EXCELLENCE AND SIMPLICITY
Independent thinking and open mindedness
in the steadfast search for capital
appreciation opportunities
WHO WE ARE
Founded in 2011, Indie Capital is an asset management firm that specializes in investing in Brazilian publicly traded companies. Our philosophy is to invest in quality businesses at a discount to their intrinsic value.
We promote teamwide investment case discussions for different perspectives, constant interactions with different stakeholders and extensive monitoring of companies within our coverage universe in the investment decision process.
Our investment team has different complementary backgrounds, including private equity & public equity experiences.
We value attracting and retaining talents to promote our culture and our partnership.
TEAM
Daniel Reichstul
Daniel was director of private equity at Pátria Investimentos, where he led the acquisition of Anhanguera Educacional SA, was CFO of LFG Business e Participações Ltda., and generated new investments for the private equity fund. Prior to Pátria, Daniel worked in the investment banking area of ABN AMRO bank and in the economics department of the Central Bank of Brazil. Daniel holds a bachelor’s degree and a master’s degree in Economics from USP.
How long on the market?
22 YEARS
How long at Indie?
13 YEARS
Felipe Montagna
Felipe served as director of private equity at Pátria Investimentos, where he worked for more than 8 years investing for the fund and managing the portfolio companies Supplier, Anhanguera Educacional, and Casa do Pão de Queijo. Prior to Pátria, Felipe was an analyst in the IB area at Banco Pactual, performed equity research at Credit Lyonnais Securities Asia, and worked in risk management at ING Bank. Felipe holds a degree in Business Administration from FGV.
How long on the market?
27 YEARS
How long at Indie?
12 YEARS
Henrique Jacob
Henrique is a partner and equity analyst at Indie Capital. He worked as a sell-side equity analyst at Credit Suisse between 2013 and 2014 covering the health care, education, and financial sectors. Henrique holds a degree in Business Administration from Fundação Getulio Vargas (FGV).
How long on the market?
12 YEARS
How long at Indie?
10 YEARS
João Nerasti
João is a partner and equity analyst at Indie Capital. He worked as an equity research buy-side analyst at M Square Brasil between 2015 and 2017 covering the financial and insurance sectors. Prior to this, he worked as a macroeconomic and equity analyst at the CSHG Gauss fund. João holds a degree in Economics from USP.
How long on the market?
12 YEARS
How long at Indie?
7 YEARS
Cleto Salha
Cleto is a partner and equity analyst at Indie Capital. Previously, he worked in an asset management company, in addition to having worked in the development and civil construction market. Cleto holds a degree in Civil Engineering from UFPI and a postgraduate degree in Finance from INSPER.
How long on the market?
6 YEARS
How long at Indie?
5 YEARS
Breno Venturi
Breno Venturi is a partner and equity analyst at Indie Capital. Before joining the team, he worked for two and a half years as an M&A advisor at Fortezza Partners. Breno has a degree in Production Engineering from Poli-USP.
How long on the market?
6 YEARS
How long at Indie?
4 YEARS
Marcio Prado
Marcio is a global equities analyst at Indie Capital. He has 25 years of experience in the financial market, including a previous tenure as a partner at Indie Capital. He began his career at Credit Suisse in 2000. In 2005, he joined Santander, where he stayed for eight years and became Head of Research for the Utilities sector—a role he later held at Goldman Sachs. He was subsequently a co-founder of Miles Capital. From 2019 onwards, he managed global investments at BWGI and Vinland Capital. Márcio holds a degree in Production Engineering from Poli-USP and a Master’s in Economics from PUC-Rio.
How long on the market?
25 YEARS
How long at Indie?
1 YEAR
Lucas Santiago
Lucas is a credit analyst focused on agribusiness at Indie Capital. Prior to joining Indie, he worked as an M&A analyst at Blackwall Partners between 2023 and 2025. He previously held roles in the credit departments of Banco Inter and Itaú BBA. Lucas holds a degree in Economics from IBMEC Belo Horizonte.
How long on the market?
7 YEARS
How long at Indie?
1 YEAR
Marcelo Bronze
Marcelo Bronze is a partner and responsible for the operations and investor relations areas. Before joining Indie Capital, he worked as Relationship Manager of Corporate Banking at BNP Paribas for four years. Marcelo has a bachelor degree in Business from FGV.
