Singulare

Singulare

Singulare was founded in São Paulo by Vitor Ohtsuki, a former partner at Verde Asset Management, where he spent over a decade managing the firm's flagship macro fund alongside Luis Stuhlberger. Ohtsuki departed Verde in 2019 to build Singulare, bringing a track record in Brazilian rates, currency, and global macro positioning. The firm launched its first fund the same year, targeting institutional and private wealth clients who sought exposure to both liquid global markets and Brazilian distressed assets — a combination Verde's long-only macro mandate did not offer. Singulare's strategy spans three distinct sleeves. The global macro book trades liquid instruments — sovereign bonds, FX, and equity indices — with a focus on emerging markets and G10 rates. The private credit arm originates loans against Brazilian judicial claims, a niche asset class where returns derive from legal settlement timelines rather than corporate cash flows. The real estate book acquires distressed residential and commercial assets in São Paulo, restructuring them for eventual sale or rental income. A representative deal involved acquiring a non-performing loan portfolio secured by residential units in São Paulo's Jardins neighborhood, restructuring the debt, and selling the units individually — generating returns uncorrelated to the macro book. Ohtsuki's team is compact, with fewer than 15 investment professionals operating from a single office in São Paulo. The firm does not disclose total AUM, though public filings indicate the flagship macro fund has capacity measured in the hundreds of millions of reais, with separate vehicles for illiquid strategies. Singulare's structure avoids the institutional fund-raising cycle — it runs permanent-capital vehicles with limited redemption windows, a deliberate choice that allows the distressed and real estate sleeves to hold positions through full resolution cycles. In 2023 the firm expanded its credit strategy to include precatório-linked instruments, Brazilian government-issued payment obligations that trade at steep discounts to face value pending budgetary allocations (per Valor Econômico, 2023). Ohtsuki's architecture is unusual in the Brazilian independent asset management space: he runs a multi-strategy firm where the liquid and illiquid books share a single risk framework and a single CIO, rather than operating as separate siloed teams. This allows capital to shift between macro hedges and distressed credit as relative value shifts — a posture closer to how a sophisticated single-family office allocates than to how a traditional fund-of-funds selects strategies. The firm has no outside parent, no private equity backer, and no distribution partnership with a Brazilian bank, making it one of the few genuinely independent multi-asset managers left in São Paulo's consolidating wealth management market.