SPX Gestão de Recursos

Rogério Xavier co-founded the firm and serves as Chief Investment Officer. He oversees the macroeconomic research framework that underpins all strategies, while individual portfolio managers run separate books within risk limits. Xavier built his career at Banco Pactual's asset management arm before founding SPX in 2010.

SPX runs four distinct strategy groups. The global macro book trades liquid instruments across developed and emerging markets. A long-biased equity strategy focuses on Brazilian public companies. The private credit arm originates loans to mid-sized Brazilian corporates. A real assets division, launched in 2019, invests directly in energy transition infrastructure including small hydro, solar, and transmission projects.

SPX participates in both. The firm originates private credit directly and co-invests in energy infrastructure through separately capitalized vehicles. It does not run a traditional venture capital or private equity fund, but its real asset platform takes direct equity stakes in operating projects.

SPX is structured as an independent partnership rather than a bank-owned platform — a significant departure in Brazil, where most large managers historically operated within Itaú, Bradesco, or BTG Pactual's ecosystems. This independent model aligns compensation directly with investment performance.

Yes. The firm uses SPVs for its private credit and energy infrastructure investments, and it has incubated at least one energy trading platform that operates as a separate entity. These structures are typical for direct investing outside the liquid macro book.