Apex Partners faces financial crisis impacting European expansion

The Brazilian asset manager Apex Partners is facing a severe financial crisis that threatens its European expansion plans, specifically its Lisbon-based office. The group is dealing with a deficit of approximately 985.6 million reais (164.5 million euros) following an internal investigation that uncovered “financial inconsistencies.”

The crisis reportedly stems from an investment in the travel group CVC. It is alleged that Apex Partners used client asset management funds to cover financial gaps and costs related to this investment after failing to meet guarantees with its own treasury. As a result, the company has sought creditor protection in Brazil to avoid bankruptcy, and the assets of its founder, Fernando Cinelli, have been frozen by the judiciary.

The Lisbon office, established in 2025 through Carbyne Investimento, was intended to serve as a hub for wealth management and European expansion. The Portuguese securities regulator, CMVM, has declined to comment on the specific case, citing professional secrecy obligations.