The Asset Unlock Framework: why sophisticated capital follows structure
Risk and uncertainty are not the same thing. How we find value the market doesn't price — and why the floor comes before the ceiling.
Read the essayCVM-regulated venture capital firm · technology and fintech in Brazil
We don't find capital.
We engineer opportunities that attract it.
We invest in Brazilian technology companies with the downside structured before the first check. 25+ years, R$ 150M under management.
25+
years of experience
R$ 150M
assets under management (Oct 2026)
5 stages
one method: The Asset Unlock Framework
CVM · ANBIMA
CVM-regulated manager, participant in ANBIMA self-regulation
How we work with you
Investors
Venture capital funds built on structure.
Funds for Brazilian qualified investors (CVM Resolution 30). Information is restricted to investors with individual access.
Founders
First the test. Then the capital.
The Value Test is our free process for early-stage technology founders: we identify the constraint holding value back and test whether it can be removed.
Companies
Capital Readiness.
For companies with revenue and a capital event — a raise, a sale or a new partner — in the next 6 to 18 months. Fully online, starting with a questionnaire.
The method
The Asset Unlock Framework
Five steps from hidden value to an investable opportunity.
- 01
Identify
- 02
Unlock
- 03
Revalue
- 04
Structure
- 05
Monetize
The discipline
Engineering the downside
No venture investment is free of risk. Our discipline is to structure each position before capital is invited — through four mechanisms.
-
01
Structure, not hope
We seek preferred, structured positions with milestone-gated capital release: capital is released as uncertainty is removed, not all at once.
How we apply it: capital follows milestones, not projections.
-
02
Project-generated capital
We design positions so that cash generated by the business funds part of its next stage, reducing the need for new capital as operations mature.
How we apply it: the project is designed to fund part of its own next stage.
-
03
Predefined fallback
For each position, we seek backing in assets, intellectual property or a defined recovery path before we invest.
How we apply it: every position is designed with a recovery path — which does not eliminate the risk of loss.
-
04
Portfolio construction
Ownership targets, reserves and follow-on discipline. The portfolio is built so that no single bet decides it.
How we apply it: portfolio construction avoids dependence on any single outcome.
The structuring mechanisms described reflect the investment discipline Trivèlla seeks to apply and do not eliminate risk. Private equity and venture capital investments involve significant risks, including illiquidity, long holding periods, concentration and the possible loss of all or part of the capital invested. No outcome is guaranteed.
We don't ask you to accept the uncertainty of venture capital. We structure it — before we invite capital in.
The funds
Active funds and funds in formation
-
Active
Apalaches FIP
Venture capital in early-stage technology companies, with a preference for fintech.
-
Active
Fundo Advento
Raised and invested.
-
In formation · restricted information
Trivèlla Founders FIP
In formation. Information restricted to Brazilian qualified investors.
The structuring mechanisms described reflect the investment discipline Trivèlla seeks to apply and do not eliminate risk. Private equity and venture capital investments involve significant risks, including illiquidity, long holding periods, concentration and the possible loss of all or part of the capital invested. No outcome is guaranteed.
Insights
25+ years turning Brazilian assets into investable opportunities.
About the firm