# Nucleo Capital Ltda.

> Nucleo Capital Ltda. is an SEC-registered investment advisory firm in Sao Paulo, Sp, Brazil, registered since 2018, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 13, 2026.

- CRD: 287719
- Filed as: NUCLEO CAPITAL LTDA.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Sao Paulo, Sp, Brazil
- Filing period: October 2026
- Form ADV filing dated: March 13, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/287719
- AdvisorCensus page: https://advisorcensus.com/firm/nucleo-capital-ltda-sao-paulo-sp-287719

## Quick answers

**How is Nucleo Capital Ltda. compensated?**
On its Form ADV (Item 5.E, October 2026), Nucleo Capital Ltda. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Nucleo Capital Ltda. located?**
Nucleo Capital Ltda.'s principal office is in Sao Paulo, Sp, Brazil, according to its Form ADV.

**Is Nucleo Capital Ltda. registered with the SEC or a state?**
Nucleo Capital Ltda. is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 287719.

**How much does Nucleo Capital Ltda. manage?**
Nucleo Capital Ltda. reports $279,537,356 in regulatory assets under management in its Form ADV filing dated March 13, 2026 (100% discretionary).

**How have Nucleo Capital Ltda.'s assets and staff changed since 2021?**
In the Form ADV data for Nucleo Capital Ltda.: Regulatory assets under management: $1,135,491,181 in the October 2021 data and $279,537,356 in the October 2026 data, down 75%. Total employees: 14 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Nucleo Capital Ltda. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4).

**Does Nucleo Capital Ltda. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/287719

**What changed in Nucleo Capital Ltda.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 8 to 7. Regulatory assets under management went from $333,546,178 to $279,537,356 (-16%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $279,537,356
- Discretionary: $279,537,356
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $279,537,356 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2018 (8 years)
- Employees: 12 total, 7 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- nucleocapital.com.br/en
- LinkedIn @nucleo-capital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,135,491,181 | 14 | March 26, 2021 |
| October 2022 | $1,020,374,655 | 15 | March 24, 2022 |
| October 2023 | $854,960,384 | 16 | March 15, 2023 |
| October 2024 | $894,162,507 | 15 | March 13, 2024 |
| October 2025 | $333,546,178 | 13 | March 14, 2025 |
| October 2026 | $279,537,356 | 12 | March 13, 2026 |

Regulatory assets under management: $1,135,491,181 in the October 2021 data and $279,537,356 in the October 2026 data, down 75%.
Total employees: 14 in October 2021 and 12 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 8 to 7.
- Regulatory assets under management went from $333,546,178 to $279,537,356 (-16%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Nucleo Capital Ltda. (CRD 287719): Form ADV filing data as of October 2026.