Investment Strategy
Between R$100 million and R$500 million
Investee Companies
21
AuM
+R$5 bi
Sobre
A gestora mais experiente do Brasil em participações minoritárias.
Um time com trajetória consolidada, que investe ao lado dos empresários brasileiros com governança robusta, presença ativa e proteções que funcionam: da precificação na entrada aos direitos de saída.
A busca por retorno consistente acima da bolsa e dos benchmarks dos fundos, com o compromisso de sempre buscar o melhor para o capital do investidor.
Features
The Kinea fund follows the strategy of investing in growth equity in medium and large companies in Brazil, applying a hands-on approach to add value across all organizational levels. Kinea transactions have an average ticket of approximately R$150 to R$500 million. There is no sectoral focus, but the manager prioritizes non-discretionary and non-cyclical sectors, such as health, education and technology. All investments have Brazil as the country with the highest operational representation. In addition, target companies usually occupy a sectoral or regional leadership level in Kinea’s target sectors.
Investment Cases
WIZARD
Education
WIZARD
Education
About the company
Leader in the language teaching and professional education segment in Brazil, with more than 2,500 franchises. Investment of R$200 million in May 2011 to acquire a minority interest. In February 2014, Kinea exited after Pearson Education acquired 100% of Grupo Multi – the largest acquisition ever made in the Education sector in Brazil.
UNIDAS
Car Rental
UNIDAS
Car Rental
About the company
Leading company providing rent-a-car and fleet management services in Brazil, with a fleet of more than 45,000 cars. Investment of R$100 million in July 2011 to acquire a minority interest, in a consortium with other Private Equity funds. Partial divestment through the sale of Kinea’s minority interest to Enterprise Holdings, the leading player in the global Rent-a-Car market (Nov/2016) and full sale of position to Locamerica (Dec/2017).
ABC GROUP
Advertising
ABC GROUP
Advertising
About the company
ABC is the largest independent Brazilian group in the advertising and publicity segment, operating in various advertising and marketing services through its 14 agencies. Kinea made an investment of R$170 million in June 2013 to acquire a minority interest. In January 2016, Kinea exited the company after it was fully acquired by the Omnicon Group, one of the largest advertising groups in the world.
AVENIDA GROUP
Retail
AVENIDA GROUP
Retail
About the company
Avenue is the leader in the clothing retail segment in the Midwest and North of Brazil, both regions with high growth and exposure to the booming agribusiness sector. Grupo Avenida has 130 stores distributed mainly in medium-small cities in the interior of the region and mainly in the Main street format. Kinea made an investment of R$250 million in May 2014 and exited its position to Pepkor in February 2022.
ELIANE
Ceramics
ELIANE
Ceramics
About the company
Eliane is a leading manufacturer of ceramic tiles with a wet production process and an installed capacity of approximately 35 million m²/year. Kinea made an investment of R$150 million in October 2015 to acquire a minority interest. In November 2018, the Company was fully acquired by Mohawk Industries, one of the main players in the global ceramics market.
AGV LOGÍSTICA
Logistics
AGV LOGÍSTICA
Logistics
About the company
AGV is one of the leading providers of logistics operations and intelligence in Brazil. Headquartered in Vinhedo (SP), it has an asset-light business model and is the leader in the animal and human health segments, in addition to outstanding performance in other consumer segments. Kinea made an investment of R$105 million in May 2016 to acquire a minority interest. In November 2019, the Company was fully acquired by FEMSA, a Mexican multinational with a strong presence in Brazil.
DELFIN GROUP
Diagnostic Medicine
DELFIN GROUP
Diagnostic Medicine
About the company
Delfin is based in Salvador and is the leader in the diagnostic imaging medicine segment in the Northeast region of Brazil. Kinea made an investment of R$70 million in January 2013 to acquire a minority interest. In March 2016, the company merged with the Diagnostic Imaging Center (Alliar). In November 2016, Alliar reopened the Brazilian capital markets with an initial public offering of R$700 million on the B3 stock exchange. Kinea sold approximately 90% of its stake in Alliar in that IPO.
