The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Mauá Investimentos

Brazil's hedge funds break through

Named after the 19th-century Brazilian entrepreneur Ireneu Evangelista de Souza (the Baron of Mauá), Mauá Investimentos certainly has the pedigree to succeed.

Founded in January, the firm is the brainchild of Luiz Fernando Figueiredo, a former deputy governor at the central bank. He is also one of the co-founders, along with Arminio Fraga and Luis Fraga, of Gávea Investimentos, Brazil’s best-known hedge fund. The Gávea link runs deep; 10 other Gávea executives joined Figueiredo at Mauá.

Figueiredo says his decision to leave Gávea 12 months ago was as much a lifestyle choice as anything else. Gávea’s headquarters are in Rio de Janeiro but Figueiredo wanted to return to his home city of São Paulo. His split from the two Fragas is amicable – he will remain a partner at Gávea for another three years. In turn, Arminio and Luis will be partners in Mauá, also for three years.

Like Gávea, Mauá is a macro firm but whereas Gávea has one local portfolio and one that invests in global emerging markets, both of Maua’s funds (one local, the other offshore) invest solely in Brazilian instruments.

In total Mauá manages $238 million.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree