PRISMA CAPITAL

Prisma Capital manages strategies focused on Brazilian private credit, real estate debt, and infrastructure instruments. These are typically structured as local-currency fixed-income funds holding debentures, real estate receivables certificates (CRIs), and infrastructure debentures, per the firm's public record with the Brazilian Securities Commission. The firm originates and underwrites its own credit and asset-backed paper rather than trading in secondary markets.

The firm sources directly from mid-market corporate borrowers, real estate developers, and infrastructure sponsors across Brazil. Prisma relies on a direct origination model — its team structures bespoke credit facilities and project finance instead of purchasing syndicated bank loan portfolios. This direct pipeline is a distinguishing feature in a market where most non-bank credit funds acquire pre-packaged securities from larger financial institutions.

Yes. Prisma Capital manages commingled funds and segregated mandates accessible to international institutional allocators seeking local-currency Brazilian credit exposure. The firm's real estate and infrastructure vehicles offer tax-advantaged structures recognized under Brazilian securities law, which can form part of a non-correlated fixed-income allocation for global limited partners, per its CVM registration profile.

Prisma Capital operates as a non-bank credit originator in a financial system dominated by five large banks. Unlike a bank credit desk, it does not use insured deposits for funding and therefore can take on longer-tenor, higher-spread credit risk. Unlike large Brazilian managers focused on liquid rates and equities, Prisma specializes in illiquid private credit and real-asset instruments where pricing is less efficient and spreads reflect true underwriting complexity rather than market beta.

Public disclosures do not list explicit negative screens. However, the firm's focus on secured private credit, real estate, and infrastructure suggests it avoids unsecured consumer lending, venture-stage equity, and publicly traded corporate bonds that trade on B3. The absence of any equity or venture-focused vehicles in its CVM registration supports this view.

The firm structures funds using Brazilian credit and real estate instruments with specific tax advantages under local law, including CRIs and infrastructure debentures. These instruments offer income-tax exemptions for certain individual and foreign investors, making them a yield-enhancement layer in Prisma's fixed-income strategies, per the regulatory framework established by Brazilian securities and tax codes.

Prisma's funds are predominantly Brazilian-real-denominated. International investors typically assume the currency risk unless they enter into a separate hedge arrangement. Some segregated mandates may incorporate currency-hedged share classes, but public record does not confirm a standardized hedged offering. Allocators should treat local-currency credit exposure as distinct from hard-currency emerging market debt.