Our Work
We specialize in investment funds, structuring financial products, and managing products focused on infrastructure and strategic assets that drive a new low-carbon era across various sectors of the economy, contributing to the energy transition and security.
Transforming qualified access to projects into structured and profitable investments. More than just raising funds, we connect investors to a carefully selected pipeline—our own or third-party—of opportunities in Brazil and abroad, with real potential for impact and value creation.
Designed to capture unique opportunities in infrastructure, with governance, technical intelligence, and alignment with investors' objectives, always aiming to expand the reach, diversity, and efficiency of investments in assets essential for energy transition and security, toward a new low-carbon era.
Our DNA
Experience that translates
in confidence
We have assembled a team with over 200 years of combined experience, recognized for its solid reputation, deep technical knowledge, and ability to transform complex projects into real value.
Excellence in deliveries
We excel in producing reports, studies, models, and materials, drawing on our team's experience working with leading national and multinational companies. Responsibility for information is a cornerstone of our commitment to investors and partners.
Proven track record
Our foundation is solid: over R$30 billion in investment opportunities generated through Natural Energia, delivering results for major players in the electricity sector with focus, consistency, and responsibility.
Expanded strategic vision
We aim to be a global benchmark in the selection, analysis, and implementation of infrastructure solutions for our clients.
Clear mission
We exist with the clear mission of developing, managing and making a profit.
Technology as an ally
We develop and utilize proprietary digital tools that support asset selection, monitoring, and analysis, optimizing processes and maximizing returns with greater assertiveness and risk control.
ABOUT US
Our Team
At Natural Capital, financial discipline guides all our decisions. It ensures efficient use of resources, clarity in project evaluation, and the phased release of capital, always focusing on consistent results and risk mitigation.
Our History
Building tomorrow’s infrastructure today, guided by a global vision and a commitment to lasting value for our customers.
Natural Capital was born from its founders’ more than a decade of experience developing energy projects in Brazil. After structuring and leading high-impact investments with their own capital—delivering consistent returns and transforming ideas into tangible assets—they decided to bring this expertise to the market. Committed to combining financial discipline, technical excellence, and social and environmental responsibility, they created an independent asset management firm focused on infrastructure, energy, and real assets. Natural Capital represents the natural evolution of those who have always believed that good investments create value for investors, the energy system, and the planet.
WHY CHOOSE NATURAL CAPITAL?
Natural Capital was born from the strength of those who have already forged a long journey in the energy sector. We are an independent asset manager with a clear mission, a solid track record, and a unique approach that combines discipline, innovation, and impact.
Our origins are marked by years of hands-on work, outstanding results, and a strategic vision focused on the energy transition.
A Mechanical Engineer from the Federal University of Rio de Janeiro (UFRJ), with over 12 years of experience and specializations in finance, entrepreneurship, and innovation, she began her career at Brookfield Energia Renovável and worked at Accenture on efficiency projects for Petrobras. From 2014 to 2022, she led project management and the financial structuring of assets across various sources at Natural Energia. As CFO, she led strategic operations and prepared the creation of the asset management company. Founder of Natural Capital, she is currently CEO, Investment Director, and member of the Executive Committee, responsible for defining strategy, coordinating teams, and developing new products.
Ana Carolina Martins
Founding Partner, CEO and Investment Director
Bruno Sabino holds a degree in Accounting with a specialization in Finance and has 15 years of experience in outsourcing consulting, with a focus on renewable energy. He has led controllership, finance, governance, and process areas at companies such as Qatar Energy, Ouro Preto Oil & Gas, and Karoon. Since 2016, he has worked with the Natural Energia team and is a founding partner of Natural Capital, where he currently serves as Director of Compliance, Risk, and AML. In this role, he is responsible for regulatory relations, product risk assessment, and contributing strategically to the creation of new funds.
Bruno Sabino
Founding Partner, Director of Compliance, Risk and AML
Isaac Mizrahi holds a degree in Production Engineering from UFRJ, a Master’s from Technion, and an MBA from COPPEAD. With more than 35 years of experience across energy, oil and gas (upstream and downstream), capital markets, and structured finance, he has held executive roles at Shell, El Paso Energia, and Ouro Preto Oil & Gas. Throughout his career, he has led billion-dollar fundraising initiatives, corporate restructurings, and major M&A transactions involving financing, investments, and divestments. He is currently the CFO of Natural Capital, where he oversees financial discipline, fund structuring, and governance.
Isaac Mizrahi
Partner and Financial Director
He holds a degree in Electrical Engineering from the Federal University of Rio de Janeiro (UFRJ), with a specialization in Solar Photovoltaic Systems from Unicamp, and is currently pursuing an MBA at IAG/PUC-Rio. With 13 years of experience in infrastructure—focused on energy, energy transition, and decarbonization—he has led the development, implementation, and management of complex projects. Since 2014, he has been part of the Natural Energia group, serving as Chief Implementation Officer (2019–2024), where he coordinated projects across multiple fronts, including technical development, land regularization, licensing, and negotiations with suppliers, partners, and investors.
