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Multi Family OfficeNo direct investingLAST VERIFIED Oct 2026 · 4 SOURCES

Black Swan Investimentos

Independent multi-family office and CVM-registered portfolio manager in São Paulo managing client portfolios and its own multimarket, infrastructure-debenture and global equity funds.

Identity

HEADQUARTERS
São Paulo, Brazil
OUTSIDE CAPITAL
Yes — also manages others' money

Investment approach

GEOGRAPHY
BrazilUnited States
STRATEGIES
Public equities

Overview

Black Swan Investimentos describes itself as an independent multi-family office that states it takes no rebates from banks, brokers or funds and offers consolidated multi-bank reporting, property administration and succession planning. Its legal entity, Black Swan Gestão de Investimentos Ltda., has been registered with the CVM as a portfolio manager since 2015. It runs its own funds, including the Black Swan Total Return multimarket fund, an incentivised infrastructure-debenture fund and a global equity fund focused on the uranium value chain.

People

  • Luigi Micales
    Partner; portfolio manager (Brazil); director responsible for portfolio management (CVM) · source
  • Fábio Tinelli
    Partner; portfolio manager (international) · source
  • Giampaolo Piraino
    Portfolio manager · source
  • Diego Barão
    Partner; compliance and risk director · source
  • Jose Ruiz
    Team member · source

Classification

Multi Family Office. Provides family-office services to several families and invests or allocates their money — through mandates, its own programmes or club deals. Advice-only firms are not listed. How family capital is classified →

FAQ

Black Swan Investimentos is a multi family office based in São Paulo, Brazil.

Black Swan Investimentos does not publicly state whether it invests directly or through funds. Its stated asset mix includes public equities.

Key people at Black Swan Investimentos include Luigi Micales (Partner; portfolio manager (Brazil); director responsible for portfolio management (CVM)), Fábio Tinelli (Partner; portfolio manager (international)), Diego Barão (Partner; compliance and risk director) and Giampaolo Piraino (Portfolio manager).

Yes. Black Swan Investimentos manages capital from outside investors.