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SEC-registered adviser

N••••• C•••••• L••••

Asset manager (funds and pooled vehicles)Sao Paulo, Sp, CRD 287719SEC 801-112820websiteIAPD
Latest filing Mar 13, 2026
First filing on the tape Mar 12, 2018 · 9 filings
SEC status approved since Apr 18, 2018
RAUM
$280M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
12
7 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
1
reported on Schedule D
History
9 filings and snapshots on the tape
RAUM$280M as of Mar 13, 2026
Mar 29, 2019$944M then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Mar 13, 2026
Mar 29, 20190 then
Employees (5.A)12 as of Mar 13, 2026
Mar 29, 201912 then
Private funds1 as of Mar 13, 2026
Mar 29, 20194 then
RAUM -16% over the last fiscal year-31% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Mar 13, 2026; every figure names its basis
RAUM per advisor
unknownderivedRAUM over IAPD advisors; not a book size
Clients per advisor
unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client
unknownderivedHNW RAUM over HNW clients
Average account
$69.9MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
unknownderivedItem 5.A over advisors
Advisors per office
unknownderived1 offices incl. principal (1.F.5)
RAUM growth, one year
-16%derivedbetween the last two annual amendments
Advisor growth, one year
unknownderivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assets, performance-basedreportedItem 5.E
Advisory activities
portfolio management for pooled vehiclesreportedItem 5.G
Custody
$15.8M, 1 clientsreportedItem 9.A
Ownership
no PE, bank or public-company owner found on Schedule Aderived
Advisor book size
not public; not estimatedreported
Also answered yes on Form ADV
  • buys or sells securities as principal to or from clients (8.A.2)
  • has discretionary authority over which securities are bought or sold (8.C.1)
  • receives research or other products from a broker-dealer, soft dollars (8.E)
  • compensates persons for client referrals (8.G.1)
  • compensates non-employees for client referrals (8.G.2)
  • has custody of client cash or bank accounts (9.A.1.a)
  • has custody of client securities (9.A.1.b)
  • an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Pooled investment vehicles$280M100%
Individual clients
0reported
HNW clients
0reported
Pension plan clients
0reported
Charitable clients
0reported
Accounts
4reported
Financial planning clients
reported
Wrap fee programs
noreported
Custody of client assets
$15.8M for 1 clientsreported
Compensation
% of AUM, performancereported
Class basis
private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=true bd_reps=0.0derived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
none on the tape
    Joined, latest
    none on the tape
      Private funds
      5 reported on Schedule D 7.B.(1)
      FundTypeGross assetsOwnersFirst reported
      N••••• C•••••• E••••• M••••• F••• L••no longer reportedHedge Fund$48.6M1May 15, 2017
      A••••• B••••• L••Hedge Fund$34.3M10Mar 26, 2021
      N••••• M••••••••• F••• L••no longer reportedHedge Fund$23.1M1May 15, 2017
      N••••• C•••••• C••••••••• F••• I• L••no longer reportedHedge Fund$00May 15, 2017
      N••••• G••• C••• F••• L••no longer reportedHedge Fund$00May 15, 2017
      Owners and control persons
      Schedule A and B, latest filing
      • A••••••• C•••••••• P••••• V••••• D• · Partner / Chief Compliance Officercontrol
        since 03/2017 · owns 5% to 10%
      • S•••••• L•••• G•••••••• R•••••• · Partner / Pmcontrol
        since 08/2011 · owns 50% to 75%
      • V•••• F••••••••• T••••• · Partner / Analystcontrol
        since 06/2016 · owns 5% to 10%
      • C••••••• V•••••• · Partner / Operations Manager
        since 05/2013 · owns less than 5%
      • D• C•••••• G••••••• M•••••• · Partner / Analyst
        since 04/2022 · owns less than 5%
      Related persons
      Schedule D 7.A
      No related person reported.
      Offices
      Schedule D 1.F, the 25 largest
      No branch office listed.
