3G Capital is a private partnership owned by its founding partners: Jorge Paulo Lemann, Marcel Herrmann Telles, and Carlos Alberto Sicupira — three Brazilian billionaires. The firm is registered in New York but its founders and culture are Brazilian, originating from Banco Garantia, the 'Goldman Sachs of Brazil'.

3G Capital — The Brazilians Behind Burger King, AB InBev & Kraft Heinz

Q: What is zero-based budgeting?

Zero-based budgeting (ZBB) is 3G Capital's signature management approach where every expense must be justified from scratch each budget period, rather than simply adjusting the previous year's budget. This leads to aggressive cost-cutting but has been criticized for sometimes undermining long-term brand investment and employee morale.

Quick Facts

Legal Name

3G Capital Partners Ltd.

Founded

2004

Registered HQ

New York, USA

Founders

Lemann, Telles, Sicupira

Origin

Rio de Janeiro, Brazil

Type

Private Equity / Investment

Philosophy

Zero-Based Budgeting

Website

3g-capital.com

Overview

3G Capital is one of the most influential private equity firms in the global consumer sector, yet it remains largely unknown to ordinary consumers. Founded in 2004 by three Brazilian billionaires — Jorge Paulo Lemann, Marcel Herrmann Telles, and Carlos Alberto Sicupira — the firm has orchestrated some of the largest deals in the food and beverage industry, controlling brands consumed by billions of people worldwide.

3G Capital's investments include controlling or major stakes in Restaurant Brands International (Burger King, Tim Hortons, Popeyes, Firehouse Subs), Anheuser-Busch InBev (Budweiser, Corona, Stella Artois, Beck's), Hunter Douglas, and Skechers. They previously controlled Kraft Heinz before fully exiting in 2023.

The firm is registered in New York, but its DNA is thoroughly Brazilian. The three founders met and built their early fortunes through Banco Garantia, a Rio de Janeiro investment bank that was often called the "Goldman Sachs of Brazil." Their partnership spans more than 50 years and represents one of the most successful investment collaborations in history.

The Three Founders

Jorge Paulo Lemann

Brazilian-Swiss
Born: August 26, 1939, Rio de Janeiro
Net worth: ~$17 billion
Education: Harvard (economics)
Former Brazilian tennis champion (5x Davis Cup)
Founded Banco Garantia (1971)
Richest person in Brazil (2023)
Largest individual shareholder of AB InBev
Transferred ~$6.1B AB InBev stake to son in 2024

Marcel Herrmann Telles

Brazilian
Born: 1950, Rio de Janeiro
Net worth: ~$4 billion
Former chairman & CEO of AmBev
Board member of AB InBev
Co-founder of 3G Capital (2004)
Known for operational expertise
Instrumental in creating AmBev from Brahma + Antarctica

Carlos Alberto Sicupira

Brazilian
Born: 1948, Rio de Janeiro
Net worth: ~$4 billion
Known as "Beto"
Former chairman of Lojas Americanas
Co-founder of 3G Capital (2004)
Known for aggressive cost management
Lojas Americanas scandal (2023): $4B accounting fraud

Together, the three founders control combined personal fortunes exceeding $25 billion. Their business book, "Dream Big" (Sonho Grande) by Cristiane Correa, chronicles how three boys from Rio de Janeiro built a global investment empire.

Investment Portfolio

Current Holdings

Company	Stake	Year Acquired	Brands / Details
Restaurant Brands International	~26% voting	2010 (BK), 2014 (RBI)	Burger King, Tim Hortons, Popeyes, Firehouse Subs
AB InBev	~33% (founders)	1989 (via Brahma)	Budweiser, Corona, Stella Artois, Beck's, Leffe, Hoegaarden, 400+ beer brands
Hunter Douglas	~75%	2022	Window coverings, architectural products. $3.8B revenue.
Skechers	Significant	2025	American footwear company

Former Holdings

Company	Period	Outcome
Kraft Heinz	2013-2023	Co-created with Berkshire Hathaway ($50B merger). Aggressive cost-cutting led to brand damage. $15.4B write-down in 2019. 3G fully exited its 16.1% stake in Q4 2023.
Lojas Americanas	1982-2023	Brazilian retail chain. $4 billion accounting fraud discovered in 2023. Major reputational damage. Sicupira was chairman.
Banco Garantia	1971-1998	Sold to Credit Suisse for $675M. The "Goldman Sachs of Brazil" that started it all.

