Citrino Gestão de Recursos

Citrino Gestão de Recursos

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.