics, Solis decided to set up dedicated structures for each vertical, with specific professionals for origination, structuring, credit, monitoring, and risk management.

From the firm's perspective, the new design deepens knowledge about each segment and improves analytical capabilities precisely at a time when the market demands greater sophistication.

The FIDC (Investment Fund in Credit Rights) industry has gained visibility in recent years, both among investors and borrowers, and has more than doubled in size since 2021. Today it has over R$ 700 billion under management. And according to Solis' calculations, it could reach R$ 1 trillion between 2027 and 2028.

Therefore, FIDC (Investment Fund in Credit Rights) has come to be seen more frequently as an alternative to traditional bank credit. This movement has broadened interest in the product and brought more players into the sector. For Solis, this means that future growth will depend less on being a generalist and more on deepening the understanding of each niche.

“Competition tends to reduce premiums and bring less common operations to the market. I think our specialization is what will allow us to maintain the level of our deliverables even in this environment,” says Ricardo Binelli, also a managing partner at Solis.

More than just an organizational chart adjustment, the change is treated internally as the foundation for sustaining a leap in scale, without losing the capacity for origination, analysis, and monitoring.

“We know that the model that has allowed us to grow so far is not the one we need to grow on the scale we want,” says Delano Macêdo, managing partner of Solis.

This combination of internal reorganization and a new corporate structure also requires strengthening the team. Macêdo says that Solis has hired at least eight people since November and has nine other open positions, including senior roles, directors, managers, and operational functions.

The consulting firm XXXXX, which helped redesign the organizational chart, will continue to work alongside the management company until June to support the implementation of the changes.

The market grew

While Solis gained momentum with Pátria as a partner, the credit environment is under pressure, with high interest rates, more indebted families, small and medium-sized enterprises facing greater financial difficulties, and signs of strain appearing in various portfolios.

For Solis, this means that the ambition to double in size by 2028 must coexist with a kind of silent crisis in the credit market, which forces the asset manager to closely monitor asset quality and recalibrate its risk appetite much more frequently.

According to Macêdo, the firm's reaction is not to indiscriminately exit sectors or simply turn off the tap. The approach has been more surgical. The asset manager maintains a constant routine of committees and reviews to identify where the deterioration is concentrated — by segment, region, borrower profile, or portfolio type — and, from there, adjust the term, exposure, concentration, and guarantee package.

In some cases, this means slowing down the rate of origination. In others, it means raising the level of protection required to continue doing business.

This filter has already produced clearer choices within Solis. Unsecured personal loans, for example, have been off the company's radar for at least two or three years, except in operations such as payroll loans or structures with some type of additional protection.

In the small and medium-sized enterprise segment, the logic is similar: the asset manager avoids clean operations and prefers transactions anchored in receivables, promissory notes, real estate, or financial investments.

The interpretation is that, in a more stressful environment, growth doesn't mean indiscriminately taking on more risk, but rather selecting operations more carefully and strengthening protective measures.

Even in a more selective credit market, Solis maintains that there is still much room for growth. And it understands that, in a still fragmented sector, expanding its presence would already be enough to consolidate its position.

“Today there are around 300 FIDC (Investment Fund in Credit Rights) managers, and we are one of the largest with about 6% of the market. Growing alongside and above this market in the coming years will be fundamental to maintaining our relevance,” says Macêdo.