Gávea Investimentos is a Brazilian independent asset management firm focused on emerging markets, founded in 2003 by Arminio Fraga and Luiz Henrique Fraga. It has two main lines of business: Hedge Funds and Private Equity Funds. Locally, Gávea is regulated by the Brazilian Securities and Exchange Commission (CVM) and is a signatory to the ANBIMA (Brazilian Association of Financial and Capital Market Entities) Code of Regulation and Best Practices for Third Party Asset Management. Internationally, Gávea is regulated by the Commodity Futures Trading Commission (CFTC) and is registered with the National Futures Association (NFA) as a Commodity Pool Operator (CPO).


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
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)
• Ph.D – Incomplete - in Economics 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
Senior 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)
• Catholic University-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
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

*as of May/23

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