Expertise that makes the difference

Meet the top managers and executives at Springs Capital, dedicated and experienced professionals who lead our mission to provide excellence in investment management. Each team member brings a unique combination of skills and knowledge, ensuring that our clients receive the best support and guidance.

Executive team

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André Caldas, CFA, FRM
CIO and Porfolio Manager

André managed Itaú Asset for over 8 years, where he was responsible for the Itaú Hedge Plus Long Short strategy and the Itaú LS Plus fund. Previously, he managed the Credit Suisse LS Premium fund and worked at Copernico Capital Partners, Ambev and Banco Garantia.André holds a bachelor's degree in Computer Science from UFRGS, an MBA from MIT, and holds CFA and FRM certifications.

André has a bachelor's degree in Computer Science from UFRGS, an MBA from MIT, and holds CFA and FRM certifications.

Albert Munck
CEO

Albert is a Founding Partner and CEO of Springs Capital, operating in the market since 2003. He was a founding partner, CEO, COO, and member of the Executive and Investment Committee of Miles Capital. Previously, he worked in Investment Banking at Santander for 10 years, including 8 years as Executive Director in ECM and 2 years in M&A, having executed more than 40 transactions between IPOs, Follow-ons, Capital Closures and M&As, including the Azul IPO, OPA Souza Cruz and M&A (CPFL — State Grid).

Albert holds a bachelor's degree in Economics from FEA-USP, with executive courses at universities such as Harvard (OPM62 - Harvard Alumni), Columbia and Singularity University.

Gustavo Liberali, CFA, FRM, RAI
Director of Risk and Compliance

Gustavo was risk director at institutions regulated by Bacen for the past 4 years, including BTG and Órama. Previously, he was risk and compliance director for two assets: F3 and Tag Investimentos, as well as investment director of an EFPC. He held risk and compliance positions at Louis Dreyfus Commodities, based in Brazil and France.

Gustavo holds a Master's degree in Economics from Insper and holds CFA, FRM and RAI (Risk and Artificial Intelligence) certifications.

André Branco
Director of Operations

André served as COO and Chief Risk and Compliance Officer at Miles Capital. Previously, he accumulated eight years of experience at Credit Suisse, working in the Treasury, Asset Management and Product Control departments. He also worked at Unibanco and Caixa Econônica Federal.

He holds a bachelor's degree and an MBA in Business Administration from FGV, with an extension from the University of Texas at Austin, in addition to a specialization in Financial Management from Insper.

Investment team

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João Noronha, CFA, CGA
Portfolio Manager and Analyst

João worked between December 2019 and April 2025 as a stock analyst and co-manager of Schroders' Brazilian equity funds, covering the Industrial, Health, Education, Telecom and Technology, Financial and Utilities sectors for Emerging Markets and Latin America. Between 2011 and 2019, he worked in Equity Research at Banco Santander covering Capital Assets, Health and Education, being ranked 3rd in Institutional Investor Brazil in Latin America for Capital Assets (2017) and runner-up Brazil in Capital Assets and Education (2019). He began his career as a stock analyst between 2007 and 2011 at local management companies such as Banif Nitor and LLA Investimentos.

João holds a bachelor's degree in Business Administration from the Getúlio Vargas Foundation (FGV-EAESP) and participated in executive education programs at the University of Columbia and Nebraska University.

Matheus Efrain
Trader

Matheus is a trader focused on equity and derivatives, working in the financial market since 2018. He has been a member of the Clave Capital team since March 2023. Previously, he worked at RPS Capital between April 2021 and March 2023, Bradesco Asset Management as a portfolio and equity trader between May 2019 and April 2021, and at Itaú BBA between October 2018 and May 2019.

Matheus holds a Bachelor's degree in Economics from FEA-USP.

Fernanda Castilho, CGA
Equities Analyst

Fernanda is a stock analyst focusing on the Steel & Mining, Pulp & Paper and Food & Beverage sectors, working in the financial market since 2017. Since March 2024, he has been an Equity Analyst at Clave Capital. Between September 2022 and March 2024, she was a Partner and Equity Analyst at Persevera Asset Management. Previously, he worked at Garin Investimentos, where he co-managed the Garin Cíclic Long Biased FIM fund, which surpassed its benchmark by 350%. He also had stints at MTZ Capital and the Equity Research area of Itaú BBA.

Fernanda holds a Bachelor's degree in Business Administration from FGV, is CGA certified by ANBIMA and is a CFA Level III Candidate.

Pedro Atra
Equities Analyst

Pedro has been an Equity Analyst at Clave Capital since November 2023, working in the formulation of investment theses and analysis of onshore and offshore companies. Between September and November 2022, she worked in Credit Research at Journey Capital, and before that, in the M&A area at OCQ.

He has been active in the financial market since 2018; from March 2021 to February 2025, he worked at Clave Capital as an equities analyst.

Between 2019 and 2021, he worked at Teman Capital analyzing Private Equity investments in the Health and Education sectors and raised financial resources for the funds.

Between 2018 and 2019, he worked for BTG Pactual's Investment Banking team in New York and São Paulo, participating in the execution of some emblematic transactions in the local capital market, such as the Hapvida and Centauro IPO.

Bachelor in Production Engineering from the Polytechnic School of the University of São Paulo.

Eric Kruse
Equities Analyst

Eric is an Equity Analyst focusing on the Utilities, Telecommunications and Technology sectors, working at Clave Capital since November 2023. Between September and November 2022, he worked in Credit Research at Journey Capital, and previously in the M&A area at OCQ.

Eric holds a Bachelor's degree in Business Administration from FEA-USP.

Cristian Faria
Equities Analyst

Cristian served as equity analyst for the TMT sector for Latin and Global America at Itaú BBA from June 2021 to July 2024, was a leading analyst in the ISP sector and ranked 2nd in the TMT sector in 2022 and 2023 in the Institutional Investor ranking. Between 2020 and 2021, he occupied a similar position in Bradesco BBI, also ranking 2nd in the Institutional Investor ranking. He began his career in Private Equity in 2015 at Petros, the second largest pension fund in Latin America, where in 2017 he migrated to stock analysis covering sectors such as Finance (Banks and non-banks), Transportation, Pulp and Paper, Mining and Food & Beverages.

He has a degree in Economics from the State University of Rio de Janeiro and is a CFA Level II Candidate.

Vinicius Pires
Head OF Special Situations

He was responsible for legal counsel for the Special Situations area at Clave Capital. He was Legal, Compliance and Risk Director and later responsible for the asset structuring area at Latache Capital. He served as VP in the asset structuring area at Captalys. He was part of the capital markets teams at Machado, Meyer, Sendacz and Opice; Barbosa, Müssnich Aragão (BMA) and TozziniFreire.

He graduated in Law from PUC-SP and holds an LLM in corporate law from Insper.

Gabriel Locci
Special Situations Analyst

Gabriel is a Special Situations analyst at Springs Capital. Previously, he was a Structured Credit Analyst at Tivio Capital and a Credit and Credit Management Analyst at Occam Brazil. He began his career in 2022 on the M&A team at RGS Partners.

Gabriel graduated in Law (OAB: 526,891) and Business Administration from FGV-SP, and is a CFA Level II Candidate.

João Menelau
Investor Relations

João took the position of RI at Springs Capital since September 2025. Between May 2023 and June 2025, he was responsible for the investor relations area at the management company CL4 Capital. Previously, he served as investment advisor for 3 years at Pequod Investimentos.

João has a bachelor's degree in Management from UFPE and a postgraduate degree in Finance from Insper.

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