Crescera Capital Research
Overview
Crescera Capital is an independent Brazilian asset manager focused on private equity and venture capital. It has operated since 2008 and manages roughly R$4 billion (about US$750M; third-party sources cite up to R$6 billion). The team has worked together since 2013 under the former Bozano Investimentos brand, which became Crescera Capital. It is organized as a partnership with an Executive Committee and offices in Rio de Janeiro and Sao Paulo.
Investment Thesis
The firm invests in "exceptional teams" and builds companies around them. Its private equity pillars are growth capital, detailed sector know-how, medium-sized companies with growth potential, active value creation, and differentiated deal access. Investments are primarily minority stakes with active monitoring and clear value-creation levers, focused on the middle market and family businesses. Specialist sector teams cover education, consumer, retail, services, health, logistics, innovation and technology.
Venture Capital Approach
The venture strategy, led by partner Fernando Silva, describes itself as a "Private Equity approach to Venture Capital". It backs nascent and emerging companies with strong governance practices and a clear innovation edge. The team takes board seats and committee roles, and works on revenue growth, margin improvement and M&A. Silva reports more than 40 venture investments, and press coverage mentions a roughly R$200M venture vehicle planning 30+ companies.
Stage Focus
Private equity targets growth-stage middle-market companies. The Bozano Growth Capital Fund targeted US$20-50 million investments. The venture arm covers early and growth stages, including follow-ons such as ColmeIA. Stage evidence for individual portfolio companies was not available, so none is recorded.
Check Size
Not stated on the site. The earlier growth fund targeted US$20-50M tickets for private equity. Venture check sizes are unconfirmed, though the ColmeIA follow-on was reported at R$18M.
Lead Tendency
Unknown. The firm emphasizes board participation and active monitoring, which suggests it often takes significant minority positions, but no source confirms it leads rounds.
Recent Activity
- November 2025: R$18M follow-on in ColmeIA, a Brazilian B2B enterprise SaaS company (secondary source).
- September 2026: latest investment listed on PitchBook is Amentoria, an education company (snippet only).
- Tracxn (July 2026) lists an active portfolio of about 89 companies.
Portfolio Highlights
The portfolio page lists 87 companies across education, innovation and technology, health, and retail and consumption. Notable names include Afya (education and health, exited), Anima Educacao, Abril Educacao, Vindi, Semantix, Tembici, Hortifruti / Oba, Estapar, Nelogica, Konduto, Rock Content, Passei Direto, Bling, Convenia and Vitru. Education is the deepest vertical, with health and technology next.
Team
- Daniel Borghi: Partner, CEO, co-head of private equity in education and technology. Joined 2008, ex-McKinsey.
- Laura Guarana: Partner, co-head of education private equity. Joined 2008, former Afya board member.
- Felipe Argalji: Partner, co-head of education private equity. Joined 2009, ex-Gavea Investimentos.
- Jaime Cardoso: Partner, co-head of private equity in consumer, retail and services. Joined 2010, ex-Bradesco BBI and Citibank.
- Fernando Silva: Partner, head of Venture Capital and co-head of technology private equity. Joined 2013.
Decision Process
Partnership structure with an Executive Committee responsible for governance and risk. Investment decisions run through the sector-specialist teams and partners.
Founder Preferences
Entrepreneurs with strong execution capacity, innovative ideas, and good governance practices. The firm favors teams it can support with board-level governance, M&A and commercial networking.
Geographic Focus
Brazil, with offices in Rio de Janeiro and Sao Paulo. The firm has deep knowledge of the Brazilian market, and its portfolio is almost entirely Brazilian companies.