How long on the market?
11 YEARS
How long at Indie?
7 YEARS
Victoria Novelli
Victoria is part of Indie Capital’s Investor Relations team. Previously, she worked as an IR at Encore from 2020 to 2022. Prior to that, she worked as sales at Morgan Stanley Investment Management from 2018 to 2020. Victoria has a degree in Economic Sciences from PUC-SP.
How long on the market?
7 YEARS
How long at Indie?
3 YEARS
Verônica Ferrari
Verônica is a partner and responsible for the compliance and middle office areas at Indie Capital. Verônica has more than 10 years of working experience in the financial market.
How long on the market?
16 YEARS
How long at Indie?
12 YEARS
Joyce Takiguchi
Joyce is a compliance and middle office analyst at Indie Capital. Previously, she worked as a compliance and middle office analyst at Lakewood, in administrative and client areas at Azimut Brasil WM and at Gávea Investimentos, where she started her career in 2013. Joyce holds a degree in Business Administration.
How long on the market?
12 YEARS
How long at Indie?
1 YEAR
Priscilla Perez
Priscilla is responsible for operations and compliance at Indie Capital and has 20 years of experience in the financial market. Before joining Indie, she was an Operations Associate at Quasar Asset Management from 2021 to 2025. Previously, she worked as an Investor Relations Analyst at Valora Asset Management and as a Product Analyst at GPS and Itaú Unibanco. Priscilla holds a degree in Business Administration from Universidade Paulista.
How long on the market?
20 YEARS
How long at Indie?
1 YEAR
Bruno Morikuni
Bruno started his career in the financial market in 2022 as an intern at Indie Capital and was recently hired as an analyst in the operations area. Bruno is studying Biomedical Engineering and Science & Technology at the Federal University of ABC.
How long on the market?
3 YEARS
How long at Indie?
3 YEARS
Daniel Reichstul
Portfolio Manager
Felipe Montagna
Portfolio Manager
Henrique Jacob
Portfolio Manager
João Nerasti
Portfolio Manager
Cleto Salha
Investment Analyst
Breno Venturi
Investment Analyst
Marcio Prado
Investment Analyst
Lucas Santiago
Investment Analyst
Marcelo Bronze
Institutional
Victoria Novelli
Investor Relations
Verônica Ferrari
Compliance & Operations
Joyce Takiguchi
Compliance & Operations
Priscilla Perez
Compliance & Operations
Bruno Morikuni
Operations & Technology analyst
EXPERIENCE
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06
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DANIEL REICHSTUL
Portfolio Manager
PATRIA INVESTIMENTOS
ABN AMRO
BCB/MESTRADO
FELIPE MONTAGNA
Portfolio Manager
PATRIA INVESTIMENTOS
EXPERIÊNCIA INTERNACIONAL
IRR
BANCO PACTUAL
CLSA
ING BARINGS
HENRIQUE JACOB
Portfolio Manager
CREDIT SUISSE
JOÃO NERASTI
Portfolio Manager
VELT
CREDIT SUISSE
AMBEV
CLETO SALHA
Investment Analyst
051
BRENO VENTURI
Investment Analyst
FORTEZZA
MARCIO PRADO
Investiment Analyst
Vinland Capital
BWGI
Miles Capital
Goldman Sachs
INDIE Capital
Santander
Itaú Unibanco
Mestrado
Credit Suisse
LUCAS SANTIAGO
Investiments Analyst
Blackwall Partners
Banco Inter
Itau
MARCELO BRONZE
Institutional
BNP PARIBAS
VICTÓRIA NOVELLI
IR
ENCORE
MORGAN STANLEY
MIRAE ASSET
VERONICA FERRARI
Compliance & Operations
EXPERIÊNCIA INTERNACIONAL
JOYCE TAKIGUCHI
Compliance & Operations
Lakewood
Azimut
GAVEA
PRISCILLA PEREZ
Compliance & Operations
REAG Investimentos
Valora Asset Management
Berkana Patrimônio
GPS
EXPERIÊNCIA INTERNACIONAL
Itaú Unibanco
EXPERIÊNCIA INTERNACIONAL
CEF
BRUNO MORIKUNI
Operations & Technology Analyst
Developer
INDIE CAPITAL