      What changed
      consecutive filings, newest first
      • Accounts · 7 to 4
        Mar 14, 2025 to Mar 13, 2026
      • Advisory employees · 8 to 7
        Mar 14, 2025 to Mar 13, 2026
      • Pooled vehicle clients · 7 to 4
        Mar 14, 2025 to Mar 13, 2026
      • Assets in custody · $13.5M to $15.8M
        Mar 14, 2025 to Mar 13, 2026
      • Employees · 13 to 12
        Mar 14, 2025 to Mar 13, 2026
      • Discretionary RAUM · $334M to $280M
        Mar 14, 2025 to Mar 13, 2026
      • Pooled vehicle RAUM · $334M to $280M
        Mar 14, 2025 to Mar 13, 2026
      • RAUM · $334M to $280M
        Mar 14, 2025 to Mar 13, 2026
      • Advisory employees · 9 to 8
        Mar 13, 2024 to Mar 14, 2025
      • Assets in custody · $34.3M to $13.5M
        Mar 13, 2024 to Mar 14, 2025
      • Employees · 15 to 13
        Mar 13, 2024 to Mar 14, 2025
      • Financial planning clients · unset to
        Mar 13, 2024 to Mar 14, 2025
      • HQ state · unset to
        Mar 13, 2024 to Mar 14, 2025
      • Discretionary RAUM · $894M to $334M
        Mar 13, 2024 to Mar 14, 2025
      • Pooled vehicle RAUM · $894M to $334M
        Mar 13, 2024 to Mar 14, 2025
      • RAUM · $894M to $334M
        Mar 13, 2024 to Mar 14, 2025
      • Advisory employees · 10 to 9
        Mar 15, 2023 to Mar 13, 2024
      • Assets in custody · $28.2M to $34.3M
        Mar 15, 2023 to Mar 13, 2024
      • Employees · 16 to 15
        Mar 15, 2023 to Mar 13, 2024
      • Discretionary RAUM · $855M to $894M
        Mar 15, 2023 to Mar 13, 2024
      • Pooled vehicle RAUM · $855M to $894M
        Mar 15, 2023 to Mar 13, 2024
      • RAUM · $855M to $894M
        Mar 15, 2023 to Mar 13, 2024
      • Advisory employees · 9 to 10
        Mar 24, 2022 to Mar 15, 2023
      • Assets in custody · $29.6M to $28.2M
        Mar 24, 2022 to Mar 15, 2023
      • Employees · 15 to 16
        Mar 24, 2022 to Mar 15, 2023
      • Discretionary RAUM · $1.0B to $855M
        Mar 24, 2022 to Mar 15, 2023
      • Pooled vehicle RAUM · $1.0B to $855M
        Mar 24, 2022 to Mar 15, 2023
      • RAUM · $1.0B to $855M
        Mar 24, 2022 to Mar 15, 2023
      • Accounts · 6 to 7
        Mar 26, 2021 to Mar 24, 2022
      • Pooled vehicle clients · 6 to 7
        Mar 26, 2021 to Mar 24, 2022
      • Assets in custody · $63.5M to $29.6M
        Mar 26, 2021 to Mar 24, 2022
      • Employees · 14 to 15
        Mar 26, 2021 to Mar 24, 2022
      • Private funds · 2 to 1
        Mar 26, 2021 to Mar 24, 2022
      • Discretionary RAUM · $1.1B to $1.0B
        Mar 26, 2021 to Mar 24, 2022
      • Pooled vehicle RAUM · $1.1B to $1.0B
        Mar 26, 2021 to Mar 24, 2022
      • RAUM · $1.1B to $1.0B
        Mar 26, 2021 to Mar 24, 2022
      • Accounts · 8 to 6
        Mar 12, 2020 to Mar 26, 2021
      • Advisory employees · 8 to 9
        Mar 12, 2020 to Mar 26, 2021
      • Pooled vehicle clients · 8 to 6
        Mar 12, 2020 to Mar 26, 2021
      • Assets in custody · $72.6M to $63.5M
        Mar 12, 2020 to Mar 26, 2021
      Signals
      4 dated events
      • N••••• C•••••• L•••• reported RAUM $333.5M, down 63% from $894.2M (2024-03-13 to 2025-03-14)
        Mar 14, 2025 · RAUM change · derived
      • De Oliveira Bruno Vargens (Partner / Analyst) no longer on Schedule A of N••••• C•••••• L•••• (listed 2023-03-15, absent 2024-03-13)
        Mar 13, 2024 · Control person left · inference
      • Costa M•••••• Caue Amaral (Partner / Analyst) no longer on Schedule A of N••••• C•••••• L•••• (listed 2018-03-12, absent 2019-03-29)
        Mar 29, 2019 · Control person left · inference
      • N••••• C•••••• L•••• filed its initial SEC registration (Form ADV)
        Mar 12, 2018 · First SEC registration · fact
      Across DFX
      shared identifiers only, never a name match
      No identifier-backed link to the venture, private equity, family office or sponsor graphs.
      How to reach
      public business contact points only, each with its source
      Firm profile
      linkedin.com/company/nucleo-capitalreportedpublic record, Form ADV, Sep 21, 2026
      Website
      n•••••••••.c••.brreportedpublic record, Form ADV, Sep 21, 2026
      Principal office phone
      551139377560reportedpublic record, Form ADV, Mar 13, 2026
      Provenance
      Form ADV
      SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
      Advisors
      IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
      Class
      Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
      RAUM per advisor
      n/aderivedfirm RAUM over the IAPD count; not a book size
      Loaded
      Sep 14, 2026