The zero-based budgeting (ZBB) legacy: 3G Capital's signature management technique requires every department to justify its budget from zero each year. At Kraft Heinz, this initially boosted margins from 15% to 26% — but was criticized for gutting marketing spend, cutting R&D, and leading to stale brands. When 3G exited Kraft Heinz in 2023, the stock was still below the 2015 merger price. Fortune magazine called it "what happens when 3G Capital buys your company." The lesson: cost-cutting alone cannot replace innovation and brand investment.

Ownership Structure

Investment Firm
3G Capital Partners Ltd. (New York)

↓ founded & controlled by

Founders / Ultimate Owners

Jorge Paulo Lemann, Marcel Telles & Carlos Sicupira

3G Capital is a private partnership — it is not publicly traded and does not disclose its AUM. Investments are made through various affiliated entities and funds. The firm operates with a very small team relative to the size of its holdings.

Companies Controlled by 3G Capital

The following companies are currently or have recently been controlled or significantly influenced by 3G Capital and its founders:

Company	Revenue	Employees	Key Brands
Restaurant Brands International	$9.3B	10,000+	Burger King, Tim Hortons, Popeyes, Firehouse Subs
AB InBev	$57B	~150,000	Budweiser, Corona, Stella Artois, Leffe, Beck's
Hunter Douglas	$3.8B	~22,000	Luxaflex, Silhouette, PowerView

Combined, the companies controlled by 3G Capital and its founders generate over $70 billion in annual revenue and employ approximately 180,000 people worldwide.

Frequently Asked Questions

Who owns 3G Capital?

3G Capital is a private partnership owned by its founding partners: Jorge Paulo Lemann, Marcel Herrmann Telles, and Carlos Alberto Sicupira. All three are Brazilian billionaires born in Rio de Janeiro. The firm also has other managing partners but the three founders remain the controlling force.

What companies does 3G Capital own?

3G Capital currently holds major stakes in Restaurant Brands International (Burger King, Tim Hortons, Popeyes, Firehouse Subs), Anheuser-Busch InBev (Budweiser, Corona, Stella Artois), Hunter Douglas, and Skechers. They previously controlled Kraft Heinz (exited 2023).

Is 3G Capital Brazilian or American?

Both — in different ways. 3G Capital is registered in New York, USA, but its three founders are all Brazilian (from Rio de Janeiro). The firm evolved from Banco Garantia, a Brazilian investment bank. Its culture, management philosophy, and founding capital are Brazilian, but it operates globally from New York. It is commonly described as a "Brazilian-American" investment firm.

What is zero-based budgeting?

Zero-based budgeting (ZBB) is 3G Capital's management approach where every expense must be re-justified from scratch each period, rather than simply adjusting the previous year's budget upward. This leads to aggressive cost-cutting and margin improvement but has been criticized for undermining long-term brand investment, employee morale, and innovation — as seen at Kraft Heinz.

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Sources

3G Capital — About 3G Capital (accessed 11 March 2026)
Wikipedia — 3G Capital (accessed 11 March 2026)
Wikipedia — Jorge Paulo Lemann (accessed 11 March 2026)
Wikipedia — Beto Sicupira (accessed 11 March 2026)
CNBC — 3G Capital Exits Kraft Heinz (accessed 11 March 2026)
Fortune — What Happens When 3G Capital Buys Your Company (accessed 11 March 2026)
Yahoo Finance — Lemann Transfers AB InBev Stake to Son (accessed 11 March 2026)
PitchBook — How 3G Capital Turned Kraft Heinz Upside Down (accessed 11 March 2026)