Singulare

Vitor Ohtsuki is the founder and Chief Investment Officer, responsible for all portfolio decisions across the firm's macro, credit, and real estate strategies. He spent over a decade at Verde Asset Management before founding Singulare in 2019, where he was a partner and managed the flagship macro fund alongside Luis Stuhlberger. He carries that global macro discipline into a broader mandate at Singulare.

Singulare operates across three main sleeves: a global macro book trading liquid sovereign bonds, currencies, and equity indices; a private credit arm originating loans against Brazilian judicial claims (precatórios) and other distressed instruments; and a real estate book acquiring and restructuring distressed residential and commercial properties in São Paulo. This multi-strategy mix is unusual among independent Brazilian managers.

The firm originates credit secured by Brazilian judicial claims, known as precatórios — government-issued obligations that pay out according to constitutional budgetary timelines. These instruments trade at significant discounts to face value due to payment uncertainty. Singulare underwrites the creditworthiness of the underlying claim and the expected resolution timeline, generating returns that are uncorrelated to public markets. The strategy expanded in 2023 with a dedicated precatório fund.

Singulare is neither a pure hedge fund nor a private equity firm. It operates as a multi-strategy asset manager running liquid global macro strategies alongside illiquid private credit and real estate vehicles. The illiquid sleeves use permanent-capital structures with limited redemption windows, allowing positions to be held through full resolution cycles — a deliberate design choice that avoids the liquidity mismatch common in multi-strategy funds.

Verde, where Vitor Ohtsuki was a partner before founding Singulare, is primarily a liquid macro manager with one of Brazil's largest hedge funds. Singulare shares that macro DNA but layers on illiquid strategies — distressed credit, precatório origination, and real estate restructuring — that Verde's mandate does not permit. Singulare also uses permanent-capital vehicles rather than offering daily or monthly liquidity on all strategies.