Modal Private Equity

Modal Private Equity originated as the principal investing division of Banco Modal, the Rio de Janeiro investment bank founded by the Bracher family. Following XP Inc.'s acquisition of Modal's brokerage and advisory businesses in July 2024, the private equity portfolio was carved out and retained by the original shareholders, effectively operating as an independent investment vehicle anchored by family capital and select institutional co-investors.

The Bracher family, through their holding structure, maintains control over the private equity portfolio and investment decisions. The investment team is embedded within the broader Modal ecosystem and draws on the bank's deal-flow infrastructure, though post-carve-out governance details are not publicly detailed.

Modal PE targets mid-market Brazilian companies through control buyouts and growth-equity investments. The strategy focuses on businesses positioned to benefit from domestic consumption, business-services consolidation, and industrial modernization, typically acquiring majority or significant-minority stakes in founder-led companies seeking institutional partnership for operational scaling.

Modal PE's mandate is concentrated in Brazil. There is no public record of direct private equity investments outside the country, aligning with the firm's deep domestic origination network and the Bracher family's multi-decade presence in Brazilian finance.

The firm deploys a combination of proprietary balance-sheet capital from the Bracher family and co-investment from select institutional and family-office limited partners. It does not operate a traditional blind-pool fund-of-funds model, and post-2024 carve-out, the primary capital base is permanent family capital rather than third-party committed funds.