SRM is launching its debt capital market (DCM) area, diversifying its operations beyond multi-originator and multi- debtor receivables investment funds (FIDCs) , its area of expertise, in which its asset manager has reached approximately R$ 2 billion in assets under management.
The expectation is to carry out around R$ 500 million in operations in the first year of operation, taking advantage of the positive moment in private credit, with issuances hitting records in recent years.
“We started to see that many of the clients we work with in receivables were entering the capital markets with another asset manager, another firm,” Eduardo Siqueira, director of SRM Asset, told NeoFeed . “We’ve been with some of these clients for ten years; we should be doing this.”
SRM's DCM vertical will operate with instruments such as debentures , Real Estate Receivables Certificates (CRIs), and Agribusiness Receivables Certificates (CRAs), with transactions ranging from R$ 50 million to R$ 200 million.
The focus is on serving companies in the so-called middle market , whose revenues range between R$200 million and R$700 million per year, the same audience that SRM serves with its FIDCs (Investment Funds in Receivables), although it is open to serving companies with slightly lower or higher revenues. The idea is also to serve the venture capital area, SRM Ventures , which has 16 fintechs in its portfolio.
Siqueira says that the decision to enter DCM also aims to defend the receivables area, given the assessment that operating in the capital markets reduces how much SRM can earn from its traditional operation. "If a portion of the receivables goes to a capital markets operation, my volume may decrease," he states.
SRM began structuring its DCM area organically in the first half of 2025, with some new hires. The vertical gained strength with the arrival of Empírica , which belonged to Reag and was acquired by SRM last year. Leonardo Calixto, one of the founding partners of Empírica, is now leading the capital markets area as CEO of SRM Empírica.
“We saw the possibility of accelerating the process by buying an asset manager that knows the capital markets well,” says Siqueira. “We had the strategy [of entering the capital markets] and we saw the opportunity with Empírica.”
SRM's debut in DCM comes at a time when the debt market is booming. Data from the Brazilian Association of Financial and Capital Market Entities (Anbima) indicates that fixed income once again concentrated the largest share of fundraising and maintained its dominance in 2025, with R$ 737.7 billion, a 3.4% increase.
Amid historically high interest rates, causing investors to look more towards fixed income, smaller companies are increasingly accessing the capital markets. Banks, asset managers, and investment advisors are eyeing this opportunity.
Recently, Banco Pine announced its capital markets operation, targeting medium and large companies. Last year, BS2 announced its own vertical, also targeting the middle market, which ends up being overlooked by large banks due to the low values issued.
To stand out, Siqueira says that SRM will leverage the reach of its operations to advance its DCM area. The asset manager has 18 branches spread across the country, in the Central-West, Southeast, and South regions, and 300 employees who originate the operations. The asset manager also has infrastructure for credit analysis, in addition to a sales team.
“Our structure is much more similar to that of a bank than to that of a traditional asset manager,” he says. “The branches have commercial managers who are involved in the day-to-day operations of the companies to originate the receivables we handle.”
