Federal Police probe cites new investment vehicles in Master case

One of them is private equity fund (FIP) Green Energia. According to investigation documents, based on information provided by the fund’s own administrator and manager, Lad Capital, Green Energia had 100% of its portfolio in shares of Green Investimentos, with a market capitalization of R$43.5 million in February 2024.

Felipe Cançado Vorcaro, who was arrested Thursday (7), was listed as Green Investimentos’s CEO, but stepped down after the first phase of Compliance Zero was launched in November 2025, Federal Police said.

Through a private contract, Green Investimentos allegedly sold 30% of its shares to CNLF, managed by Raimundo Neto and Silva Nogueira Lima, the senator’s brother. The transaction involved a steep discount, with the stake sold for R$1 million, compared with a valuation of R$13.1 million.

“The fund, therefore, does not appear as a merely neutral entity in the chain of transactions, but as a structural element of the corporate architecture allegedly used to enable the indirect transfer of a valuable economic stake in a context of concealment of the real beneficiary and minimization of inspection risks,” the investigation document says.

Green Investimentos, in turn, appears “as an asset-holding vehicle capable of generating dividends and enabling the indirect transfer of wealth to the political group under investigation.”

The company held a stake in Trinity Energias Renováveis, “so that the transfer of 30% of its shares to CNLF Empreendimentos Imobiliários corresponded, in economic terms, to the allocation of a relevant portion of a productive, dividend-generating asset,” the investigation says.

Fund portfolio

Trinity Energias Renováveis is also in Green fund’s portfolio. Federal Police said it was the company that paid annual dividends to Green Investimentos through a private instrument, an undisclosed side agreement, to bypass restrictions in the shareholders’ agreement, “so that the transaction would not come under the scrutiny of inspectors.”

Luiz Felipe Terra Favieri, partner and risk and compliance director at Lad Capital, told Valor that the company placed in the fund already existed, invested in solar energy and had major market players as shareholders.

He said no money moved through the structure. He added that the fund is the only subject of the investigation and that both the investment vehicle and the companies that were part of the fund were audited, with Lad Capital fulfilling its role as administrator and manager of Green FIP.

In a statement, the asset manager said it is cooperating with the investigation and has handed Federal Police all requested documents involving the fund in which Vorcaro’s cousin is a quota holder.

Management role

Trinity said in a statement that the corporate link mentioned is strictly patrimonial and indirect, corresponding to 33.92% of its share capital through the Green fund.

“Such participation does not grant powers of administration, management or operational influence over the activities of Grupo Trinity,” it wrote.

“Grupo Trinity vehemently rejects any act of corruption, bribery, fraud or unlawful conduct, directly or indirectly, in dealings with the public or private sector, and does not tolerate practices that violate the Anti-Corruption Law or any rule in force in Brazil,” it added.

The company stressed that the reference in the Supreme Court ruling stems exclusively from an indirect equity stake in the context of investigations involving third parties, “with no direct or indirect civil, criminal or administrative implication for the company.”

Trinity also reaffirmed its commitment to transparency and legality in its business and partnerships, said its operations continue as usual, and added that it remains available to cooperate with requests from authorities or institutional partners.