Top 10 Largest Family Offices in South America (2025)

Top 10 Largest Family Offices in South America (2025)

Why Latin family capital is setting the pace in 2025

South America’s dynasties have shifted from quiet shareholding to principal investing—consolidating energy assets, building telecom-and-fintech flywheels, and executing family-to-family control deals that often pre-empt private equity auctions. The balance-sheet edge is obvious: long horizons, cycle-tested operating teams, and governance structures that can move faster than institutional LPs when conviction is high. Altss OSINT indicates the region’s top families now control hundreds of billions in deployable capital, with dealflow concentrated in energy transition, logistics infrastructure, connectivity, and financial rails.

1) Safra Family — J. Safra / J. Safra Sarasin (Brazil / Switzerland)

Live signal. In March 2025, J. Safra Sarasin agreed to purchase ~70% of Saxo Bank from Geely and Mandatum, valuing the Danish broker around €1.6 billion; CEO-founder Kim Fournais retains ~28%. It’s a platform move: fintech infrastructure + global distribution, not a retail bet.

Allocator take. Expect Safra to plug Saxo’s multi-asset rails into its UHNW ecosystem—cross-selling custody, leverage, and structured solutions while preserving the core technology stack. If you pitch them, bring regulated, fee-based businesses (brokerage plumbing, payments, data) with compliance embedded; no consumer-app smoke.

2) Luksic Family — Quiñenco / Antofagasta (Chile)

Capital rotation on display. In September 2025, Luksic holding Quiñenco reported CLP 337,055 million H1 earnings and completed the sale of 5% of Nexans for about US$310 million—classic rotation by a control-plus-capital house that compounds through listed stakes and industrial ownership.

Allocator take. Bring operating levers in mining services, energy networks, or maritime logistics; this group prizes execution and governance rigor over narrative.

3) Votorantim Family — Votorantim S.A. / Auren Energia (Brazil)

Energy transition at system scale. Votorantim-anchored Auren Energia closed the AES Brasil combination on Oct 31, 2024, creating one of Brazil’s leading renewables platforms. Regulatory transfer was approved by ANEEL; The AES Corporation disclosed sale proceeds tied to its 47.3% stake. 2025 has been about integration, contracting, and availability improvements—industrial owner logic, not quarter-to-quarter optics.

Allocator take. Don’t pitch MWs—pitch merchant-risk mitigation, grid bottleneck strategy, and O&M cadence. The family’s renewables footprint is built for contracted cash flow and patient capex, not momentum marks.

4) Grupo Romero — GRIO / Primax (Peru)

Family-to-family control deal of the year (Andean downstream). In August 2025, UNO Corp (Honduras) signed a binding agreement to acquire 80% of Primax (Peru, Ecuador, Colombia). Romero retains 20%, partners with UNO in Peru/Ecuador, and exits Colombia—operator-to-operator consolidation without a PE middleman.

Allocator take. The downstream network becomes the chassis for multi-fuel retail (EV charging, LNG/CNG, biofuels) and services monetization. If you bring site-level economics, uptime, and capex discipleship, this is the right room.

5) Grupo Werthein — Vrio (DirecTV LatAm / Sky Brasil) & skx Fintech (Argentina / Brazil)

Connectivity → financial rails. In June 2024, Vrio partnered with Amazon’s Project Kuiper to bring satellite broadband to seven South American countries. In parallel, the family launched skx, a fintech backed by R$1 billion of planned investment through 2026, targeted initially at SKY Brasil’s supplier ecosystem with payments, cards, and working-capital products; public rollout began in early 2025.

Allocator take. The play isn’t “new broadband.” It’s new bankability: distribution pipes that authenticate users at scale, feed risk models, and originate sticky financial relationships. If you pitch embedded finance, show cohort-level credit performance on platform data—not just bureau scores.

6) Santo Domingo Family — Valorem (Colombia)

Product build at the edge of media + commerce. In early 2025, Caracol Televisión (Valorem) launched DITU, a free ad-supported streaming (FAST/AVOD) platform—monetizing audience, archives, and live IP with modern adtech. OSINT shows rollout across app stores and trade coverage, with cloud-native playout partners powering ad inventory.

Allocator take. This is a barbell family: global LP commitments for diversification; domestic control for cash flow. If you bring adjacencies (ticketing, creator tools, data partnerships), quantify the ARPU lift or fill-rate improvements, not just users.

7) Batista Family — J&F Investimentos / Âmbar Energia / JBS (Brazil)

Deal drumbeat.
• Thermopower portfolio: In June 2024, J&F unit Âmbar signed to acquire 12 gas-fired plants (plus a Manaus project) from Eletrobras, a 2+ GW package—among Brazil’s largest recent power carve-outs.
• Further expansion: In October 2025, multiple outlets reported talks to buy EDF’s Norte Fluminense thermal plant; the process has drawn competing bidders.
• Capital markets: JBS completed its dual listing on NYSE and B3 in June 2025—controversial but strategically coherent for currency/valuation.

