# Candelo Capital Management

Candelo Capital Management is an Asset Manager based in New York, Brazil.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, Brazil
- **Region:** Latin America
- **Address:** São Paulo, SP, Brazil
- **Assets under management:** Undisclosed
- **Website:** candelocapital.com.br

## Regulatory record

- **CRD number:** 307389
- **SEC file number:** 801-130805
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/307389

## About

Candelo Capital Management LP is an SEC-registered investment adviser in New York, NY, registered since 2024. The firm manages approximately $178 million in assets. It has 5 employees and 5 investment advisers.

## Sectors

- Public Equities
- Real Estate

## People

- Bruno Soter — Founding Partner

## Questions

### Who makes investment decisions at Candelo Capital Management?

Founding Partner Bruno Soter is the central decision-maker. He developed the firm's concentrated value investment process during his tenure at Gávea Investimentos, where he was a partner. Candelo's portfolio construction reflects Soter's direct fundamental research and long-term holding discipline, with no investment committee diluting his accountability.

### What is Candelo's connection to Gávea Investimentos and Armínio Fraga?

Bruno Soter spent roughly a decade at Gávea Investimentos, the Rio de Janeiro-based asset manager co-founded by Armínio Fraga, former president of Brazil's Central Bank. The experience shaped Soter's macro-aware, deep-value orientation toward Brazilian securities. Candelo is an independent entity, not an affiliate or spinout vehicle of Gávea, though the investment philosophy shares the same intellectual lineage.

### Does Candelo manage outside capital or is it a proprietary vehicle?

Candelo Capital Management was established as a partnership, not as an open-architecture fund complex. The firm does not actively market commingled funds to institutional allocators, preferring a structure closer to an investment partnership where principals and select co-investors commit capital for extended periods. This design avoids the behavioral constraints of quarterly liquidity and mandatory redemption terms.

### Which asset classes does Candelo specifically avoid?

Candelo explicitly does not operate in venture capital, private equity, credit, or derivatives-based strategies. The firm also steers clear of high-frequency trading and macro overlay mandates. The focus is exclusively on long-only public equities and direct real estate where Soter can independently verify intrinsic value and hold through cycles.

### How does Candelo's real estate strategy relate to its equities portfolio?

Candelo runs the real estate vehicle separately from the long-only equity fund, but the analytical framework is the same: purchase below replacement cost or intrinsic value in sectors where the team has domain fluency. The property holdings concentrate on Brazilian metro-area commercial and residential assets that generate steady income streams. The firm does not develop ground-up projects or chase opportunistic distressed debt plays.

## Related profiles

- [BW Financial Planning](https://altss.com/profile/bw-financial-planning)

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Last updated: 2026-06-03T20:00:00.000Z

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