Team

Partners

bruno.bellodi@setter.net.br
Bruno joined Setter in 2016 and has since worked on management and M&A projects across sectors such as animal health and nutrition, technology, financial services, retail and audiovisual.

He is currently a shareholder and board member of Núttria, an animal nutrition company whose development he has followed since its inception. He is also a partner at Grupo APB, which operates in agribusiness, particularly in the beef and sugarcane chains.

Bruno holds a degree in Business Administration from Fundação Getulio Vargas’ São Paulo School of Business Administration (FGV EAESP).

felipe.camargo@setter.net.br
A founding partner of Setter, Felipe has served in recent years as board member, CEO and CFO in management projects, and has taken an active part in mergers and acquisitions.

He spent 12 years in private equity at Patria Investimentos, working on acquisitions, monitoring and management of portfolio companies. He was CEO of Casa Cor until its sale to Grupo Abril and Doria Associados. He was also CFO of Editora Camelot and a member of the Board of Directors of Editora Peixes.

He worked at the São Paulo office of the investment bank Oppenheimer & Co. and was an auditor at Coopers & Lybrand.

Felipe holds a degree in Business Administration, with a concentration in Finance, from Fundação Armando Alvares Penteado (FAAP) and a specialization in Tax Law from Fundação Getulio Vargas (FGV-SP).

flavia.conrado@setter.net.br
A founding partner of Setter, Flavia has served in recent years as CEO, CFO or board member in management projects, and has also taken part in mergers and acquisitions.

She spent seven years in private equity at Patria Investimentos, holding several roles in portfolio companies. She was CFO of Diagnósticos da América (Dasa), the largest diagnostic medicine company in Latin America, with a market value of over US$1.5 billion. She took part in Dasa’s acquisitions and was responsible for integrating the acquired companies.

She was also Vice President of Operations and Finance at Fotoptica, Brazil’s largest optical and photography retail chain, and prepared the company for its sale to the world’s second-largest optical retail group, Hal Investments.

She also served as controller of Cotia Trading, Brazil’s largest trading company, reporting directly to its Board of Directors.

Flavia holds a degree in Business Administration, with a concentration in Finance, from Fundação Armando Alvares Penteado (FAAP).

judith.varandas@setter.net.br
A partner at Setter since 2010, Judith has served in recent years as CEO, CFO or board member in management projects, and has also taken part in mergers and acquisitions.

She spent five years in private equity at Patria Investimentos, working in its portfolio companies.

She was Financial Planning Manager at Dasa, Latin America’s leading diagnostic medicine company, and took part in raising US$250 million through a structured 10-year debt issuance abroad.

As a financial analyst at Fotoptica, she was responsible for monitoring and improving the company’s performance and took part in its sale to the world’s second-largest optical retail group, Hal Investments.

Judith holds a Master of Science in International Management from Università Bocconi (Milan, Italy) and ESADE (Barcelona, Spain), and a degree in Business Administration from Fundação Getulio Vargas (FGV-SP).

She is a board member certified by IBGC, the Brazilian Institute of Corporate Governance.

roberta.sturaro@setter.net.br
Roberta joined Setter in 2016 and has more than 15 years of experience in private equity. Before Setter, she worked at Patria Investimentos sourcing new deals and developing investment theses, and managing portfolio companies in the finance and project management areas. Earlier, she spent two years in M&A at Anhanguera Educacional and two years at Medial Saúde.

Roberta holds a degree in Public Administration from Fundação Getulio Vargas’ São Paulo School of Business Administration (FGV EAESP) and was awarded a scholarship to attend the Global Competitive Leadership Program (GCLP) at Georgetown University, in Washington D.C.

Consulting Board

Founder and CEO of Bresco Investimentos S.A., a leading Brazilian real estate investment company specializing in logistics warehouses.

Before Bresco, he was the founder and CEO of Bracor Investimentos Imobiliários, a partnership with Sam Zell’s Equity International. Bracor is recognized as one of the most successful stories in Brazilian real estate, with nearly US$2 billion invested in corporate properties.

Carlos has more than 25 years of experience in real estate. On the social front, he is one of the founders of the award-winning Meninos do Morumbi project, which has served more than 5,000 teenagers from underprivileged areas of São Paulo through percussion education.