Allocator take. This is operator capital. If you pitch to J&F/Âmbar, arrive with contract coverage, O&M plans, off-take—and down-case cash math. If you seek JBS as an anchor shareholder, map index inclusion, FX hedging, and supply-chain traceability explicitly.

8) Angelini Family — Empresas Copec / Arauco (Chile)

Mega-project, de-risked. Arauco approved the US$4.6 billion Sucuriú pulp complex in Brazil (Sept 2024). In April 2025 the project held its cornerstone ceremony in Mato Grosso do Sul; by August 2025, a US$2.2 billion financing package closed (IDB Invest, IFC, Finnvera, bank syndicate). Supply-chain suppliers are already lining up (e.g., specialty chemicals on-site). Operations are slated for late 2027–2028.

Allocator take. This is industrial decarbonization at scale—fibers, process heat, rail/logistics, water/chemicals efficiency. If you have process tech or circular-materials IP, bring quantified Scope-1/2/3 impacts and integration timelines.

9) Bulgheroni Family — Pan American Energy (Argentina)

Hydrocarbon renaissance with an export spine. Argentina’s policy in 2025 accelerated Vaca Muerta export infrastructure: incentives for the Vaca Muerta Sur pipeline and an LNG pathway advancing (floating liquefaction; 2029 horizon) as YPF and Eni formalized engineering for an LNG project. PAE remains a core upstream partner alongside Shell, Chevron, Vista.

Allocator take. Families are central to Argentina’s re-industrialization. If you’re pitching, show offtake structures, port/logistics execution, and lifecycle O&M—not just acreage maps and type curves.

10) Brescia (Breca) Family — Breca / Minsur / Rímac (Peru)

Portfolio housekeeping + copper growth. In March 2025, Minsur sold 5% of Rímac Seguros to Breca Banca for approximately S/186.8 million—an intra-group rebalance that also clarifies financial holdings. Meanwhile, Minsur readied the US$500 million Mina Justa Underground expansion with blasting to start in October 2025 toward a 2027 production start.

Allocator take. Peru’s top families are balancing mining expansion with financial-sector control to keep optionality through cycles. If you bring mining-tech or specialty finance, show cost curves, permitting posture, community engagement, and credible schedules.

On our radar: Brazil’s banking dynasties as global control buyers

The Moreira Salles family office (BWGI) launched and then consolidated control of French packaging leader Verallia via a 2025 tender at €30 per share; by August, BWGI held ~77% of capital and ~69% of voting rights. This is family-to-strategic behavior at continental scale, with stated intent not to delist.

Why you care. These families aren’t just LPs; they can and will write controlling checks in Europe when industrial logic and cash generation are clear.

Three live currents shaping Q4-2025 and 2026

1) Family-to-family control deals (no PE middleman).
Romero→UNO in fuel retail; Safra→Saxo in fintech infrastructure; Luksic’s partial exit in Nexans. The through-line is operator logic: families hand assets to other families that can run them better, faster, or with clearer synergies. Expect more in ports, energy services, and telecom infrastructure.

2) Energy transition—but run like an operator.
Auren’s integration of AES Brasil, Arauco’s Sucuriú build-out, and Âmbar’s thermopower acquisitions point to capex with contracts and availability KPIs, not thematic slideware. Families are financing the transition’s pipes, wires, and process units—then owning the cash engines.

3) Distribution → fintech rails.
Werthein is turning broadband + TV distribution into financial origination via skx; Project Kuiper expands the addressable, bankable market with last-mile capacity across seven countries. That’s a pipes → payments flywheel with real underwriting data.

How to win South American family capital (2025 playbook)

Lead with dated evidence. Quote the quarter, the KPI, the filing. If your thesis can’t be anchored to a documentable signal, you’ll sound performative, not prepared. (Everything above is anchored to 2024–2025 filings or reputable wires.)

Offer influence where it matters. Co-control, board seats, pre-agreed co-invest rights, and thoughtful liquidity mechanics. Families optimize for durable control and capital preservation—not headline IRR theater.

Bring operator fluency. They’re builders. Show uptime and availability, maintenance timing, contract duration, safety records, and realistic down-case cash.

Match geography to governance. Regional roll-ups work when you can map concession regimes, grid constraints, FX paths, and labor realities—not just TAM.

Translate sustainability into unit economics. The green premium only exists if you show it in cost curves, efficiency, or risk transfer (contracts), not slogans.

Bottom line

South America’s largest family offices are behaving like sovereigns with operator DNA. They are consolidating energy and logistics, turning distribution into financial rails, and recycling listed positions to feed control deals. If you show dated execution, operator math, and alignment mechanics, these balance sheets can move at speed—then stay longer than any fund cycle.