The World Today
Portfolio Capital in the spotlight: Prosecutor's Office investigates livestock fund and damages to investors.
The Uruguayan prosecutor's office is investigating Portfolio Capital, a company that stopped paying livestock investors. A retiree reports losing her US$200,000 investment between this firm and Conexión Ganadera. The case is under judicial review.
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A retired doctor reported the loss of her livestock investment in Portfolio.
The specialized prosecutor's office for economic crimes, headed by prosecutor Gilberto Rodríguez, is conducting a criminal investigation into the livestock fund Portfolio Capital, headed by Alejandro Berrutti. The case focuses on alleged financial and contractual breaches by the company with its investors.
Portfolio was the latest firm to cease payments to its contributors, accumulating an estimated liability of approximately $16 million. This week, the court ordered the necessary bankruptcy proceedings for the companies Reina Vaca SA and Oro Rojo SA, both directly linked to Berrutti's operations.
One of the complaints received by the Public Prosecutor's Office was filed by a retired doctor who invested $200,000 in investments: half in Portfolio and the other half in Conexión Ganadera, another fund that had already been generating questions. The woman chose not to reveal her identity publicly, but her case is being represented by attorney Graciana Abelenda.
According to the contract signed in 2021, the investor agreed with Portfolio Capital to acquire 141 calves and 59 heifers. The agreement, which did not involve an equity stake but rather a similar arrangement to the one offered by Conexión Ganadera, stipulated that the animals would be managed by the company Reina Vaca.
The first signs of irregularities emerged in 2024, when the company renewed the contract without seeking the investor's explicit consent. On that occasion, only the interest generated was transferred, with no clear reference to the capital invested or the condition of the livestock.
The woman began reviewing the animals' status on her own through the National Livestock Information System (SNIG) website, where she noticed significant inconsistencies. Of the stipulated 200 animals, only 59 were registered in her name. In February 2025, the number had risen to 69, but there was no concrete explanation for the increase.
In July 2025, the woman emailed Portfolio Capital requesting an explanation. The response came from Alejandro Berrutti himself, who indicated that only two animals belonging to her had been located on the Retamosa farm in Lavalleja, where the company operated feedlot operations. He also informed her that the land would be returned to the owner and that the cattle would be removed.
When asked about the 200 promised calves and the information recorded in the SNIG (National Institute of Agricultural Research), Berrutti stated that a complaint would be filed with the authorities , but only once the delivery of the remaining animals to other investors was complete.
As a possible solution, the businessman offered her two options: the first was to send the animals to a livestock fair—specifically mentioning Jaime Silvera Ramos's—for sale, which would involve the subsequent settlement of the money. The second was to deliver the two calves directly to her, although the investor would be responsible for transporting them from the farm.
Neither option materialized. From that moment on, communication was cut off, and the judicial process took complete control of the case. Everything was left in the hands of the commercial and criminal justice system.