He is a member of the Board of Trustees of the University of Notre Dame, in the United States, and was a member of the International Board of YPO (Young Presidents’ Organization).

He holds a degree in Business Administration from Fundação Getulio Vargas and an MBA from Pace University, New York.

Former Brazilian Minister of Economy, Finance and Planning, former Ambassador of Brazil to the United States and former senior advisor to Merrill Lynch. Throughout his career, he has served on the boards of several companies and institutions, including Unibanco, Brasilpar, Prever, Novotel, Club Méditerranée, IBM, Coca-Cola, R.J. Reynolds, Hoechst, Embratel, General Electric, Textron and ETCO.

He was the founder and first president of the pioneering Companhia de Desenvolvimento de Comunidades, created in 1967–1968 under Governor Negrão de Lima of the former State of Guanabara.

He is a member of the boards of FGV, Mitra Metropolitana do Rio de Janeiro, Valid, Energisa and Pró Criança.

He was President of the Commercial Association of Rio de Janeiro and Chair of the Public Ethics Commission of the Presidency of the Republic.

Partner and Portfolio Manager at Tarpon, an independent investment manager, where he is responsible for Tarpon GT FIA, a long-term fundamental strategy with more than R$2.7 billion under management.

Rafael was a founding partner and Portfolio Manager of Mosaico Capital (later Angico Capital), an independent manager merged into Tarpon in 2016.

In his first period at Tarpon, he helped build the private equity area and later worked on listed equity investments.
He also spent seven years in private equity at Patria Investimentos, holding executive positions in portfolio companies, including CFO of Casa do Pão de Queijo.

He served on the Fiscal Councils of Portobello and Sanepar and on the Boards of Directors of Lojas Marisa, Arezzo&Co, Tempo Participações and Kepler Weber.

Rafael holds a degree in Business Administration from Fundação Getulio Vargas (FGV-SP).

Team

fernanda.arbage@setter.net.br
Fernanda joined Setter in 2018 as an intern. Since then, she has played an active role in numerous M&A and management projects in sectors such as animal health, human health, retail, technology and telemarketing, among others.

She holds a degree in Chemical Engineering from the University of São Paulo (USP) and a postgraduate degree in Finance from Insper (Advanced Program in Finance).

gabriel.garcia@setter.net.br
Gabriel has been with Setter since 2022 and has nine years of experience in M&A, private equity and management consulting.

He has taken part in several transactions with domestic and international investors in sectors such as animal health, healthtech, construction materials and facilities services, as well as restructuring and financial management projects.

Previously, he worked in private equity at Brazil’s third-largest pension fund, where he also sat on the Risk and Audit Committees of companies in the power and infrastructure sectors.

Gabriel holds a degree in Economics from the University of Brasília (UnB) and an MBA in Data Science & Analytics from USP/Esalq.

hannan.bass@setter.net.br
Hannan joined Setter in 2011 and has worked on management projects in several sectors, including healthcare, retail, industrial laundry, technology and fertilizers, as well as taking an active part in M&A processes. Previously, he was a financial analyst at Diagnósticos da América (Dasa), the largest diagnostic medicine company in Latin America.

He holds a degree in Business Administration, with a concentration in Finance, from Escola Superior de Propaganda e Marketing (ESPM) and a specialization in Controllership from Fundação Instituto de Administração (FIA).

henrique.consentino@setter.net.br
Henrique joined Setter in 2012 and has worked on M&A and management projects in healthcare, animal health, industrial laundry, retail and logistics, among other sectors.

He holds a degree in Business Administration, with a concentration in Corporate Finance, from Fundação Getulio Vargas’ São Paulo School of Business Administration (FGV EAESP).

jose.sanches@setter.net.br
José Victor joined Setter in 2021 and has worked on management and M&A projects in sectors such as healthcare, animal health, retail and industrials. He is currently CFO of Grupo Kolplast, a Setter portfolio company in the healthcare manufacturing sector. Previously, he worked in private equity at Patria Investimentos.

He holds a degree in Production Engineering from the University of São Paulo (USP).

pedro.reis@setter.net.br
Pedro joined Setter in 2017 and has experience in M&A and management projects in sectors such as retail, industrial laundry, audiovisual production, agribusiness and healthcare.

He holds a degree in Electrical Engineering from the University of São Paulo (USP).