23S team

Investment experience and diverse capabilities to help create value for businesses.

Matheus Villares
Managing Partner
Aline K√ľnzel
Partner
Andreas Kugler
Partner
Mariana Moura
Partner
Ricardo Hallack
Partner
Ricardo Assef
Vice President
Vinicius Mazzola
Vice President
Nicholas Tavares
Legal Vice President
Vinicius Damaceno
Associate
Luísa Amaral
FP&A Analyst
Thiago Dias
Intern
Tiago Fontana
Intern
Matheus Villares
Managing Partner

Matheus Villares is the Managing Partner and Founder of 23S Capital.

Previously, Matheus was the Head of Brazil and Managing Director at Temasek, where he spent 13 years and led the investments in Brazil. He is currently a board member at Bionexo and MedSênior and previously served on the boards of Klabin, Hidrovias do Brasil, and Argo Energia.

Matheus was also Head of M&A for Citigroup in Brazil and was responsible for M&A in Latin America at Goldman Sachs.

Matheus earned an MBA from the University of Chicago Booth School of Business and a Bachelor’s degree in Industrial Engineering from the Polytechnic School of the University of Sao Paulo.

Aline K√ľnzel
Partner

Aline K√ľnzel is a Partner at 23S Capital and joined the firm at its inception.

Aline spent 9 years at Temasek leading the Finance function in Brazil and Brussels. She is currently a member of the Finance Committees of Bionexo and MedSênior and a member of the Fiscal Council at Operation Smile Brasil.

Before joining Temasek in 2013, Aline worked at GTIS Partners, a US-based private equity firm focused on real assets and began her career at GP Investments.

Aline earned a Master of Laws in Tax Law from Insper and a Bachelor’s degree in Business Administration from the Mackenzie Presbyterian University.

Andreas Kugler
Partner

Andreas Kugler is a Partner at 23S Capital and joined the firm at its inception.

Previously, Andreas spent 13 years at Temasek, where he focused primarily on growth investments in Brazil. He was part of the initial team that opened Temasek’s office in Brazil in 2008. Andreas’ investments include: Ademicon, Viveo, Klabin, Hidrovias do Brasil, Verily Life Sciences, Amyris, and BR Properties. He is currently a board observer at Viveo.

Before joining Temasek, Andreas worked at Merrill Lynch in Brazil and New York in the Investment Banking group.

Andreas earned an MBA from FGV and a Bachelor’s degree in Business Administration from the University of Sao Paulo.

Mariana Moura
Partner

Mariana Moura is a Partner at 23S Capital and joined the firm at its inception.

Mariana spent 9 years at Temasek where she focused primarily on growth investments in Brazil. Mariana’s investments include Vitru, MedSênior, Smart Fit, Bionexo, SiMCo, Argo Energia, and Burger King Brasil. She is currently a board member at Vitru, Bionexo, and SiMCo and a member of the executive committees at MedSênior.

Before joining Temasek, Mariana worked at Goldman Sachs in the Brazil Investment Banking group. Prior to that, she worked at Citigroup and ABN Amro in their local Investment Banking teams.

Mariana earned an MBA from Columbia Business School and a Bachelor’s degree in Business Administration from Fundação Getulio Vargas.

Ricardo Hallack
Partner

Ricardo Hallack is a Partner at 23S Capital and joined the firm at its inception.

Previously, Ricardo spent 11 years at Temasek where he focused primarily on growth investments in Brazil. Ricardo’s investments include Viveo, Dock, Neoway, Memed, Argo Energia, SiMCo, Verily Life Sciences and Netshoes. He is currently a board member at Viveo and Memed.

Before joining Temasek, Ricardo worked at the The Rohatyn Group in the Latin America Private Equity team and began his career at Morgan Stanley in the TMT Investment Banking group.

Ricardo earned a Bachelor’s degree in International Economics from Georgetown University and is a CFA charterholder.

Ricardo Assef
Vice President

Ricardo Assef is a Vice President at 23S Capital and joined the firm at its inception.

Previously, Ricardo spent 6 years at Temasek, where he focused primarily on growth investments in Brazil and Europe. Ricardo’s investments include Viveo, Smart Fit, Argo Energia, Memed, Verily Life Sciences, and Bionexo. He is currently a member of the Strategic Committee at SmartFit.

Ricardo earned a Bachelor’s degree in Industrial Engineering from the Polytechnic School of the University of Sao Paulo.

Vinicius Mazzola
Vice President

Vinicius Mazzola is a Vice President at 23S Capital and joined the firm at its inception.

Previously, Vinicius spent 4 years at Temasek, where he focused primarily on growth investments in Brazil and the United States. Vinicius’ investments include Vitru, Ademicon, MedSênior, Bionexo, and Dock. He is a member of the executive committees at Vitru, Bionexo, and MedSênior and participates as an invitee on their Board of Directors. He also had previous experience working in Investment Banking and Equity Research.

Vinicius earned a Bachelor’s degree in Economics from the University of Sao Paulo and is a CFA charterholder.

Nicholas Tavares
Legal Vice President

Nicholas Tavares is a Vice President at 23S Capital responsible for legal affairs and joined the firm in 2023.

Before joining 23S Capital, he was a senior associate at the law firm Lobo de Rizzo, focusing on mergers and acquisitions and corporate law. With 12 years of experience in M&A-focused law firms, he advised domestic and international clients on mergers and acquisitions, complex corporate restructuring, corporate law, and contract drafting.

Nicholas holds a bachelor’s degree in law from Mackenzie Presbyterian University.

Vinicius Damaceno
Associate

Vinicius Damaceno is an Associate at 23S Capital and joined the firm at its inception.

Previously, Vinicius worked at Temasek, where he focused primarily on growth investments in Brazil. Vinicius participated in the investment in Vitru and Ademicon and is an invitee on the executive committees of Vitru.

Vinicius earned a Bachelor’s degree in Naval Engineering from the Polytechnic School of the University of Sao Paulo.

Luísa Amaral
FP&A Analyst

Luísa Amaral is an FP&A analyst at 23S Capital and joined the firm in 2024.

Previously, she worked at Gavea Investimentos, focusing on cash flow development and analysis as well as the operational aspects of Private Equity funds.

Luisa earned a Bachelor’s degree in Production Engineering from IBMEC – RJ.

Thiago Dias
Intern

Thiago is an intern at 23S Capital and joined the firm in 2023.

Previously, he worked in Private Equity at GP Investments and was part of the FP&A team at Mottu.

Thiago is currently an undergraduate student in Industrial Engineering at the Polytechnic School of the University of S√£o Paulo.

Tiago Fontana
Intern

Tiago is an intern at 23S Capital and joined the firm in 2023.

He participated in the investment in Vitru and, previously, worked as a consultant at Mirow & Co.

Tiago is currently an undergraduate student in Aeronautical Engineering at the Technological Institute of Aeronautics.