BlueReef Capital

Investment authority sits with founding partner and CIO Marcelo Audi, who spent a decade in emerging-market credit at J.P. Morgan before launching BlueReef in 2011. Henrique Rosenthal serves as partner and shares portfolio oversight. The firm operates with a flat partnership structure, avoiding the layered investment committees typical of Brazilian asset gatherers.

BlueReef runs a multi-strategy credit book spanning distressed and stressed corporate debt, structured credit (including trade finance and receivables), and high-yield Latin American bonds. The firm targets dislocations where bank deleveraging creates forced sellers, particularly in Brazilian mid-cap corporates. It blends liquid hedge fund positions with longer-dated private credit exposures under a single fund structure.

Brazil represents the bulk of deal flow, but BlueReef has historically taken positions in Argentine credits, and opportunistically in Chile and Colombia. The firm's mandate covers Latin American credit broadly, with emphasis on jurisdictions where local bank retrenchment produces distressed and special-situation opportunities.

Sourcing relies on deep relationships with Brazilian banks, local restructuring advisors, and corporate treasuries — networks built during Audi's J.P. Morgan tenure. The firm does not participate in broad auctions; its edge comes from structuring bilateral credit trades and off-market distressed block acquisitions before formal restructuring processes commence.

An affiliated entity registered as an exempt reporting adviser in Miami in December 2022, indicating active capital-raising for a credit vehicle targeting North American institutional limited partners. The firm has historically raised capital through targeted relationships rather than public syndication.

BlueReef's differentiation is its concentration of a multi-format credit mandate inside a single boutique — blending hedge fund liquidity with private credit duration — rather than separating strategies into distinct funds. This architecture allows rapid reallocation between liquid stressed trades and longer-dated private financings without navigating separate fund mandates.

No. BlueReef does not disclose its AUM publicly. The firm operates as a private investment manager and has not released official AUM figures through regulatory filings, press coverage, or its own communications.