UNINTER
Distance Education
UNINTER
Distance Education
About the company
Uninter is one of Brazil’s leading players in the distance higher education segment, with a national footprint and approximately 170,000 students enrolled. Kinea made an investment of R$100 million in May 2016 through a debenture convertible into shares. Kinea made its exit from the company in early 2018 after the controlling shareholders repurchased their position.
+A EDUCATION
Education
+A EDUCATION
Education
About the company
The leading EdTech platform in Brazil, focused on serving Higher Education and Healthcare institutions, operating through three complementary verticals: white-label SaaS solutions for learning management in education and healthcare institutions (Platform), full-service partnerships for premium postgraduate programs (Partnerships), and a comprehensive content and continuing education ecosystem in healthcare — including the largest medical-scientific editorial catalog in the country, digital products, and programs developed with leading mental health authors (Artmed). An investment of BRL 198 million was made in November 2018 for the acquisition of a minority stake.
WISER
Education
WISER
Education
About the company
Wiser is one of the leading education companies in the country, focused on non-regulated sectors, offering in-person and online solutions for medical residency preparation, language learning, sales, entrepreneurship, and university entrance exams, through its various brands. An investment of BRL 250 million was made in 2019 for the acquisition of a minority stake.
CCG
Healthcare
CCG
Healthcare
About the company
CCG is a vertical healthcare operator that provides health plans, dental plans and health services in the Rio Grande do Sul and Santa Catarina states. In 2021, the Company announced the opening of Hospital Humaniza, a new hospital operation that will have nine floors, 220 beds and ten surgical centers in Porto Alegre. Kinea made an investment of R$165m in May 2019 to acquire a minority interest and exited its position to NotreDame Intermédica on January 2022.
PANVEL
Retail
PANVEL
Retail
About the company
Dimed is one of the leading retailers (through the Panvel network) and distributors of pharmaceutical products in Brazil, with more than 400 stores distributed throughout the states of RS, SC, PR and SP. Kinea made an investment of R$151m in November 2019 to acquire a minority interest. In July 2020, the company carried out a Re-IPO for R$1.0 billion, and Kinea divested 40% of its stake and returned to investors their capital invested after just seven months.
MATERA SYSTEMS
IT Solutions
MATERA SYSTEMS
IT Solutions
About the company
Matera is the national leader in SaaS and BaaS solutions for core banking and digital payment methods, serving retailers, digital banks, fintechs, and various sectors of the economy. The company positions itself as a one-stop shop for businesses and banks seeking to become a fintech, offering a comprehensive product suite. An investment of BRL 100 million was made in March 2020 for the acquisition of a minority stake.
VERZANI & SANDRINI
Service Outsourcing
VERZANI & SANDRINI
Service Outsourcing
About the company
Leading group in the provision of outsourcing services, offering solutions in sanitation, physical security, electronic surveillance, and asset management and maintenance. Present across all regions of Brazil, the company employs more than 45,000 people and serves a base of over 1,300 clients. An investment of BRL 160 million was made in December 2020 for the acquisition of a minority stake.
PETZ COBASI GROUP
Pet Retail
PETZ COBASI GROUP
Pet Retail
About the company
In 2021, an investment of BRL 300 million (100% primary) was made in Cobasi, a pioneer in the megastore format and one of the leaders in pet retail in Brazil. Since then, the company has advanced its growth and consolidation strategy in the sector, culminating in the merger with Petz — approved by CADE in December 2025 — which gave rise to Grupo Petz Cobasi. Listed on B3 under the ticker AUAU3, the company operates a best-in-class omnichannel ecosystem, with approximately 500 stores across more than 20 states and a team of 15,000 employees, delivering convenience, assortment, and pet wellness services. With net revenues of BRL 7.7 billion (LTM 3Q25), Grupo Petz Cobasi consolidates its position as the leader in the Brazilian pet retail market, combining scale, brand, and execution to accelerate sustainable growth and value creation for shareholders.
