Principia Capital Partners

Mario Spinola is the firm's lead partner. He joined Principia in December 2017 after co-founding Victoria Capital Partners and DLJ South American Partners, and earlier led private equity executions at Banco Garantia and Credit Suisse for names including TAM Linhas Aéreas, América Latina Logística and NET Serviços (per firm website). The investment team also includes Ana Luiza Squadri and Gabriel Poci.

Principia is the dedicated private equity platform of Lanx Capital, a single-family office with a global presence that also invests in venture capital and real estate. Principia's fund is predominantly capitalized by Lanx's principals, which aligns the investment team with a single long-term capital source rather than a rotating base of institutional limited partners.

The firm invests across the entire maturity curve — from early-stage start-ups to large publicly listed enterprises. Its portfolio history includes holdings in listed companies (TAM, NET, UOL) and private growth-stage businesses (Oncoclínicas, Cellera Farma), indicating a stage-agnostic approach within the Brazilian market.

Principia's disclosed activity shows only direct private equity transactions, executed as platform investments or significant minority positions. The firm's website does not reference participation in third-party fund commitments, and its parent Lanx Capital maintains a separate venture capital vertical.

Principia operates as a private equity platform wholly housed within a single-family office, not as an independent GP marketing to external LPs. Its capital base is primarily family sourced, and the team functions like a direct-investment unit rather than a traditional fund manager with multiple institutional relationships.

Principia does not publish a formal exclusion list. Its historical investments span 15 sectors — from healthcare, pharmaceuticals and education to telecom, forestry restoration and consumer goods — suggesting the firm is driven by Brazilian opportunity rather than a restrictive sector charter.

The firm has not publicly disclosed co-investment relationships with external general partners. Its deal history shows direct platform investing, and the captive family-capital structure implies that co-investment opportunities — if present — are likely evaluated on a case-by-case basis rather than through a formalized program.