Tarpon Capital

Luis Stuhlberger founded Tarpon and serves as Chief Investment Officer, bearing ultimate responsibility for portfolio construction and investment decisions. Stuhlberger's investment philosophy developed over three decades, beginning at Banco Pactual in 1988, where he managed in-house proprietary capital before spinning out an independent fund in 2002. Rodrigo Azevedo served as Chief Executive Officer, overseeing firm operations and non-investment functions.

Tarpon historically sourced opportunities through deep fundamental research on Brazilian publicly traded companies, identifying businesses trading below intrinsic value due to temporary macro pessimism or structural misunderstandings. Stuhlberger's team conducted on-the-ground due diligence, often engaging directly with management teams to advocate operational and capital-allocation changes. The firm concentrated on sectors leveraged to domestic consumption — retail, financial services, and education — where local knowledge provided an informational advantage over foreign allocators.

Tarpon began as a traditional third-party asset manager but restructured significantly in the late 2010s, returning external investor capital and refocusing on managing internal partner and founder assets. This shift effectively transformed Tarpon from an institutional fund manager into a concentrated investment vehicle aligned with Stuhlberger's personal balance sheet. The current structure eliminates redemption pressure and quarterly reporting requirements typical of regulated Brazilian fund vehicles.

Tarpon invested primarily in publicly traded Brazilian equities, taking significant minority stakes large enough to warrant active engagement with management and boards. The firm occasionally participated in private equity co-investments alongside its public-market positions, particularly when portfolio companies executed corporate restructurings or capital raises. Tarpon's approach favored mature companies in consolidating industries rather than early-stage venture investments.

Tarpon's investment universe centers on Brazil, where the firm's research edge and operational familiarity are deepest. The firm has evaluated opportunities across broader Latin American markets, but its portfolio concentration historically tilted toward Brazilian-domiciled companies in consumer, retail, education, and real estate sectors. Stuhlberger's macro framework, shaped by Brazil's domestic credit cycles and political transitions, makes the home market the primary arena for capital deployment.

Tarpon was an early and influential shareholder in Kroton Educacional, a Brazilian for-profit higher education company, well before its transformative 2014 merger with Anhanguera Educacional. The combined entity, renamed Cogna Educação, became one of the world's largest education companies by market capitalization and enrollment. Tarpon's position reflected Stuhlberger's thesis that Brazil's expanding middle class and government-subsidized student financing programs would structurally increase demand for post-secondary education.

Following a period of underperformance and internal strategic review in the late 2010s, Tarpon's partners elected to return outside investor capital and restructure the firm around internal assets. The decision eliminated institutional LP constraints on portfolio concentration and holding periods, allowing Stuhlberger to operate with permanent capital. This pivot mirrors a broader pattern among Brazilian fund managers who prioritized investment autonomy over asset-gathering scale.