Advent International Leads R$1 billion Investment in Inspira Rede de Educadores

New capital will aim to strengthen education platform to accelerate expansion

Private equity funds managed by Advent International and private equity funds managed by BTG Pactual become co-controllers of Inspira, which continues to be led by founder and CEO André Aguiar

São Paulo, March 18, 2024 – Advent International, one of the largest and most experienced global private equity investors, today announced that it led a R$1 billion investment round in Inspira Rede de Educadores, one of the largest Brazilian networks for basic education. The capitalization aims to strengthen the company and accelerate its organic and inorganic expansion, particularly through acquisitions across Brazil. Joining Advent as a co-investor is the Canadia Pension Plan Investment Board (CPP Investments).

Established in 2018 in Rio de Janeiro, Inspira currently operates more than 100 schools, serving 57,000 students and driving net revenue of more than R$1 billion. André Aguiar, who founded Inspira after a 20-year career dedicated to managing schools and teaching as a mathematics teacher, will continue to lead the network as its CEO.

“We are thrilled to join forces with André, BTG Pactual and the Inspira team, who rapidly transformed the company into a nationally recognized institution delivering high-quality education,” said Brenno Raiko, a Managing Director at Advent responsible for education investments in Latin America. “With its academic focus and tailored teaching approach at each school, Inspira is uniquely positioned to thrive in a highly fragmented basic education market, and we are excited to enhance Inspira’s impact on the lives of Brazilian students.”

Under the terms of the agreement, funds managed by Advent now assume a co-controller position within Inspira, alongside private equity funds managed by BTG Pactual, which has been a shareholder since 2020.

The annual revenue of the Brazilian private basic education market is estimated at R$77 billion and is the third largest in the world. Inspira prides itself on a relentless focus on teaching quality, preserving the academic independence of the acquired schools and providing management systems that facilitate both the relationship with parents and each student’s journey.

Quality in teaching translates into numbers under all metrics.

  • If the Inspira Network were a country, its students would be ranked 8th in the PISA ranking, which measures the quality of basic education in 81 countries.
  • In 2022, 267 Inspira students were accepted into medical schools, in some of the most competitive entrance exams in the country (with more than 100 candidates per place).
  • Inspira also stands out in terms of the quality of international education. By the end of 2024, it is expected that 10% of Brazilian schools with International Baccalaureate (IB) certification, an international diploma of excellence recognized in more than 50 countries, will be from Inspira.

FIP Economia Real, managed by BTG Pactual, became Inspira’s controller in 2020 after a primary investment of R$350 million that enabled the company to grow 14 times in size in three and a half years. Since the beginning of BTG Pactual’s investment, the company has grown at an average rate of 93% per year.

“We are extremely proud of what we have built alongside André over the last few years, and we believe Advent is the ideal partner to help us propel Inspira into its next growth cycle,” said Felipe Gottlieb, partner at BTG Pactual and chairman of Inspira’s board of directors.

“Inspira’s journey is just beginning, and the partnership with Advent and BTG Pactual fuels our team’s excitement for what lies ahead in the coming years,” said André Aguiar. “Advent’s sector expertise and their collaborative approach with entrepreneurs will be invaluable as we embark on this next phase together.”

Advent has a long history investing in the Brazilian higher education market, including in companies such as Kroton (currently Cogna Educação), FSG and YDUQS, driving growth acceleration and operational efficiency. The investment in Inspira is Advent’s first in the basic education segment.

Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across 43 countries, and as of September 30, 2023, had $91 billion in assets under management. With 14 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit




BTG Pactual

BTG Pactual (BPAC11) is the largest investment bank in Latin America, operating in the Private Capital, Investment Banking, Corporate Lending, Sales & Trading, Wealth Management and Asset Management markets. The Private Capital Division has a successful track record in the alternatives market, managing over 11 funds and 60 companies across various sectors, focusing on essential services such as healthcare, education, telecommunications, industrial, and energy, through active and close engagement with every company. BTG Pactual has 48 offices in 11 countries and $177 billion in AuM (as of December 2023).


Inspira Rede de Educadores is one of the leading basic education networks in Brazil, with over one hundred schools distributed in more than 17 states and the Federal District. Led by a team of renowned educators with decades of experience, the network seeks excellence and strong reputation, preserving the legacy and independence of each of its schools.

CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit  or follow us on LinkedInInstagram or on X @CPPInvestments.

Media contacts

Advent International
Leslie Shribman

Nova PR
Tiago Lethbridge


FSB Comunicação
Priscila Nishimori –
Cintia Taketomi –

BTG Pactual
Elisa Soares –

CPP Investments
Asher Levine —

© 2002-2024 Advent International, L.P. All rights reserved

LinkedIn Instagram youtube