BLUE HEALTH
Healthcare
BLUE HEALTH
Healthcare
About the company
Blue Health is the leading provider of medical equipment solutions, including rental, maintenance, and sale of imaging equipment and reagents for in vitro diagnostics. The investment will be used to accelerate the company's organic and inorganic expansion plan in a fragmented market with high growth potential. An investment of BRL 200 million was made in June 2022 for the acquisition of a minority stake.
ALVORADA
Agribusiness
ALVORADA
Agribusiness
About the company
Founded in 1986, Alvorada is the leader in livestock product retail in Brazil, a high-growth, fragmented, and resilient sector. The Company operates through a network of owned stores located in the Midwest, Northeast, Southeast, and North regions, with a unique one-stop-shop positioning, offering more than 30,000 SKUs — including veterinary medicines, pasture items, animal nutrition, machinery, and equipment — to nearly 225,000 customers. Kinea's investment of BRL 400 million will enable Alvorada to accelerate its store expansion pace and pursue strategic acquisitions to strengthen its leadership position and national reference status.
SEB GROUP
Education
SEB GROUP
Education
About the company
Grupo SEB Alta Performance is one of the leading basic education groups in the country (K-12 segment), comprising 29 units and more than 23,000 students across 11 states. Led by entrepreneur Chaim Zaher, one of the most prominent education entrepreneurs in Brazil and worldwide, Grupo SEB Alta Performance centers its operations on the delivery of high-performance education, with the goal of ensuring high acceptance rates in the country's most competitive university entrance exams. An investment of BRL 415 million was made in July 2024 for the acquisition of a minority stake.
GREENTECH
Logistics
GREENTECH
Logistics
About the company
Greentech is one of the leading companies in the intralogistics equipment rental sector (forklifts, tow tractors, and pallet trucks) in Brazil. It operates a predominantly electric fleet and holds long-term B2B contracts. In addition to its rental solution, the Company focuses on preventive maintenance services to extend the useful life of its assets. Headquartered in Monte Mor - SP, the Company operates across the Southeast and Northeast regions and serves more than 600 clients.
LWSA
Software
LWSA
Software
About the company
LWSA (Locaweb) is a pioneering company in website hosting services in Brazil, which has undergone a diversification of its offerings over recent years to position itself as one of the leading software companies for SMEs, encompassing website building and online retail enablement platforms (Wake, Tray, and Bagy), payments (Vindi and Yapay), logistics (Melhor Envio), ERP (Bling), among other solutions. In 2020, LWSA went public on the Brazilian Stock Exchange, listed on the Novo Mercado segment. An investment of BRL 225 million was made in August 2025 for the acquisition of a minority stake.
The Led
Retail Media
The Led
Retail Media
About the company
The Led is a leading company in digital visual communication solutions, providing infrastructure and systems for the digitalization of stores and public spaces, fostering the development of the OOH (Out of Home) and retail media market. In November 2025, an investment of BRL 150 million was made through FIP Kinea V. The proceeds will be directed toward expanding the screen footprint, with a strategic focus on retail media, broadening The Led's presence in high-traffic points of sale and shopping centers.
Team
Cristiano Lauretti
Sócio e Head da Kinea Private Equity
Eduardo Marrachine
Sócio-executivo de Private Equity
Diego Montezano Santos
Sócio-executivo de Private Equity
Camilo Cabianca Ramos
Sócio-executivo de Private Equity
Conrado Pietraroia
Sócio e Vice-Presidente
Eric Varga
Sócio e Vice-Presidente
Arthur Hadler
Sócio e Vice-Presidente
Lucas Ottoni
Vice-Presidente
Matheus Lino
Vice-Presidente
Gabriel Marcos Borges
Associado
Arthur Caselatto
Associado
Isabella Picchi
Analista
Thiago Cedroni Fava
Analista
Keslley Crispim
Relações com Investidores
Carolina Kinter Delatim
Relações com Investidores
Cristiano Lauretti
Sócio e Head da Kinea Private Equity
Juntou-se à Kinea em setembro de 2009. É sócio responsável pela área de Private Equity, possuindo mais de 26 anos de experiência na área. Foi diretor executivo do AIG Capital Partners no Brasil quando atuou no Conselho de Administração de empresas como Gol Linhas Aéreas e da Companhia Providência. Desde que iniciou suas atividades na Kinea atuou em mais de 10 Conselhos de empresas investidas. A Kinea Private Equity administra R$ 5 bi de AUM e neste momento está investindo capital de seu Fundo V, de R$ 2.4 bi. Cristiano também atua no Comitê de Investimento dos fundos de Infra, e Capital Solutions da Kinea. Anteriormente ao AIG e Kinea, trabalhou com Project Finance no Banco ABN Amro. Iniciou sua carreira como trainee do Banco Itaú. Cristiano é graduado em Engenharia de Produção pela Escola Politécnica da Universidade de São Paulo.
