BTG seeks new manager for Carbyne funds

BTG Pactual notified Carbyne Investimentos on 8 September 2026 that it intends to discontinue administrative services for Carbyne's funds. The administrator called general shareholder meetings to replace the asset manager by 14 September. Carbyne is the main asset of Apex Partners, which holds an 80% stake, while Filipe Caldas holds the remaining 20%. The firm had BRL 1.1 billion under management in July, according to Anbima.

The move came after Apex rejected an acquisition offer from Makalu Partners, an asset manager focused on alternative investments and special situations. The offer expired on 3 September 2026 without an agreement. Chess Capital, created by former SRM Asset managers, is among the firms considering taking over management of some Carbyne funds.

BTG previously closed three Carbyne funds to redemptions in early August 2026 following Apex's legal petition for protection against debt execution. The three funds, Fidc BRM Carbyne Crédito Estruturado, Carbyne Travel FIF, and Carbyne Mercados Privados FIM Crédito Privado, held combined assets of BRL 340 million and faced surging withdrawal requests. Analyses identified asset illiquidity, pricing uncertainty, and potential exposure to companies related to Apex.

Carbyne Travel, which holds shares in travel company CVC, reopened for redemptions as CVC negotiates a debt swap of up to BRL 450 million to extend maturities to 2029. Meanwhile, Carbyne Mercados Privados held a 1.85% stake in Carbyne FIM Crédito Privado, which suffered a 35% decline on 6 August 2026 due to BRL 452 million in debentures issued by Rhino Securitizadora. Those notes carried early maturity clauses triggered by management changes and yielded up to 130% of the CDI. Fidc BRM Carbyne dropped 70% on 5 August 2026 and was down 67% year to date after shareholders rejected a management swap on 13 August.