A Gávea Investimentos é uma gestora de recursos independente com foco em mercados emergentes, fundada em 2003 por Arminio Fraga e Luiz Henrique Fraga. Conta com duas principais áreas de negócios: fundos multimercados e fundos de Private Equity. A gestora é regulada pela CVM e signatária do Código ANBIMA de Regulação e Melhores Práticas para os fundos de investimentos.


Executive Committee

Arminio Fraga
Founder, Co-CIO Hedge Funds and Private Equity
• Gávea Investimentos: Founder (2003)
• Banco Central do Brasil: Governor (1999-2002) e Director (1991-1992)
• Soros Fund Management: Managing Director e Portfolio Manager (1993-1998)
• Salomon Brothers: Emerging markets arbitrage (1989-1991)
• Banco Garantia: Chief Economist (1985-1988)
• Member of the Group of Thirty (since 2001)
• Member of the Council on Foreign Relations
• Professor of Economics at Columbia, Wharton, PUC-Rio and FGV-Rio
• PhD in Economics from Princeton University and M.A. and B.A. from the Catholic University of Rio de Janeiro (PUC-Rio)
Luiz H. Fraga
Founder, Co-CIO Private Equity
• Gávea Investimentos: Founder (2003)
• Latinvest Asset Management: President (1994-2002)
• Globalvest Management Company: Senior Partner (1994-2002)
• Bear Sterns: Director of Emerging Markets, head of Brazilian Investment Bank and Corporate Finance (1989-1994)
• Unibanco: Director of the New York branch (1986-1989)
• MBA in Finance from Thunderbird and a B.A. in Economics from PUC-Rio
Amaury Bier
CEO and Private Equity Unit Head
• Gávea Investimentos (since 2004)
• World Bank, IFC and MIGA: Executive Director (2002-2004)
• Ministry of Finance: Deputy Finance Minister, Brazil (1999-2002)
Active participant of the Federal Privatization Process (1998-2002)
• Chairman of the Board of Directors at: Banco do Brasil , Caixa Econômica, Banespa and Banco do Nordeste (1998-2002)
• Ministry of Planning, Brazil: Chief-Economist (1996-1998)
• Citibank Brazil: Chief Economist (1994-1996)
• MSc. and B.A. from University of São Paulo
Gabriel Srour
Co-CIO Hedge Funds
• Gávea Investimentos (since 2003)
• BBM: Strategist in the financial economics department (2002-2003)
• PUC-Rio: Economics Professor
• M.A. and B.A. in Economics from PUC-Rio
Edward Amadeo
Chief Economist
• Gávea Investimentos (since 2006)
• Tendências Consultoria Integrada: Partner (2002-2005)
• Ministry of Finance: Secretary of Economic Policy (1996-2002)
• Ministry of Labor: Minister (1995-1996)
• PUC-Rio: Professor and Researcher in Economics and Labor economics
• Consultant: the Inter-American Development Bank, the World Bank, the International Labor Organization and the World Institute of Development Economic Research
• Ph.D in economics from Harvard University and B.A. from PUC-Rio
Fábio Barbosa
Senior Investment Advisor
• Advisor at Gávea Investimentos (since 2015)
• Abril Communications and Media Group: CEO (2011 - 2015)
• Santander: Chairman of the Board of Directors (2010 - 2011)
• Bank Federation in Brazil (FEBRABAN): President (2007 - 2011)
• Santander Brazil: CEO (2007 - 2010)
• ABN Amro Brazil: CEO (1996 - 2007), leading merger with Santander in 2008
• Long Term Credit Bank of Japan, Brazil: CEO (1993-1995)
• Business MBA from IMD and M.A. from FGV-SP
• Champion of the Earth award by the United Nations Environmental Program (UNEP)
Bernardo Carvalho
Managing Director and CRO
• Gávea Investimentos (since 2005)
• Opus: Economist (2004-2005)
• M.Sc. and a B.Sc. in Economics from PUC-Rio


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Garantia Bank
Salomon Brothers
Central Bank
Soros Fund Management
Central Bank
Gávea Investimentos
Luiz H. Fraga
Unibanco, NY branch
Bear Sterns
Latinvest Asset Management & Globalvest Managt. Co.
Gávea Investimentos
Amaury Bier
Sadia and Copersucar
Kandir & Associados
Finance and Planning Ministries
World Bank
Gávea Investimentos
Gabriel Srour
Gávea Investimentos
Edward Amadeo
Economics Department of PUC-Rio, Notre-Dame University and Kellog Institute
Finance and Labor Ministries
Tendências Consultoria
Gávea Investimentos
Bernardo Carvalho
Gávea Investimentos
Gávea Investimentos


Global Macro


  • Discretionary Macro, with an emerging market bias
  • Fundamental analysis, grounded in macroeconomic research
  • 3 to 6-month investment horizon

Investment Universe

  • Over 30 countries, historically concentrated in emerging Asia and Latam
  • Currencies, equities, rates, and sovereign debt
  • Derivative and cash instruments


  • Mostly thematic, complemented by idiosyncratic trades in selected countries
  • Focus on liquid financial instruments

Capital Preservation

  • Risk Management based on Stress Testing
  • Liquidity and counterparty risk are key inputs to portfolio construction
  • Conservative cash management policy



assets under management

Investment Universe



Private Equity


  • Sector agnostic sourcing, seeking best-in-class partners, managers, and firms in Brazil
  • Active, minority investments backed by robust governance and liquidity rights
  • Deployment of growth equity driven by a value investing strategy
  • Value creation via cross portfolio synergies and proprietary research on, and extensive track record in, capital budgeting, strategic guidance, talent attraction, management compensation, among others
  • Flexible mandate enables Fund to capitalize on attractive publicly-traded opportunities via PIPEs
  • Long-term – 5 to 10-year – investment horizon

Latest Investments*

* Investments of the last 5 years.
** Divested.




*since strategy inception, realized exchange rates