# Citrino Gestão de Recursos

Citrino Gestão de Recursos is a Multi Family Office based in São Paulo, Brazil.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** São Paulo, Brazil
- **Region:** Latin America
- **Address:** Av. Magalhães de Castro, 4800, Torre Capital Building, Conjunto 133-134, São Paulo, Brazil
- **Founded:** 2013
- **Assets under management:** 627 (Altss estimate)
- **Website:** citrinogestao.com.br
- **LinkedIn:** https://br.linkedin.com/company/citrinogest%C3%A3oderecursos

## Regulatory record

- **Reports private funds:** No

## About

Citrino was founded in 2013 in São Paulo to serve the strategic and financial needs of a large entrepreneurial family, and it has since opened its architecture to additional families. The firm operates as an independent asset manager and multi-family office, providing integrated wealth management, asset allocation, and alternative investment services across both onshore and offshore markets. Its early leadership included co-founder and former CIO Carlos de Góes Mascarenhas Filho, who set a tone of rigorous macroeconomic analysis that the firm still advertises as the starting point for portfolio construction. The firm deploys capital across a wide mix: public equities and hedge funds, private equity and venture capital, private credit, real estate, infrastructure, and litigation finance. Its venture arm, Citrino Ventures, manages CV Idexo — the corporate venture capital fund for Brazilian enterprise software giant TOTVS — targeting early-stage through late-stage deals in enterprise software, AI/ML, industrial tech, fintech, agritech, and digital health. The venture team operates from an office in Palo Alto, sourcing across North and South America. Citrino’s public-markets posture is shaped by a macro overlay that draws on the firm’s consistent participation in the Brazilian Central Bank’s Focus Survey, where it has ranked as a Top 5 forecaster. Citrino’s team is led by Diretor Responsável Bruno Cabral Bergamasco, with Alexandre Bogliolo Sirihal overseeing risk management, internal controls, and anti-money laundering compliance. The venture principals — Felipe Fornaziere, Cláudio Ruhmann Di Raimo, Antonio Bernardi, and Matheus Marciano — run the Palo Alto office. In 2023, the firm partnered with Professor Danilo Souza of Universidade de São Paulo to develop financial education content for young people, extending its in-house Citrino Educação Financeira program. The firm adheres to ANBIMA’s codes for asset administration and management, ethics, and best practices, and it maintains a philanthropic partnership with the Ermirio de Moraes family, administering two Prêmio José Eduardo Ermirio de Moraes awards — one for entrepreneurship run with INSPER since 2019, and one for healthcare innovation run with AC Camargo Câncer Center since 2022. Citrino’s architecture is distinct for a Brazilian multi-family office: it pairs a São Paulo-based macro and asset-allocation core with a directly operated Silicon Valley venture arm that manages a captive CVC mandate. That structure lets the firm offer client families a curated conduit into early-stage technology deals while running an in-house macroeconomic research function that feeds the broader portfolio — a two-speed model that most Brazilian wealth managers do not replicate in-house.

## Sectors

- HRTech
- Industrial Tech
- Energy Transition & Renewables
- Supply Chain & Logistics
- Data Analytics
- Mobility & Transportation
- Workflow Automation
- FinTech
- AgriTech & FoodTech
- PropTech
- Digital Health
- Marketing & Sales
- EdTech

## Offices

- Palo Alto, US

## People

- Bruno Cabral Bergamasco — Diretor Responsável
- Alexandre Bogliolo Sirihal — Director of Risk Management, Director of Internal Controls, Director responsible for AML/CFT
- Felipe Fornaziere — Principal, Citrino Ventures
- Cláudio Ruhmann Di Raimo — Principal, Citrino Ventures
- Antonio Bernardi — Principal, Citrino Ventures
- Matheus Marciano — Principal, Citrino Ventures

## Questions

### Who runs investment decisions at Citrino Gestão de Recursos?

Bruno Cabral Bergamasco serves as Diretor Responsável. Alexandre Bogliolo Sirihal oversees risk management, internal controls, and AML/CFT. Four additional principals manage the Citrino Ventures arm.

### How does Citrino source proprietary deal flow?

The firm maintains direct relationships with the Prado family and other client families. It also partners with TOTVS on corporate venture capital and with academic institutions on sector research.

### Does Citrino participate in fund commitments or only direct deals?

Citrino uses both approaches. It runs fund-of-funds allocations and maintains a dedicated venture capital arm that executes direct investments in early and late-stage companies.

### What investment stages does Citrino typically target?

The firm covers seed, early stage, late stage, and private equity. It also allocates to hedge funds, private credit, real estate, and infrastructure.

### Does Citrino maintain philanthropic structures, and how are they separated?

Yes. Citrino Educação Financeira and the Prêmio José Eduardo Ermirio de Moraes awards operate as distinct vehicles in partnership with INSPER and AC Camargo Câncer Center.

### What is Citrino's known posture on co-investments alongside external GPs?

Citrino executes direct co-investments and maintains a corporate venture capital relationship with TOTVS through the CV Idexo fund.

## Related profiles

- [Absolute Family Office](https://altss.com/profile/absolute-family-office)
- [Wealth Dimensions Family Office](https://altss.com/profile/wealth-dimensions-family-office)

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Last updated: 2026-08-10T15:54:10.904Z

Canonical page: https://altss.com/profile/citrino-gest-o-de-recursos

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