# Ore Investments

Ore Investments is a Private Equity based in Belo Horizonte, Mina Gerais, Brazil.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Belo Horizonte, Mina Gerais, Brazil
- **Region:** Latin America
- **Address:** Rua Rio Grande do Norte, 1435, 9o andar, Savassi, Belo Horizonte - Minas Gerais, Brazil, 30130-131
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** www.oreinvestments.com.br
- **LinkedIn:** https://www.linkedin.com/company/ore-investments

## Regulatory record

- **CRD number:** 307545
- **SEC file number:** 802-118789
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/307545

## About

Ore is an independent manager of mining investment funds in Brazil. It invests across multiple stages of mineral assets, creating value in mineral exploration, geological discovery, environmental licensing, construction, reactivation and mine operation. The firm is founded and managed by Brazilians with deep experience in investments and mining, combining long-term capital with technical, management and financial knowledge.

## Sectors

- Energy Transition & Renewables
- Infrastructure

## People

- Mauro Barros — Sócio & CEO
- Thiago Bastos Bonás — Sócio & VP Technical Services
- Eduardo Cardoso — Sócio & CIO (Chief Investments Officer)

## Questions

### Why does Ore Investments embed geologists and engineers in-house instead of relying on external consultants?

Ore believes that technical depth is the primary driver of alpha in mining investment. By employing directors of geology, engineering, and environment and social on staff, the firm can diligence assets with operator-level scrutiny and participate directly in mine planning, cost reduction, and permitting strategy. This structure also supports hands-on management within portfolio companies.

### What metals and minerals does the fund actually invest in?

The firm targets a diversified commodity basket including precious metals (gold), base metals (copper), fertilizers (phosphate), and critical minerals (titanium, vanadium, rare earths). Portfolio companies span battery materials, agricultural inputs, and traditional monetary metals.

### Which stages and jurisdictions does Ore cover?

Ore invests across the entire mine lifecycle — from early-stage exploration and drilling through construction, reactivation, and operating mines. All current investments sit within Brazil, with active sites from Minas Gerais to Pernambuco.

### What is the BNDES/Vale strategic minerals fund, and why does Ore's involvement matter?

In early 2025, BNDES and Vale selected a consortium of Ore Investments and JGP BB Asset to manage a fund targeting up to R$1 billion for strategic minerals. The mandate signals institutional validation of Ore's technical diligence model and positions the firm as a government-backed allocator in a sector where sourcing and local operating capability are the binding constraints.

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

Ore structures its own funds and invests directly into mining companies and joint ventures. The firm does not market itself as a fund-of-funds allocator; its investment thesis centers on building concentrated, technically managed positions in operating and development-stage mineral assets.

### How does Ore's partnership and governance structure differ from a mining desk inside a generalist PE firm?

Ore's management company is wholly owned by the founding partners, who have no other business interests. This eliminates distractions and conflicts that can arise when a mining fund sits inside a multi-strategy manager competing for capital and talent across asset classes. The partners' personal balance sheets are aligned exclusively with the fund's performance.

## Related profiles

- [Oregon Venture Fund](https://altss.com/profile/oregon-venture-fund)
- [Oresa](https://altss.com/profile/oresa)

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Last updated: 2026-08-11T15:07:41.444Z

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