Patria Private Equity seeks to create consistent top-quartile returns through a strategy focused on identifying bottlenecks in the supply of basic needs of Latin America’s population, deploying its own professionals to partner with entrepreneurs to create value through organic and inorganic growth initiatives, resulting in companies that become national and regional leaders in their respective sectors


The companies described in this site are investee’s companies of the funds managed by Patria. Patria is not the owner or shareholder of the companies.



Frooty is one of the largest global companies focused on Açai, the Brazilian Superfruit



Agrichem is a leading fertilizer company
that provides plant nutrition in the form
of liquid fertilizers to a variety of crops.



Alliar is one of the largest players in the imaging diagnostic industry in Brazil



Founded in 1973, Alphaville is a leader in the gated-community segment in Brazil



Anhanguera is the largest private for-profit education institutions in Brazil



One of the largest verticalized health operators in Brazil



Leading company focused on the growing senior living and post-acute care segment in Brazil



The largest fitness club operator in Latin America and the fifth in the world in comparative units



An agricultural inputs company, intended to combine post-patent agrochemicals, specialty fertilizers (leaf and soil) and biological products




One of the largest building systems companies for non-residential projects in Latin America



DASA is the largest publicly-held clinical analysis and diagnostics imaging company in Latin America and one of the largest worldwide, offering a comprehensive portfolio of clinical analysis and diagnostics imaging tests.



Delly’s is a foodservices distribution company , focused on medium and small operators, providing high quality service and broad product assortment



A trusted partner of choice across the value chain of the Specialty Pharma & Medical markets



Largest eyecare clinic chain in Latin America offering a full range of ophthalmic treatments and procedures




Leading regional Colombian distributor and retailer of pharmaceuticals and associated essentials


PRIVATE EQUITY Farmácias Independente

Regional leader in the drugstore sector in Brazil’s Northeast region focused on lower-and-middle-income consumers



Junior is a leading company in the food ingredients industry in Brazil, providing sauces, seasoning, condiments and dessert toppings to the food service industry (fast-food chains, hotels, restaurants, catering services, and industrial food courts).



Natulab is a pharmaceutical company focused
on branded generics, "over the counter"
(OTC) products, vitamins and supplements.



Super Frio is a leading temperature-controlled
logistics services provider in the state of São Paulo



Supplier is a fintech leader in business-to-business credit focused on private label products supported by technology and innovation.



Tenco Shopping Centers is a specialist in the development, management, commercialization and administration of shopping malls



Veloce is one of the leading companies dedicated to providing logistics and supply chain solutions in Brazil and Argentina.



Leading Brazilian player in the medical device segment with one of the best orthopedic research centers in Latin America and a state-of-the-art industrial plant



Zatix Tecnologia is one of the leading telematics
olutions providers in Brazil, offering services
in Fleet Management 
and Stolen Vehicle
Recovery in the B2B market



The leading agricultural inputs retailer player with presence in Brazil and Colombia



Leader in the marketing and administration of collective health plans and membership.



Avidanti is one of the leading healthcare providers in Colombia with a network of hospitals and diagnostic centers, located primarily in the central region of Colombia



Leading Brazilian gourmet coffee company, with operations in retail, foodservice and vending machines in offices


Fernanda Garrelhas is a Patria Partner. Ms. Garrelhas is primarily responsible for the M&A projects for Patria’s invested companies. Before that, Ms. Garrelhas worked in new business developments, focused on investing Fund V between 2015 and 2017, and from 2012 to 2014, Ms. Garrelhas was the Chief Financial Officer of Junior Alimentos. Previously, she was part of the private equity new business team. Ms. Garrelhas also worked as a financial manager and controller of Veloce and as a member of the M&A team of Anhanguera Educacional.  Additionally, Ms. Garrelhas worked at Anhembi Morumbi as a business analyst. Prior to joining Patria, Ms. Garrelhas worked at Banco Santander’s asset management division, as an analyst. Fernanda holds a Bachelor’s Degree in Production Engineering from both Universidade de São Paulo (USP) and École Centrale de Lyon.

Gil Karsten is a Partner & Private Equity Divestment Latam. Mr. Karsten is primarily responsible for the Divestment process of all the Private Equity portfolio companies. In addition, Mr. Karsten is also a board member of the current portfolio companies of the Food & Beverages vertical: Delly´s, Superfrio, Frooty and Gran Coffee. Prior to this, Mr. Karsten managed a portfolio of companies in the same Food & Beverages vertical and worked on new business efforts in Patria’s Private Equity. In the beginning of his carrrer at Patria, Mr. Karsten acted as Chief Operating Officer at LFG, a business unit of Anhanguera. Before joining Patria in 2008, Mr. Karsten worked for 5 years as Chief Operating Officer of a leading Brazilian retail company and as Export Director of a large Consumer Goods company. Mr. Karsten worked for more than 8 years in investment banking, at JPMorgan in New York and São Paulo and at Banco Patrimônio. Mr. Karsten holds a bachelor’s degree in Business Administration from Fundação Getulio Vargas (FGV) and a MBA from the University of Chicago Graduate School of Business.

