We believe in good
businesses with purpose.


We believe in entrepreneurs looking to solve the world's biggest problems

Our focus is driven by the nature of the problem we are trying to solve. Starting from the problem, we develop investment theses that will determine the businesses and initiatives in our portfolio.
We follow four simple rules to identify businesses that are meaningful to us:


We look for projects where the ultimate goal is to solve the world's biggest problems. The solution to such problems must be at the core of the business model.


The initiatives we support must be scalable, so they can increase their reach quickly. We help entrepreneurs in the process of achieving scale.


We want to solve profound, pressing issues. We will help to change settings that urgently require improvements.


The businesses we support must have a clear value proposition, with the potential to generate attractive financial returns to investors over time.


Good Karma Partners

Good Karma Partners exists to bring together TALENT, RESOURCES and KNOWLEDGE behind visionary SOLUTIONS committed to tackling RELEVANT PROBLEMS in today’s world. We work on this mission through our fund:

Good Karma Fund

We are an impact growth investment firm seeking minority stakes, with governance, in established and growing companies, in the people development, healthcare equity and climate action sectors.

If your company is working on solving relevant problems within the education, health and climate change sectors which fits into the above context, tell us a little more about it.

Our Invested Companies


Our portfolio brings together companies invested through both our proprietary fund and the Good Karma Fund

Non-profit Initiatives

Running parallel to Good Karma Partners’s investment fund, our team has been responsible for the coordination and structuring of important non-profit initiatives in the country in recent years:

Renova BR

RenovaBR is a school of political education that prepares regular people from different backgrounds and ideologies to renew the leadership within Brazilian democracy.

Estimulo 2020

First Brazilian Relief Fund, that seeks to solve the lack of working capital financing options for Brazilian SMBs, that have been severely affected by Covid-19.


Initiative that seeks to bring food safety through the donation of basic food baskets to families during the months of social isolation.


Good Karma Partners aims to promote projects and businesses capable of promoting impact and making a difference in society.

We define impact as outcomes for the community that are positive, measurable, and intentionally generated by an organization’s business model.

We invest in businesses in the Education, Health and Climate Change sectors characterized by a large gap in supply and demand for services and products at affordable prices. Our actions, therefore, impact society and the way people live.

We invest in companies where impact generation is incorporated into the business model, contributing to the United Nations Sustainable Development Goals (SDGs), and that have competitive financial returns.

Given our position within the investment spectrum, ESG and impact issues are incorporated into the process and have the same weight as the financial return:

  • We understand that impact investments create businesses that are more resilient, innovative, and capable of offering social and environmental benefits.
  • We believe that addressing environmental, social and governance (ESG) issues is not only the right thing to do, but is critical to long-term, sustainable value creation. Responsible investment is vital to Good Karma Partners’ success and has become an integral part of our investment approach.

The Fund’s strategy has a growth investment approach guided by four criteria:

1. Attractive risk-adjusted returns;
2. Measurable impact generation;
3. Contribution with solutions for the SDGs;
4. Commitment to improve ESG performance.

With this strategy, we believe it is possible to deliver adequate financial returns for the Fund’s shareholders, promote shared value with companies and generate a positive impact for stakeholders.

We have developed our own structured Impact Management and Measurement methodology, using, and adapting international ESG and Impact Investing standards throughout our investment cycle, from strategy development and opportunity origination to exit, and ensuring that lessons learned are continually incorporated into portfolio management.

1. Origination and selection of investments: standard tools and processes to assess alignment and impact potential;

2. Managing and measuring impact: driving impact and creating value through active management;

3. Exit: conduct exits considering the effect on lasting impact.

We take impact measurement seriously and it is the backbone of our methodology. We have developed a robust measurement system and created a unique methodology in Brazil to quantify and monetize the potential impact of each of our investments.

Just like other investors use quantitative return metrics (such as the internal rate of return) to calculate the expected financial value of their investments, we want to use a similar approach to assess the expected impact returns. Based on a partnership established with Insper Metricis, we developed our impact multiple. With this, we will know, for each Real contributed to the company, the social and environmental financial value generated during the investment period.

The multiple allows us to manage, measure and track impact results across our investments, and allows direct comparisons between investment opportunities to assess their positive impact.

To find out how we apply the multiple in Zenklub, click here.

To access our Impact Monetization Guide, created in partnership with Insper Metricis, click here. 

Ensuring our commitment to impact management, we became signatories to the Impact Principles and Principles for Responsible Investments (PRI). We incorporate both as guiding principles in our investment process.

If you want to read Good Karma Partners’ Impact Principles annual disclosure 

To view the Good Karma Partners’ Impact Principles independent verification report

Our Team

Meet Good Karma Partners' team

We are professionals with complementary skills and a vast experience in our investment verticals and transformational initiatives.
Eduardo Mufarej

Eduardo Mufarej

Arthur Etlin

Arthur Etlin

Fabrizio Musso

Fabrizio Musso

Flávio Deluiggi

Flávio Deluiggi

Gustavo Bassetti

Gustavo Bassetti

Mirella Bonadio

Mirella Bonadio

Milena Gabriele

Milena Gabriele

Nicolas Gekker

Nicolas Gekker

Patricia Nader

Patricia Nader

Raphael Falcioni

Raphael Falcioni

Vinicius Sousa

Vinicius Sousa

Vitor Alves

Vitor Alves


Our advisory board

We have a robust team of advisors with extensive experience in the verticals in which we operate.

CEO at Beneficência Portuguesa, a leading healthcare provider

Leo Figueiredo

Pioneer Purpose-Driven Entrepreneur in Brazil

Senior Professor and Researcher of global agribusiness at Insper (leading business school in Brazil) and coordinator of “Insper Agro Global“

President of the Brazilian Tree Industry (Ibá), former governor of state of Espírito Santo and director of BNDES

Head of Agribusiness at Itaú BBA, Brazil’s largest bank

Leading forestry reference in Brazil, founder of IMAFLORA and former director of the National Forest Program


Good Karma Partners in the Media

Top articles recently published about Good Karma Partners or one of our initiatives.

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