Leandro Mota
Founding Partner and Development Director
An Electronics Engineer from the Federal University of Rio de Janeiro (UFRJ), he also holds a Master’s in Systems and Computer Engineering (COPPE/UFRJ) and a postgraduate degree in Economic Engineering and Industrial Administration (UFRJ). With more than 25 years of experience in the energy, oil, and gas sectors, he has worked in institutional coordination, project development, and stakeholder relations, and is currently focused on energy security and electrification strategies. Since 2014, he has been part of Natural Energia, where he has contributed to the development of large-scale projects and to the company’s portfolio in efficient thermal energy, renewable energy, and data centers.
Luisangelo Costa
Partner and Institutional Director
Bruno holds a degree in Production Engineering from PUC-Rio and an MBA in Corporate Finance from FGV-Rio. With more than 10 years of experience in the energy and oil & gas sectors, his career has been shaped by work in asset development and implementation, operations integration, operational efficiency, and industrial decarbonization strategies. Since 2023, he has been a partner at Natural Capital, focusing on the analysis and structuring of infrastructure investments. He also serves as Director at Natural Energia S.A., a company invested in by the Natural Capital Infra I fund, where he leads the New Business Development department.
Bruno Karrer
Partner and Development Director
A seasoned professional with extensive experience in auditing, strategic planning, and process and contract management, having worked with companies such as KPMG, Sotreq, and SolarGrid. A certified Black Belt, she combines expertise in data analysis, process management, and continuous improvement with an analytical mindset and a strong focus on operational efficiency, aligning strategic vision with the implementation of controls and risk mitigation. Her multidisciplinary background strengthens governance and regulatory compliance in the financial market.
Claudia Hoshina
Compliance, Risk and PLD
Isabela holds a degree in Production Engineering from UFRJ and a Master’s in Corporate Finance from the University of Bordeaux (France). Recognized by CREA-RJ for her work in Engineering Innovation and Sustainability, she has experience in management consulting and the energy sector, where she has worked since 2022. At Natural Energia, she focused on the financial analysis of clean energy generation projects, particularly those involving new low-carbon sources.
Isabela Merotto
Finance and Investments
Our Council
Founding Partner and Chairman of the Board
A Mechanical Engineer from UFRJ, with a master's degree from ITA and an MBA from COPPEAD, Ricardo Martins has extensive experience in the energy, infrastructure, and investment sectors. He served as CEO of Statkraft, leading the company’s implementation in Brazil, and was also responsible for the development, construction, and operation of El Paso’s largest investment in the country. As founder of Natural Energia, he led the development of clean energy projects totaling over 7 GW. He is Co-Founder and currently Chairman of the Executive Committee of Natural Capital, contributing to the strategic direction and governance of funds focused on energy transition, climate innovation, and sustainable assets.
Founding Partner and Board Member
Vladimir has a solid track record in the agribusiness, energy, and infrastructure sectors. He held leadership positions at Cargill and El Paso Energia, where he led the pioneering structuring of Brazil’s first power trading desk. As founder of Natural Energia, he was responsible for project development and M&A activities. With a degree in Business Administration, he is co-founder of Natural Capital and currently is a member of its Executive Committee.
Board Member
Sérgio is an economist with extensive experience in venture capital, private equity, and investments in infrastructure and innovation. He is CEO of Cia. Bozano, co-founder of Legend Capital, and a partner at Natural Capital, where he serves on the Executive Committee. He was one of the founders and former president of Crescera Investimentos (formerly Bozano Investimentos) and currently sits on the boards of Azul, Embraer, and Votorantim. He holds a Master’s in Economics from Fundação Getúlio Vargas (FGV) and a Master’s in Business Administration from PUC-Rio, in addition to a BSc in Electrical and Electronic Engineering from the University of Brasília (UnB).
Board Member
Carlos is a lawyer with a solid track record in Brazil and abroad, with expertise in infrastructure, energy, capital markets, and M&A. He has extensive experience in greenfield and brownfield projects as well as corporate restructurings. Throughout his career, he has advised companies, joint ventures, and consortia on corporate and financial structures, secured lending transactions, and real estate contracts. A Law graduate from PUC with a postgraduate degree in Finance from COPPE/UFRJ, he has become a reference in leading complex, high-impact projects in regulated sectors.
Board Member
Rodrigo is a lawyer with solid experience in structuring, investing, monitoring, and divesting venture capital operations, with a strong track record in venture capital, private equity, search funds, and capital markets. He has been recognized as a “Star Individual” in the venture capital category by Chambers, the world’s leading legal ranking. His career combines legal excellence, strategic vision, and technical leadership in complex investment transactions, mergers and acquisitions, and fund structuring.