Mar is an independent asset management firm, created by a combination of the macro/fixed income investment approach of BTG Pactual with the equity investment approach of Opportunity and 3G Capital

We believe that the combination of these schools increases our ability to identify good investment opportunities.


Single book

MAR manages only of fund, with a single book shared by the portfolio managers.Our investment thesis can be both macro or through stock picking, with the best opportunities having the heaviest weight on the portfolio.



Factorial risk analysis across different asset classes generates better risk management. Regardless of the asset class, the best opportunities will have the heaviest weight in the portfolio.
We believe in absolute intellectual honesty among team members, to constantly analyze the asymmetry changes of each thesis.



We believe a partnership is a long-term life endeavor. Mar was founded by partners with decades of investment experience combined.


Bruno Coutinho

CEO and Manager
17 years of experience

BTG Pactual
Partner (2009 – 2016)

/ Country Manager and founder of BTG Pactual Argentina;
/ Head of Asset Management for Fixed Income LatAm;
/ Member of the HR Committee and responsible for the internal culture programs of BTG Pactual.


BTG Investments
Founding Partner (2008 – 2009)

/ Portfolio Manager for Fixed Income LatAm.


Pactual – UBS Pactual México
(2003 – 2008)

/ Mexico. Structured the proprietary and
client’s trading desks of UBS Pactual;

/ Junior Trader. Trader of proprietary Fixed Income LatAm desk, except Brazil. (2006 – 2007);
/Asset Management Back Office and Wealth Management analyst (2003 – 2006)

Philippe Perdigão

13 years of experience

VAR Capital
Partner (2016 – 2018)

/ Concentrated investments on global public equities and Brazil Private Equity.


Associate Partner (2007 – 2016)

/Equity Hedge portfolio manager, long & short equities with a long bias searching for absolute return. (2011 – 2016);
/ Structured and was the manager of the global equities investment department (2015 – 2016)
/ Created and led the Opportunity SIM,
a redesign of the interns program of the company. (2011 – 2014)

/ Junior trader of equities and fixed income for all the funds of the company. (2010)
/ Risk Analyst. (2008 a 2010)
/ Intern of the comercial, Fund of Funds and risk departments. (2007 – 2008)

Luis Moura


Partner and member of the Board of Directors of Equatorial Energia, Spot Educacional and Jaleko Acadêmicos.

Partner responsible for public equities investments of 3G Capital in New York from 2005 to 2011.

Between 1998 and 2004 was manager of the international stocks portfolio and head of the research department of JGP.

Was corporate finance analyst and Brazilian stocks manager at Banco Pactual between 1994 and 1998, and international trainee and corporate finance analyst of Citibank NA, from 1990 and 1994.

Luis graduated in business administration at PUC-Rio, has specialization in Corporate Finance at IBMEC and in mergers and acquisitions at Wharton School of Business.

Paulo Coutinho

Ph.D in Economics, University of California, Los Angeles


Trend Capital Management

Economist/Strategist (2018 – 2020)

/ Economist/Strategist with focus on global markets;
/ Responsible for developing investment strategies for various countries;


Credit Suisse
Emerging Market Research (2013 – 2017)

/ Economist focused in Brazil. Responsible for the coverage of the areas of Fiscal, Economic Activity, Inflation, External Sector and Politics;
/ Wrote periodic analyses and reports, besides also having direct relationship with the franchise’s clients.

Leonardo Andrade


HSI – Hemisfério Sul Investimentos
Private Equity Senior Analyst (July 2019 – December 2019)

/ Analysis of new investments and asset management of portfolio companies in the Real Estate sector – Shopping Centers, Hospitality, Logistic Complexes, Residential Development and Offices.

M&A Coordinator (March 2015 – June 2019)
/ Focus in the group’s portfolio recycling strategy, directly involved in shopping mall mergers, acquisitions and divestments.

M&A Coordinator (2018 – 2019)
M&A Specialist (2017 – 2018)
Trainee brMalls (2016 – 2017)
M&A and Investment Analysis Intern (2015 – 2016)

Ivan Pereira

CFA Analyst

SPX Capital
Global Equities Analyst (2018 to 2020)
/ Equity research analyst focused on global equities; BF Capital Associate Project Finance e M&A (2014 to 2018)

BF Capital

Associate Project Finance e M&A (2014 to 2018)
/ Responsible for structuring and developing infrastructure projects in Brazil and for coordinating M&A transactions

BTG Pactual

Analyst (2012 a 2014)
/ Performance in ALM, being responsible for analyzing and managing the cash flow and monitoring the Bank’s financial commitments.

Collateral Management intern (2011 to 2012)

Igor Galvão


Banco BTG Pactual
Corporate and Regulatory Law (2014 – 2019)

/ Worked on the global regulatory legal
department with more than 15 regulators;

/ Drafted the legal documents and was involved in onshore and offshore operations of companies in various areas of business.

Corporate Governance

A Board was created to make company decisions through periodic meetings of portfolio follow-up, presentation of investment ideas, internal results and strategic planning.

Luis Moura
Bruno Coutinho
Philippe Perdigão