Renato Sucupira

Renato Sucupira is a civil engineer (UFRJ) with an MBA in Corporate Finance from FGV-RJ. He spent 18 years at Brazil's national development bank, BNDES (1986–2004), where he notably served as Director of BNDES-Exim, the bank's export-financing arm. This gave him a deep grounding in Brazilian development finance and public infrastructure funding.

After BNDES, he moved into private financial advisory. He was previously a partner (sócio) at Valora Participações, where his work spanned private credit and structured fixed income, real estate, and agricultural investments. For roughly the last decade-plus he has led an independent financial advisory practice that became BF Capital, where he is Partner and President.

BF Capital is one of Brazil's leading independent advisors on structured/project finance, with a cumulative track record cited by the firm of R$17 billion+ in structured finance (and, in more recent materials, R$50 billion+ across mandates) spanning 250+ projects. The firm is recognized as a market leader in project finance for water & sewage concessions and airport concessions, and also advises on energy generation and transmission, clean energy, urban mobility, oil & gas, and social infrastructure. Its services cover Project Finance, Corporate Finance, Capital Markets, Concessions & Public-Private Partnerships (PPPs), and M&A.

BF Capital's board/advisory bench underscores its infrastructure orientation, including figures such as Roberto Senna (ex-Odebrecht executive), Antonio Pizarro Manso (former Embraer CFO), and José Mauro Cunha (former CEO of Oi S.A.).

• Focus is infrastructure project finance and structuring in Brazil, not venture/startup investing — advising sponsors and consortia on how to finance and structure large concessions and PPPs.
• Deep specialization in sanitation (water & sewage) and airport concessions, where BF Capital positions itself as a market leader, plus energy, transmission, clean energy, and urban mobility.
• Public commentary reflects a macro/structural lens on Brazilian infrastructure financing — e.g., in a 2017 Agência iNFRA interview he argued that the problem with long-term project financing "is not TJLP, it's the Selic" (the benchmark rate), and praised airport auctions that drew operators rather than construction firms as "an absolute quality leap."
• Deal work emphasizes bankability of large concessions: structuring long-term debt, bridge loans, and capital-markets solutions for winning consortia.