Eduardo Marrachine
Sócio-executivo de Private Equity
Juntou-se à Kinea PE em outubro de 2009. Com experiência de mais de 25 anos no segmento de private equity no Brasil, foi diretor de investimentos no AIG Capital Partners quando atuou no conselho de administração e IPO da Fertilizantes Heringer. Iniciou sua carreira na ExxonMobil como analista financeiro em 1997, tendo passado posteriormente pelo Banco Patrimônio Salomon Brothers e pelo Banco Bilbao Vizcaya Argentaria no segmento de finanças corporativas. Na Kinea PE, Eduardo atuou nos investimentos de Unidas, Eliane, Uninter e Matera, participando do conselho de administração destas três últimas companhias. Eduardo é graduado em administração pública pela Fundação Getúlio Vargas (EAESP-FGV).
Diego Montezano Santos
Sócio-executivo de Private Equity
Juntou-se à Kinea em outubro de 2009. Com experiência de 18 anos no segmento de Private Equity, antes de juntar-se à Kinea foi parte da equipe de investimentos do AIG Capital Partners no Brasil. Iniciou sua carreira no segmento de banco de investimentos no Banco UBS e, posteriormente, Banco UBS Pactual, tendo executado diversos projetos de M&A e ofertas públicas de ações. Atuou como membro do Conselho de Administração do Grupo ABC, Grupo Avenida, CCG Saúde, e Dimed S.A (Panvel). Atualmente, atua no conselho de Wiser Educação e é responsável pelo investimento em The LED. Diego é graduado em Administração de Empresas pela Fundação Getúlio Vargas (EAESP-FGV).
Camilo Cabianca Ramos
Sócio-executivo de Private Equity
Juntou-se à Kinea em abril de 2011. Com experiência de mais de 20 anos no mercado financeiro, dos quais 15 em Private Equity, Camilo iniciou sua carreira na Rosenberg Partners e trabalhou por 6 anos na área de Investment Banking do Banco Itaú BBA, tendo executado diversos projetos de M&A e ofertas públicas de ações. Atualmente é membro do Conselho de Administração da +A Educação, Verzani & Sandrini e LWSA, e esteve envolvido diretamente nas transações de Delfin Imagem, Eliane Revestimentos Cerâmicos, Grupo ABC e AGV Logística. Camilo é graduado em Administração de Empresas pela Fundação Getúlio Vargas (EAESP-FGV), tendo cursado um semestre acadêmico na Tulane University (EUA)
Conrado Pietraroia
Sócio e Vice-Presidente
Iniciou sua carreira profissional na Kinea Private Equity em dezembro de 2011, tendo participado desde então dos investimentos na Unidas, Delfin Imagem (e, posteriormente, Alliar Medicina Diagnóstica), Eliane Revestimentos Cerâmicos, Uninter Educacional, Grupo A Educação e CCG Saúde. Atualmente é membro do Conselho de Administração do CCG Saúde, além de atuar no conselho do Grupo A Educação. Conrado é graduado em Engenharia de Produção pela Escola Politécnica da Universidade de São Paulo.
