Eurovest

Founder and Chief Investment Officer Patrick O'Grady leads the investment committee, with Managing Partner Patrice Etlin overseeing private equity sourcing and execution. The hedge fund strategies group operates with autonomy under a dedicated portfolio management team, though O'Grady retains final authority on risk limits. This structure has been in place for over two decades and reflects the firm's succession-lite approach: key decision rights remain with the founder while senior partners manage day-to-day deal execution.

Eurovest is a third-party asset manager, not a single-family office, although it manages capital for Patrick O'Grady's personal balance sheet alongside institutional and high-net-worth client assets. The firm accepts outside capital through fund structures and separately managed accounts, making it more akin to an independent alternatives manager than a dedicated family vehicle. The O'Grady family co-invests alongside limited partners in most fund vehicles.

Eurovest sources mid-market private equity deals through a network built over three decades in Brazil, relying on relationships with corporate families, regional investment banks, and distressed-sale advisors. The firm's longevity means it often sees transactions from founders who previously sold businesses to Eurovest or who worked alongside its principals in earlier cycles. It does not run an auction-heavy strategy and prefers bilateral negotiations, which Patrice Etlin leads directly.

Eurovest operates both closed-end private equity funds with standard 10-year lives and a permanent capital vehicle seeded by Patrick O'Grady's own balance sheet. The permanent capital structure allows the firm to hold certain real estate and infrastructure assets indefinitely, avoiding forced sales at cycle troughs. Limited partners in the closed-end funds gain co-investment access to the permanent capital vehicle's deals when capacity allows.

Eurovest does not invest in extractive industries, including mining and upstream oil and gas, a policy Patrick O'Grady instituted citing environmental risk and capital intensity. The firm also avoids Brazilian agribusiness operating companies, preferring exposure to the sector through logistics and infrastructure plays such as grain terminals and fertilizer distribution, where returns are less correlated with commodity price swings.

The London office functions as Eurovest's international distribution and co-investment hub, primarily serving European family offices and institutional investors seeking Brazilian exposure without opening São Paulo operations. The office does not originate Brazilian deals; sourcing remains centralized in São Paulo and Rio de Janeiro. As of September 2023, the London team includes two new senior hires focused on real asset strategies (per the firm, September 2023).

Eurovest disclosed a significant equity position in Odontoprev, Brazil's largest dental benefits administrator by membership, a holding that emerged from its private equity healthcare strategy. The firm first invested during Odontoprev's pre-IPO growth phase and maintained a stake through the company's public listing on the B3 exchange. This position illustrates Eurovest's willingness to hold portfolio companies across asset classes as they migrate from private to public markets.