The Termópilas investment fund, main shareholder of Super Empreendimentos and linked to banker Daniel Vorcaro, held a remote assembly on November 16, 2025, to adjust amortization and redemption rules for resources. The meeting took place one day before Vorcaro's arrest by the Federal Police, amid probes into frauds at Banco Master. No public evidence of actual redemptions exists, but the regulatory change raises questions about financial movements during that time.
The Termópilas investment fund, with net assets of about R$ 934 million in September 2025, is controlled by another investment fund and serves as the main shareholder of Super Empreendimentos e Participações SA, a company with R$ 2.6 billion in share capital. This firm is associated with banker Daniel Vorcaro and his brother-in-law Fabiano Zettel, who was a director until July 2024. Ana Cláudia Queiroz de Paiva, Zettel's partner and Super's director, maintains ties to Vorcaro's businesses, sharing addresses and phone numbers with his companies, according to Federal Revenue data.
The Termópilas assembly took place on November 16, 2025, a Sunday at 3 p.m., remotely, without prior notice since all quotaholders were present. According to the minutes filed with the Securities and Exchange Commission (CVM), participants approved "adjustments to the special assembly's competencies regarding full amortization or redemption, as well as approval quorum". This involved reformulations to the fund's regulations, adding details on the quotaholder payment process.
The following night, November 17, news emerged of a purchase offer for Banco Master by Fictor, followed by Vorcaro's arrest and the Central Bank's decision to liquidate the institution. The banker was released 12 days later. Termópilas is part of the Astralo 95 fund's portfolio, with R$ 27 billion in assets as of December 2025, but the asset composition was omitted at the administrator's request, allowed by the CVM for up to 90 days.
Astralo 95 is cited in Central Bank investigations into frauds led by Vorcaro and PCC infiltration in the financial market. Super owns a R$ 36 million house in Brasília, rented by Vorcaro to host politicians like Senator Ciro Nogueira (PP) and Deputy Hugo Motta (Republicanos). In December 2024, the company donated a R$ 4.4 million apartment to a woman involved in a drug trafficking operation.
Reag, administrator of Termópilas and Astralo 95, stated in a note that it "does not interfere in its clients' businesses". Vorcaro's press office, Ana Cláudia, and Zettel did not comment.