Eric Varga
Sócio e Vice-Presidente
Juntou-se ao time de Private Equity da Kinea em março de 2013 e participou dos investimentos no Grupo ABC, Grupo Avenida, Eliane, AGV Logística e Wiser Educação, atuando no monitoramento das companhias via comitês e conselhos de administração. Sua experiência anterior inclui dois anos de Private Equity na BRZ Investimentos, onde participou de follow-ons, monitoramento do portfólio e projetos de investimentos. Eric é graduado em Administração Pública pela Fundação Getúlio Vargas (EAESP-FGV), tendo cursado um semestre acadêmico na Wirtschaftsuniversität Wien (Áustria).
Arthur Hadler
Sócio e Vice-Presidente
Juntou-se à Kinea em janeiro de 2015. Iniciou sua carreira na Kinea, participando dos investimentos de Delfin Imagem, Grupo Avenida, AGV Logística, Centro Clínico Gaúcho, Verzani & Sandrini e Greentech, com participação ativa em seus conselhos de administração e comitês consultivos. Arthur é graduado em Engenharia de Produção pela Escola Politécnica da Universidade de São Paulo.
Lucas Ottoni
Vice-Presidente
Lucas Ottoni é Vice Presidente da área de Private Equity da Kinea, atuando na gestora desde 2017. Participou ativamente dos investimentos no Grupo Avenida, Panvel, Cobasi, LWSA e The Led, além de ser responsável pela análise de novos investimentos. Lucas é graduado pela Fundação Getúlio Vargas (EAESP-FGV), tendo cursado um semestre acadêmico na Columbia University.
Matheus Lino
Vice-Presidente
Matheus Lino, CFA, ingressou em 2018 na área de Private Equity da Kinea, onde é Vice Presidente, e participou dos investimentos em +A Educação, como conselheiro, e Verzani e Sandrini e Grupo SEB, como conselheiro observador. É formado em bacharelado em Administração de Empresas pela FEARP‑USP e ingressou no mercado como estagiário de logística na Ambev, passando por programa de estágio no Itaú. Matheus é CFA charterholder desde 2023.
Gabriel Marcos Borges
Associado
Juntou-se ao time de Private Equity da Kinea em janeiro de 2021, após trabalhar por um semestre na área de Equity Research do Morgan Stanley. Gabriel é graduado em Engenharia Civil pela Escola Politécnica da Universidade de São Paulo.
Arthur Caselatto
Associado
Juntou-se ao time de Private Equity da Kinea em fevereiro de 2022 e é graduado Economia pela Faculdade de Economia e Administração da Universidade de São Paulo (FEA-USP). Participou dos investimentos em CCG Saúde, +A Educação, Verzani & Sandrini, Grupo SEB e LWSA. Iniciou sua carreira na boutique de M&A Dikaios e passou pelo time de M&A proprietário da Desktop.
Isabella Picchi
Analista
Juntou-se ao time de Private Equity da Kinea em agosto de 2022 e atua ativamente no monitoramento das investidas Wiser Educação e Alvorada, além de participar da análise de novas oportunidades de investimento. É formada em Engenharia de Produção na Escola Politécnica de São Paulo (Poli-USP), foi uma das fundadoras do Elas no Mercado Financeiro, liga voltada à inserção de mulheres no setor, e iniciou sua carreira com estágio no multi-family office, Vita Investimentos.
Thiago Cedroni Fava
Analista
Thiago Fava ingressou em Julho de 2024 na área de Private Equity da Kinea e é formado em Engenharia pela Unicamp. Anteriormente, passou um ano na área de Private Equity Special Situations na IG4 Capital e realizou um estágio de férias na área de Venture Capital na KPTL.
Keslley Crispim
Relações com Investidores
Juntou-se ao time da Kinea Private Equity em outubro de 2022 e é formado em Administração pela UAM, Pós-graduado em Finanças e MBA em Gestão de Negócios pela Fundação Instituto de Administração. Trabalha no grupo Itaú Unibanco há 15 anos, passando pela Asset, Canal Institucional e Poder Público do Banco Itaú.
Carolina Kinter Delatim
Relações com Investidores
Juntou-se ao time de Private Equity em julho de 2025, após trabalhar por três anos na Ibiuna Investimentos. Carolina é graduada em Engenharia Civil pela Faculdade Armando Alvares Penteado (FAAP).