Apex Partners faces financial crisis and leadership changes

Apex Partners CVC shares BTG Pactual Master Capixaba financial inconsistency

Apex Partners, an investment firm based in Espírito Santo, is facing a severe crisis following the discovery of financial inconsistencies. The firm, which holds a 15.5% stake in the travel operator CVC, is suspected of a financial gap ranging between R$ 500 million and R$ 1 billion.

The crisis stems from an operation known as "Master Capixaba," designed to finance the purchase of CVC shares with a promise of returns equal to 100% of the CDI or the appreciation of the stocks. However, a decline in CVC share prices of over 30% since the beginning of 2026 has made these guarantees impossible to fulfill.

As a result, BTG Pactual has terminated its distribution contract with Apex Partners and suspended redemptions for the BRM Carbyne fund. Apex Partners has removed its president, Fernando Antonio Kulnig Cinelli, and its CFO, Eduardo Siqueira, from their positions, appointing Marcelo Murad as interim president. The firm stated it is pursuing civil and criminal accountability measures.

Entities

Apex Partners · BTG Pactual · CVC · Eduardo Siqueira · Fernando Antonio Kulnig Cinelli

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] Apex Partners identified financial inconsistencies within the company. www.brasilemfolhas.com.br
[○ 1 SOURCE] Apex Partners removed Eduardo Siqueira from the finance directorship. www.brasilemfolhas.com.br
[○ 1 SOURCE] BTG Pactual suspended redemptions for the BRM Carbyne fund. painelpolitico.com
[● 2 SOURCES] The drop in CVC shares by more than 30% since the start of 2026 made the operation's guarantees unfeasible. painelpolitico.com · www.brasilemfolhas.com.br
[● 2 SOURCES] BTG Pactual terminated its distribution contract with Apex Partners. painelpolitico.com · www.brasilemfolhas.com.br
[○ 1 SOURCE] Marcelo Murad assumed the presidency on an interim basis. www.brasilemfolhas.com.br
[● 2 SOURCES] Market agents estimate a financial gap between R$ 500 million and R$ 1 billion. painelpolitico.com · www.brasilemfolhas.com.br
[○ 1 SOURCE] Apex Partners removed Fernando Antonio Kulnig Cinelli from the presidency. www.brasilemfolhas.com.br

Sources

Apex Partners tem tutela cautelar de 60 dias após rombo de R$ 985 milhões [painelpolitico.com]

about 1 month ago

Crise na Apex Partners: BTG rompe, fundo trava resgates e dono da CVC é afastado [painelpolitico.com]

about 1 month ago

Operação da Apex Partners gera suspeita de rombo multimilionário [www.brasilemfolhas.com.br]

about 1 month ago