Meet Caio Roma, founder of 24 Capital. Having started at 220 Capital in 2017, he moved into operating at Agasus (now Voke), and helped scale the business with seven acquisitions across process, finance, sales, and corporate development. Now searching in Brazil, he sat down with us to explain why investor relations matter, how liquidity guides decisions, and where he’s finding value beyond the Southeast.

Moonbase Capital: How did you get here, and what drew you to the search fund model?

Caio Roma: I took an unusual path. I entered the search ecosystem in 2017 as an intern at 220 Capital, one of Brazil’s earliest search funds. I worked through every phase: sourcing, diligence, and acquisition. In 2019 we acquired Agasus, an IT-equipment rental company. It later rebranded to Voke and became a market leader.

I moved from investing to operating and spent more than five years at Voke during a heavy growth period. Over time I ran process, people, finance, and helped Rene, one of the co-CEOs, with treasury and fundraising with local banks, which is vital in rental models. I then focused on go-to-market across product, pricing, and geographic expansion, and later on corporate development. We executed seven add-on acquisitions.

I always wanted to be an entrepreneur. After seeing the full lifecycle from search to running a mid-sized company, the search model felt like the right path. Brazil has many strong, owner-led businesses with succession needs. That is where I want to operate.

Moonbase Capital: How did you prepare for your search, and what has been the biggest challenge so far?

Caio Roma: The most challenging aspect is investor relations, because I’ve never experienced before the search path. I am comfortable with sourcing, broker and owners conversations, and diligence because I have done those. But building the right rhythm with investors is part of the job and takes deliberate work: how to pitch, how often to update, and how to align as the thesis evolves.
Before launching I set up the basics: outreach tools for company search, financial models, and a standard CIM. Another early lesson is pacing. Scoping a thesis and building proprietary deal flow is not overnight. You need a clear weekly cadence and patience.

Moonbase Capital: How do Brazilian owners view searchers today?

Caio Roma: Generally open, especially when they see themselves in the searcher’s story. The tricky part is the funding timeline. Some owners expect a straight line from LOI to diligence to close. Explaining the capital process and maintaining transparent communication helps. The big advantage searchers have is the continuity message: keep the team, protect the legacy, evolve the plan rather than tear it down. That resonates.

Moonbase Capital: What are the biggest challenges for search funds operating in Brazil?

Caio Roma: Operating through macro volatility is real, with higher interest rates and political noise. The other constraint is liquidity. Exit options depend on company size and sector. Historically, you see more buyers once revenue approaches roughly R$200 million. Below that, certain verticals like software still have active buyers, but for many B2B services with no clear category leader, exits can be limited. Your plan needs to reflect that from day one.

Moonbase Capital: Where do you see the best opportunities?

Caio Roma: The Southeast, especially São Paulo, is crowded with funds and searchers. I like looking beyond it: Northeast, Center-West (Centro-Oeste), and other under-covered regions. You will find solid companies, but expect more work on basics like financial discipline and reporting. If you are ready to lean in, there is value.

Moonbase Capital: Which industries stand out for searchers in Brazil?

Caio Roma: I lean toward B2B services. There are more targets, more room to negotiate, and often lower deal multiples than in the software industry. Software can be great, but usually attracts more competitors and higher pricing, and it relies on a deeper exit market. With services, you can create value with operating discipline, pricing, and tuck-ins.

Moonbase Capital: Your advice to someone considering a search?

Caio Roma: Study the model well: how search equity works, investor preferences, and the tradeoffs at each step. Talk to the community; people are generous with time. But do your homework first so those conversations go deeper. And build your investor relations muscle early. It is a core capability, not a side task.