About Blackhill Capital
A boutique built on a rare combination of skills.
Blackhill Capital delivers what generalist credit managers lack — procedural and legal depth in judicial assets — and what law firms lack — underwriting discipline, vehicle structuring and access to institutional capital.
01Who we are
Blackhill Capital is an independent financial advisory boutique specialising in complex credit assets in Brazil. We act as advisor, structurer, intermediary and originator — never as a discretionary manager of third-party capital.
There is a space between the Brazilian judicial system and the capital markets that few institutions fully understand. That space holds trillions of reais in assets — court-ordered claims, judicial credits, distressed portfolios — locked in by information asymmetry, procedural complexity and the absence of technical structuring.
Blackhill exists to operate in that space, with the technical rigour of a financial institution combined with the procedural depth these assets demand. We are not a fund manager, not a law firm, not a servicer.
From 2026, the platform also includes a strategic technology investment front, kept structurally separate from the advisory practice.
02Blackhill Advisors
The platform's advisory front.
Blackhill Advisors is the name of Blackhill Capital's specialised financial advisory front. It is not a separate legal entity: it is the institutional designation of the advisory activity conducted by Blackhill Capital Ltda.
- Financial Advisory
- Structured Credit
- Debt Solutions
- NPL
- Distressed Assets
- Judicial Claims
- Special Situations
03Founding partner
Marcello Chiara
Founder & Managing Partner
Over 30 years in financial markets, focused on structured credit, distressed assets and institutional advisory.
Marcello Chiara's career spans the three positions that define Brazil's distressed credit market: the desk of an investment bank, the origination and management of non-performing portfolios, and the distressed assets function of a commercial bank.
That combination underpins Blackhill's core capability: assessing a judicial asset with the underwriting rigour of a financial institution, without depending on third parties to understand the proceeding that created it.
What that career produces in practice is a specific way of assessing: reading the proceeding that created the claim with the underwriting discipline of a credit desk, and pricing the gap between what the documentation proves and what the holder's expectation assumes. That reading is what Blackhill delivers to the client — and it is the part that is never delegated.
- 01BTG PactualAssociate PartnerApproximately 20 years in credit, distressed and structuring.
- 02EnforceHead of CommercialBTG Pactual's NPL arm — origination and management of non-performing portfolios.
- 03Banco ABC BrasilDistressed AssetsAnalysis and structuring of stressed assets.
Experience accumulated over the founding partner's professional career. It does not represent assets under management, pipeline or transaction history of Blackhill Capital.
Blackhill Capital's advisory mandates are conducted under the founding partner's direct responsibility.
04How we work
Four phases, applied without exception.
- 01
Origination
Mapping through a proprietary institutional network, not dependent on public auctions or open databases.
Deliverable
Initial fit assessment — asset class, order of magnitude and feasibility of structuring.
- 02
Analysis & Due Diligence
Risk screening, document verification and legal-financial analysis, with an independent opinion where the asset requires one.
Deliverable
Technical memorandum with explicit assumptions, identified documentary gaps and points requiring an independent opinion.
- 03
Structuring & Negotiation
Vehicle modelling, design of security and contractual protections, through to closing.
Deliverable
Vehicle or assignment design, matrix of contractual protections, and conduct of the negotiation.
- 04
Monitoring
Post-closing follow-through, periodic reporting and strategy revision against the realised curve.
Deliverable
Periodic reporting comparing the realised against the projected curve, with strategy revision.
05Independence & Governance
What we are, and what we deliberately are not.
For a seller, the advisor's independence is the condition that makes exposing an asset possible. For an investor, it is what ensures the analysis is not contaminated by self-interest in the transaction. That is why it is stated here explicitly and verifiably.
What Blackhill does
Originates complex credit opportunities from institutional sellers.
Structures investment vehicles — receivables funds, notes, assignments, debentures.
Intermediates between sellers and qualified investors, with rigorous due diligence.
Advises companies on liability restructuring and debt renegotiation.
Monitors transactions post-closing with a focus on maximising recovery.
Holds strategic interests in technology platforms, outside the advisory mandate.
What Blackhill does not do
Does not manage third-party capital or act as a regulated manager.
Does not invest its own capital in the credit transactions it advises on.
Is not a buying or selling party in transactions where it acts as advisor.
Does not guarantee returns, profitability or asset recovery.
Does not issue legal opinions or investment recommendations.
Does not share confidential information between sellers and investors without authorisation.
06Communication rigour
Four concepts that are never conflated
The separation below is mandatory in every Blackhill material, institutional or confidential. Conflating these categories is the most common communication error in the complex credit market — and the most costly in credibility.
- Addressable market
- Public market data and sector sizing, with source and reference date.
- Blackhill pipeline
- The firm's current opportunities. Not publicly disclosed.
- Professional track record
- The founding partner's history prior to Blackhill, always identified as such.
- Blackhill track record
- The firm's history since inception. Not publicly disclosed.
Talk to Blackhill.
Direct contact with the senior professional responsible for the mandate, handled confidentially.