Key Takeaways
- • MadCap, a Brazilian private equity firm founded less than a year ago, has launched the LTWSK Mining Fund with a US$200 million capital target to fund 10 pre-mapped critical minerals exploration projects in Brazil.
- • The fund has secured advanced agreements with three major institutional investors within 60 days of launching its roadshow in February 2026, indicating strong institutional demand for critical minerals exposure in Brazil.
- • MadCap's mining vertical is led by Mozart Litwinski (former CEO of Ferrous and Vale executive) and Elmer Salomão (former director-general of Brazil's National Department of Mineral Production), providing deep technical expertise and government sector relationships.
- • The fund's strategy targets rare earth elements and critical minerals including lithium, nickel, cobalt, copper, graphite, and tin—materials essential for electric vehicles, renewable energy, and defense applications.
- • Brazil's government has officially backed private investment models for critical minerals development, rejecting a state-owned company approach, while U.S. officials are actively pushing for accelerated public-private cooperation to diversify American supply chains.
Summary
MadCap, a Brazilian private equity firm established less than a year ago, is pursuing an aggressive expansion into critical minerals investment with the launch of the LTWSK Mining Fund, a Delaware-domiciled vehicle targeting US$200 million in institutional capital. The firm initiated its capital roadshow in February 2026 and has already achieved advanced commitments from three major investors within 60 days, demonstrating significant institutional appetite for Brazil-based critical minerals exposure during a period of heightened geopolitical focus on supply chain diversification.
The fund will deploy capital across 10 pre-identified exploration projects focused on rare earth elements and strategic minerals including lithium, nickel, cobalt, copper, tin, graphite, and manganese. These materials are critical inputs for electric vehicle manufacturing, wind turbine production, battery technology, and defense applications. MadCap's investment thesis centers on a low-risk, diversified approach that leverages deep technical expertise rather than concentrated bets on specific minerals.
Leadership of the mining vertical includes Mozart Litwinski, former CEO of Ferrous Resources and a senior executive at Vale, alongside Elmer Salomão, former director-general of Brazil's National Department of Mineral Production (DNPM) and recognized as a leading domestic expert in mineral policy. The team also includes Felipe Litwinski, Guilherme Jácome, and Yuri Litwinski, all with established track records in mineral sector project development. This management depth signals credibility with both institutional investors and Brazilian regulatory authorities.
MadCap's broader private equity platform currently manages R$330 million and aims to reach R$1 billion under management by December 2026 across three verticals: agribusiness, consumer goods, and critical minerals. The firm's existing portfolio companies include Oakberry, Liquid Death, Casadonna, Ease Labs, and Nave Bebidas Premium. The critical minerals fund represents a strategic pivot into natural resources at a moment when Brazil and the United States are aligning on supply chain resilience.
The Brazilian government has officially rejected establishing a state-owned critical minerals company, with government ministers instead backing private investment frameworks and targeted financing mechanisms. Concurrently, the United States is actively encouraging accelerated critical minerals development in Brazil, with American officials and business leaders calling for faster public-private cooperation. The Brazilian Mining Institute (Ibram) estimates that critical mineral projects require approximately R$100 billion in investment between 2025 and 2030, positioning funds like LTWSK as a meaningful component of Brazil's minerals development agenda.
The fund will deploy capital across 10 pre-identified exploration projects focused on rare earth elements and strategic minerals including lithium, nickel, cobalt, copper, tin, graphite, and manganese. These materials are critical inputs for electric vehicle manufacturing, wind turbine production, battery technology, and defense applications. MadCap's investment thesis centers on a low-risk, diversified approach that leverages deep technical expertise rather than concentrated bets on specific minerals.
Leadership of the mining vertical includes Mozart Litwinski, former CEO of Ferrous Resources and a senior executive at Vale, alongside Elmer Salomão, former director-general of Brazil's National Department of Mineral Production (DNPM) and recognized as a leading domestic expert in mineral policy. The team also includes Felipe Litwinski, Guilherme Jácome, and Yuri Litwinski, all with established track records in mineral sector project development. This management depth signals credibility with both institutional investors and Brazilian regulatory authorities.
MadCap's broader private equity platform currently manages R$330 million and aims to reach R$1 billion under management by December 2026 across three verticals: agribusiness, consumer goods, and critical minerals. The firm's existing portfolio companies include Oakberry, Liquid Death, Casadonna, Ease Labs, and Nave Bebidas Premium. The critical minerals fund represents a strategic pivot into natural resources at a moment when Brazil and the United States are aligning on supply chain resilience.
The Brazilian government has officially rejected establishing a state-owned critical minerals company, with government ministers instead backing private investment frameworks and targeted financing mechanisms. Concurrently, the United States is actively encouraging accelerated critical minerals development in Brazil, with American officials and business leaders calling for faster public-private cooperation. The Brazilian Mining Institute (Ibram) estimates that critical mineral projects require approximately R$100 billion in investment between 2025 and 2030, positioning funds like LTWSK as a meaningful component of Brazil's minerals development agenda.
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