Luis Felipe Cruz is Partner & Head of Private Equity Brazil New Investments. Mr. Cruz primarily responsibility is to manage and supervise the new investments activities in the Private Equity business unit in Brazil. Mr. Cruz joined Patria in 2010 and became a partner in 2019. Since joining Patria in 2010, Mr. Cruz has been involved in several investments across different industries. He started as a member of Anhanguera’s M&A team, then becoming Business Development Director of Microlins until its divestment in 2010. Since then, he has led the Private Equity Investment team in over 80 deals.  Additionally, he has served as board member of various portfolio companies, including Alliar and Alper Seguros. Luis Felipe Cruz holds a bachelor’s degree in Business Administration from Fundação Getulio Vargas (FGV).

Norberto Jannuzzi is a Partner & Head of Private Equity Healthcare Strategy Brazil. Mr. Jannuzzi is primarily responsible for managing funds and investments in the Private Equity business unit since 2011, responsible for several investments in funds IV, V and VI including Elfa, Natulab, Eve and Atrial. He was also CFO and CTO for Healthcare portfolio companies between 2012-2016. Norberto joined Patria in 2011 and became a partner in 2019. Prior to joining Patria, Mr. Jannuzzi was an investment lead at HAL Investments (Dutch Private Equity) based in its Latin America Office and was responsible for investments in the Healthcare and Retail market. Earlier in his career Mr. Jannuzzi was a Business Development head at Novo Nordisk Pharma (NVO) for Latin America between 2006 and 2009. Mr. Jannuzzi started his professional career as a management consultant at Accenture, focused on strategy projects and based in London and São Paulo between 2003 and 2006. Mr. Jannuzzi holds a bachelor’s degree with honors in Business Administration from the University of Bath/U.K. (1999-2003).

Ricardo Leonel Scavazza is a Managing Partner and Chief Executive Officer & Chief Investments Officer of Private Equity for Latam strategies. Mr. Scavazza is primarily responsible for the conduction of all Latam Private Equity strategy at Patria. Before taking over as CEO & CIO for Private Equity Latam, Mr. Scavazza served as the Head of Private Equity Strategy in Brazil. Mr. Scavazza joined Patrimônio in 1999, became a partner in 2005 and has worked on several new investments and acquisitions for the portfolio companies of Private Equity Funds I, II, III, IV and V. In addition, Mr. Scavazza worked as Chief Executive Officer at Anhanguera between 2009 and 2013, Mr. Scavazza was also Chief Financial Officer at DASA, in 2001, and at Anhanguera from 2003 to 2006. Mr. Scavazza holds a bachelor’s degree in Business Administration from Fundação Getulio Vargas (FGV) and an MBA from Kellogg Scholl of Management, Northwestern University.

Patria PE on ESG: Creating Sustainable Value

Patria Private Equity seeks to build partnerships backed by shared values, mutual respect, alignment of objectives and complementary competencies, always working for the good of society, both through its investments and internally.

The intent is to transform the sectors in which Patria PE operates, promoting a positive impact on the Latin America economy. In this sense, the environmental, social and governance aspects are part of the scope of the Patria Private Equity´s work to manage the portfolio companies.

Our strategic checklist goes beyond the national and international legal requirements and rules.

We incorporated qualitative aspects that encompass the environment, working conditions, impact on the community and management.

We implemented a challenging agenda in the portfolio companies that is designed to cause a broader positive impact.


General Contact

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Regulatory and Compliance

Please note that certain regulatory documents specifically prepared to comply with Brazilian regulations are only available in a Portuguese version.

1- Code of Ethics and Rules of Conduct

2- Código de Ética e Regras de Conduta

3- Manual de Compliance

4- Compliance Manual

5- Regras, Procedimentos e Descrição dos Controles Internos, elaborados para o cumprimento da Instrução CVM 558/15
6- Política de Gestão de Risco
7- Política de Investimentos Pessoais
8- Manual de Precificação de Ativos - Patria
9- Política de Rateio e Divisão de Ordens

10- Política de Voto

11- Patria Investimentos Ltda.
12- Formulário de Referência (Resolução 21 – Anexo E)

13- Manual de Gerenciamento de Risco de Liquidez

14- Responsible Investment Policy (ESG)

15- Política de Investimento Responsável (ESG)

16- Código de Ética e Regras de Conduta para Terceiros

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