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Althera Capital
Founded in 2014 by Eduardo Levy and Fabricio Jorge, Althera Capital operates as an independent asset management platform in São Paulo.
Althera Capital
Founded in 2014 by Eduardo Levy and Fabricio Jorge, Althera Capital operates as an independent asset management platform in São Paulo. Levy, who serves as CIO, previously held senior roles at Credit Suisse and Hedging-Griffo, while Jorge, the firm's CEO, was a partner at Banco Modal. The firm was built as a multi-strategy alternative investment manager intended to serve both institutional and qualified private investors. Althera's strategy blends macroeconomic trading, long/short equity, and private credit. The firm runs dedicated macro and equity books internally while also seeding and partnering with external portfolio managers to expand its strategy coverage. Public record indicates Althera has maintained a consistent presence in Brazilian rates, currency, and local equity markets. The private credit arm focuses on mid-market corporate lending in Brazil, a segment that expanded following the retreat of traditional bank balance sheets during the country's post-2015 credit cycle. Fabricio Jorge oversees the business development and operational infrastructure, while Levy directs the investment strategy from São Paulo. The firm is known for structuring co-investment vehicles alongside its flagship funds for specific dislocation opportunities, such as structured credit and distressed asset pools. In 2019, Althera was among the Brazilian asset managers graduating from the Brazilian Association of Financial and Capital Market Entities' (ANBIMA) qualification program for independent managers, signaling a more permanent institutional buildout. Althera's structural differentiator lies in its multi-strategy model that combines a proprietary macro and equity engine with a seeding platform for external managers. This grants the firm flexibility to pivot across asset classes while keeping a tight central risk overlay — a structure designed to solve for the boom/bust concentration risk that has historically plagued single-strategy Brazilian hedge funds.
General information
Firm type
Asset Manager
Year founded
2014
AUM
Undisclosed
Location
Region
Latin America
Country
Brazil
City
São Paulo
Corporate office
São Paulo, SP, Brazil
Principals
Eduardo Levy
Founding Partner and Chief Investment Officer
Fabricio Jorge
Founding Partner and Chief Executive Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Althera Capital?
Eduardo Levy, a founding partner, serves as Chief Investment Officer and oversees the firm's multi-strategy portfolio. Levy previously worked at Credit Suisse and Hedging-Griffo, where he gained experience across Brazilian macro and equity markets. Fabricio Jorge, the other co-founder, handles CEO duties including business development and operational management, leaving Levy to direct the investment process.
How is Althera Capital structured — does it run a single fund or a platform?
Althera Capital operates as a multi-strategy platform rather than a single mandate fund. The firm manages dedicated macro and equity long/short strategies in-house and also partners with external managers via a seeding model. This platform architecture allows Althera to combine internally-run trading with externally-sourced expertise across different market cycles.
What investment strategies does Althera Capital pursue?
The firm engages in three primary strategies: global and local macro trading, long/short equity focused on Brazilian-listed securities, and private credit targeting mid-market corporate lending in Brazil. Althera's private credit book originated opportunistically following the withdrawal of traditional bank lenders after Brazil's 2015-2016 recession, giving the firm a niche in structured lending.
Does Althera Capital invest only in Brazil, or does it have an international mandate?
Althera Capital is headquartered in São Paulo and its primary investment book is concentrated in Brazilian rates, currency, and equity markets. However, the firm's macro strategy also takes positions in global emerging-market assets and G10 foreign exchange instruments, providing the portfolio with exposure beyond purely domestic Brazilian risk.
What is the ownership structure of Althera Capital?
Althera Capital is an independent partnership founded and controlled by Eduardo Levy and Fabricio Jorge. The firm has not disclosed external investors in the management company itself, operating as a pure asset manager rather than being a division of a larger financial group or a single-family office.
How does Althera Capital approach risk management across its different strategies?
The firm operates with a central risk overlay that monitors all strategy books. This is a structural feature designed to avoid the concentration risk that has historically affected single-strategy Brazilian hedge funds. By combining internal portfolio management with external seeded managers, Althera can dynamically allocate risk capital while maintaining a unified view of its exposures.
Is Althera Capital related to any other financial institution or family office?
No public record indicates Althera Capital is affiliated with a larger bank, family office, or conglomerate. The firm was founded as an independent entity in 2014 by partners with prior careers at Credit Suisse, Hedging-Griffo, and Banco Modal, but Althera operates autonomously from those former employers.
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