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 Portfolio Manager

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? 21 YEARS
How long at Indie? 12 YEARS
Felipe Montagna Portfolio Manager

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? 26 YEARS
How long at Indie? 11 YEARS
Henrique Jacob Portfolio Manager

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? 11 YEARS
How long at Indie? 9 YEARS
João Nerasti Portfolio Manager

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? 11 YEARS
How long at Indie? 6 YEARS
Sophia Pawlaski Investment Analyst

Sophia is a partner and investment analyst at Indie Capital. Sophia has worked at Softbank’s and Pátria’s Private Equity, in addition to summer jobs at BTG Pactual and Itaú BBA. Sophia has a degree in Production Engineering from POLI-USP.

How long on the market? 5 YEARS
How long at Indie? 4 YEARS
Cleto Salha Investment Analyst

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? 5 YEARS
How long at Indie? 4 YEARS
Breno Venturi Investment Analyst

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? 5 YEARS
How long at Indie? 3 YEARS
Fernando Picchi Investment Analyst

Fernando began his career in 2020 as an intern at Indie Capital and was recently hired as an investment analyst. Fernando has a bachelor degree in Business from FGV.

How long on the market? 4 YEARS
How long at Indie? 4 YEARS
Marcelo Bronze Institutional

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? 10 YEARS
How long at Indie? 6 YEARS
Victoria Novelli Investor Relations

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? 6 YEARS
How long at Indie? 2 YEARS
Verônica Ferrari Compliance & Operations

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? 15 YEARS
How long at Indie? 11 YEARS
Thais Faggion Administrative analyst

Operations analyst. Previously, she held different positions at PwC, Itaú BBA, and a law firm.

How long on the market? 11 YEARS
How long at Indie? 4 YEARS
Pedro Costa Risk & Operations

Pedro is an operations & data analyst. Previously, he interned at Santander Asset Management in Risks & Compliance and has a degree in Mechanical-Aeronautical Engineering from Instituto Tecnológico de Aeronáutica (ITA).

How long on the market? 6 YEARS
How long at Indie? 5 YEARS
Bruno Morikuni Operations & Technology analyst

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? 2 YEARS
How long at Indie? 2 YEARS
Eduardo Salis Operations & Technology analyst

Eduardo started his career in the financial market in 2021 as an intern at Indie Capital and was recently hired as an analyst in the operations area. Eduardo has a degree in Administration from FEA-USP.

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
Sophia Pawlaski Investment Analyst
Cleto Salha Investment Analyst
Breno Venturi Investment Analyst
Fernando Picchi Investment Analyst
Marcelo Bronze Institutional
Victoria Novelli Investor Relations
Verônica Ferrari Compliance & Operations
Thais Faggion Administrative analyst
Pedro Costa Risk & Operations
Bruno Morikuni Operations & Technology analyst
Eduardo Salis Operations & Technology analyst

EXPERIENCE

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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
SOPHIA PAWLASKI Investment Analyst
SOFT BANK
PATRIA INVESTIMENTOS
CLETO SALHA Investment Analyst
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FERNANDO PICCHI Investment Analyst
MARCELO BRONZE Institutional
BNP PARIBAS
VICTÓRIA NOVELLI IR
ENCORE
MORGAN STANLEY
MIRAE ASSET
VERONICA FERRARI Compliance & Operations
EXPERIÊNCIA INTERNACIONAL
THAIS FAGGION Administrative analyst
CHIAROTTINO E NICOLETTI ADVOGADOS
PWC
ITAÚ
PEDRO COSTA Rick & Operations Analyst
SANTANDER
BRUNO MORIKUNI Operations & Technology Analyst
TI
EDUARDO SALIS Operations & Technology Analyst
INDIE CAPITAL

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