# BTG Pactual

BTG Pactual is a Bank / Wealth / Trust based in New York, Brazil.

## Overview

- **Organization type:** Bank / Wealth / Trust
- **Headquarters:** New York, Brazil
- **Region:** Latin America
- **Address:** São Paulo, SP, Brazil
- **Founded:** 1983
- **Assets under management:** Undisclosed
- **Website:** btgpactual.com
- **LinkedIn:** https://www.linkedin.com/company/654090
- **Wikidata:** Q2877503

## Regulatory record

- **CRD number:** 152538
- **SEC file number:** 801-71004
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/152538

## About

BTG Pactual is a SEC-registered investment adviser in NEW YORK, NY, registered since 2010. The firm manages $30.1 billion in assets, with $29.7 billion on a discretionary basis. It has 180 employees and 108 investment advisers.

## Sectors

- Financial Services
- Real Estate
- Energy Transition & Renewables
- Private Credit
- Infrastructure
- Private Equity
- Venture Capital

## Offices

- Rio de Janeiro
- New York
- London
- Santiago
- Bogotá
- Mexico City
- Lima

## People

- André Esteves — Senior Partner and Chairman
- Roberto Sallouti — CEO
- Renato Cohn — CFO
- João Dantas — Head of Asset Management

## Questions

### Who runs investment decisions at BTG Pactual?

A partnership committee led by CEO Roberto Sallouti and Chairman André Esteves governs the firm's capital allocation. Each business line — asset management, private equity, credit, and trading — operates under its own investment committee, but all significant balance-sheet commitments and fund-level decisions require partner approval. The model concentrates risk authority among roughly 200 partners who collectively hold voting control of the publicly listed entity.

### How does BTG Pactual source proprietary deal flow?

BTG originates transactions through its century-deep relationships in Brazilian corporate banking and a sales-and-trading desk that intermediates roughly half of all equity volume on the B3 exchange. Its private-equity and credit teams draw on the investment-banking pipeline, which in 2023 advised on over 80 M&A and debt transactions across Latin America. The firm also sources directly through its timberland and energy operating subsidiaries, which generate deal flow unavailable to pure financial sponsors.

### Is BTG Pactual structured as a bank or an asset manager?

BTG is a publicly traded investment bank that also operates one of Latin America's largest independent asset managers. The bank funds itself through deposits, wholesale funding, and shareholder equity, then deploys capital across fee-generating advisory mandates, proprietary trading, and third-party fund vehicles. External investors access BTG through regulated funds rather than direct co-investments, except in private-equity vehicles where limited-partner structures apply.

### Does BTG Pactual participate in fund commitments or only direct deals?

BTG manages both commingled funds and direct co-investment vehicles. Its asset-management division raises blind-pool private-equity, timberland, and credit funds from global institutional LPs, while the bank's own balance sheet co-invests alongside those funds. In wealth management, BTG constructs portfolios of third-party funds and direct securities for Latin American families, a model that competes directly with Swiss private banks.

### How is BTG Pactual related to UBS?

UBS acquired the original Banco Pactual in 2006 for $2.6 billion, rebranding it UBS Pactual. Following the global financial crisis, UBS decided to divest non-core Latin American operations, and André Esteves led a management buyout in 2009 to reacquire the firm, repurchasing it for $2.5 billion with backing from a consortium of sovereign wealth funds and family offices. No UBS ownership interest remains; BTG has been fully independent since 2012.

### Which sectors does BTG Pactual explicitly avoid?

BTG does not publicly exclude sectors but has historically avoided large-scale retail banking, as the firm views consumer lending as capital-intensive and outside its partnership-focused risk model. It does not operate a primary insurance franchise and has not entered commodities extraction or mining — opting instead for midstream energy and timberland real assets where it can add operational expertise alongside financial structuring.

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- [Bryn Mawr Trust Wealth Management](https://altss.com/profile/bryn-mawr-trust-wealth-management)
- [Buckram Securities](https://altss.com/profile/buckram-securities)

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Last updated: 2026-07-06T00:31:12.878Z

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