SPX Capital

A five-member Board of Directors — Chairman Rogério Xavier (Head of Rates), CEO Bruno Marangoni, Bruno Pandolfi (Head of FX), Daniel Schneider (Head of Investor Relations), and Leonardo Linhares (Head of Equities) — oversees the firm. Individual asset-class heads lead day-to-day portfolio management within each strategy, supported by a deep bench of named senior portfolio managers and economists.

SPX Capital is an independent global alternative asset manager, not a family office. It was founded in 2010 by professional investors and operates a meritocratic partnership model. The partners have significant personal capital alongside client assets, but the firm manages third-party institutional and private wealth.

SPX runs five distinct strategies: macro, equities, credit, real estate, and private equity. The macro and equities businesses date to 2010 and 2012, credit was added in 2019, and real estate and private equity were launched in 2021. The firm does not disclose its allocation split, but the website presents them as co-equal business lines.

SPX runs direct strategies across its public-markets businesses. In private equity and real estate, the firm structures direct investments and co-investments rather than operating primarily as a fund-of-funds. The website emphasizes direct control and active management in its private equity and real estate descriptions.

SPX Capital does not publicly detail its co-investment policy. Given its partnership model and the requirement that partners reinvest the majority of distributed profits, the firm functions as a large permanent co-investor on its own platform, which may reduce the need for external GP relationships. An allocator would need to confirm during diligence whether SPX offers co-investment slots to LPs.

SPX operates from six offices — São Paulo, Rio de Janeiro, London, New York, Cascais, and Singapore — and invests globally. Its credit business includes dedicated emerging-market and developed-market teams. The private equity and real estate operations appear concentrated in Brazil, consistent with the firm's local origination advantage.

SPX Capital's public materials do not reference a philanthropic foundation or donor-advised fund. The firm's governance documents emphasize alignment of interests through partner co-investment rather than charitable structures.