Approach

We focus primarily on control-oriented investments in cash flow generating, asset-based businesses in the United States and Brazil. We are value-oriented investors seeking situations where significant value can be unlocked. To secure the best investments, we take a flexible approach to evaluate situations that may be overlooked by other firms due to size, complexity or negative market sentiment. Itacare Capital aims to continue creating value by sourcing and structuring valuable niche opportunities and realizing superior value for our partners.

Strategy

Itacare Capital’s strategy has evolved to reflect growing demand from foreigners for US based investments. Initially, the strategy focused on acquiring land assets in Brazil that could be acquire at attractive prices and appreciate through permitting and development. The wealth creation and emerging investor class in Brazil has been more and more active investing abroad. We capitalize on our competitive advantages to invest mainly Brazilian capital in Small-Medium Enterprises (SMEs) in the US while continuing to selectively acquire real estate in Brazil.

Leadership

This evolution in strategy was also accompanied by a refinement and strengthening of our executive team and expansion of offices.

Pedro Miranda founded Itacare Capital in 2006 and proceeded to IPO the first publicly listed investment company focused on Brazilian real estate. Before founding Itacare Capital, he was a director at Dolphin Capital, the real estate private equity fund with over $1 billion under management. Prior to that, he was a vice-president at Edison Advisors, an affiliate of GE Capital, where he advised on disposals and recapitalizations of distressed companies that were part of the $7 billion GE Capital Funding loan portfolio. Previously, Mr. Miranda worked in London as an investment banking associate at Credit Suisse First Boston in the mergers and acquisitions group. In 2000, Mr. Miranda was part of the deal team at Goldman Sachs that advised on the merger between Vallehermoso and Prima Inmobiliaria, one of the largest real estate transactions in Spain. Prior to that, Mr. Miranda worked at Citibank International where he was involved in several business expansion initiatives for Citibank’s Global Consumer Bank in Argentina, Brazil, Chile, Mexico and Venezuela.

Mr. Miranda is a member of the YPO Global One Chapter and former chair of finance committee of the MIT Enterprise Forum of South Florida. He holds a B.S. degree in Computer Engineering and Computer Science from the University of Miami and an MBA in Finance from the Sloan School at the Massachusetts Institute of Technology (MIT).

John Hourihan is co-founder and member of the Board of Directors of Boefly, LLC (boefly.com), the leading on-line marketplace for commercial transactions and SBA guaranteed lending. The exchange has posted over $4 billion in transactions in its first full year of operations. Mr. Hourihan was co-founder and CEO of Edison Advisors, an affiliate of GE Capital where he advised on restructuring to GE portfolio clients including recapitalizations, debt restructurings and operational wind downs. Mr. Hourihan was a principal investor in the recapitalization of International Assets Holdings Corporation (Nasdaq: INTL) that through its subsidiaries offers a range of financial and execution services in commodities, foreign exchange and international securities. Since the recapitalization in 2002, the market value of the company has increased from $5 million to $486 million and currently operates in 27 countries employing over 800 people worldwide. In 1992, John joined as managing director Lion & Lamm Capital, a private investment firm, where he was involved in 21 acquisitions totaling $750 million and served as CFO of Coachman (Nasdaq: CINC) and interim CEO of ALH Holdings. Since the start of his investment career John has been involved in deals in Latin America and the Caribbean working at Irving Trust and then vice-president at Citibank and Drexel Burnham Lambert.

Mr. Hourihan has a Bachelor of Arts from Bowdin College and a Masters in Finance from Columbia University.

Guiding Principles

Itacare Capital’s foundation and competitive advantage is our team of remarkably talented professionals, who are actively encouraged to be innovative and think creatively. We share a philosophy based on a set of core corporate values that define our culture and guide us as a firm:

Our Business

Founded in 2006, Itacare Capital is a management firm focused on principal investments in the US and Brazil. We co-invest in every single deal or investment vehicle we manage. Our investment partners are mainly family offices and high-net-worth individuals.

SMEs SMEs

US-based Small-Medium Businesses in the following sectors: Logistics, Consumer Services, Forest Products, Aviation FBOs and niche financial services.

Real Assets Real Assets

US and Brazil commercial, multi-family and hospitality real estate. US based natural resources.

Early Stage Early Stage

Seed and early stage investment in emerging companies focused on financial services, insurance and lending.