Insight Brazil - globalprivatecapital.org

Country Snapshot* Brazil’s economic performance over the last two years has inspired tre-

mendous optimism among investors circling Latin America’s largest

economy for opportunities. While the impact of the global financial cri-

sis cannot be understated — Brazil’s economy shrank in 2009 for the first time

since 1992 — the speed and magnitude of the country’s recovery can already

be measured. The International Monetary Fund projects that Brazil’s econ-

omy will grow 5.5% in 2010. A testament to investor confidence, credit rating

agency Moody's followed the other two rating agencies in upgrading the coun-

try’s sovereign debt rating in September 2009. The confidence in Brazil’s future

is echoed by institutional investors. For the second year in a row, Brazil ranked

as the second most attractive emerging market for private equity investment

in the 2010 EMPEA / Coller Capital Emerging Markets Private Equity Survey.

Brazil’s appeal as an investment destination rests on stable government

policies and a rapidly growing middle class, which has grown from 38%

of the population in 2003 to 49% in 2010 according to the Getulio Vargas

Foundation. An exciting calendar of global sporting events is also accel-

erating interest in the market. Brazil was awarded the 2014 FIFA World

Cup and the 2016 Summer Olympics. Preparation for these events is inten-

sifying investment in Brazil’s infrastructure through government-backed

initiatives and private investment. In the energy sector, Brazilian oil com-

pany Petrobras uncovered a watershed oil discovery off the coast of Brazil,

reported to be the largest in the Americas since 1976, potentially placing Bra-

zil as the fifth largest country for proven oil reserves, on par with Kuwait.

The Attractiveness of Emerging Markets/Regions for GP Investment over the Next 12 Months – LP Views

Country / Region Overall Ranking

2010 2009 Change

China 1 1 -

Brazil 2 2 -

India 3 3 -

Other Emerging Asia 4 5 +1

Latin America (ex Brazil) 5 6 +1

Central & Eastern Europe (inc Turkey) 6 4 –2

South Africa 7 7 -

Africa (ex South Africa) 8 8 -

Middle East 9 9 -

Russia/CIS 10 10 -

Source: 2010 EMPEA / Coller Capital Emerging Markets Private Equity Survey.

2009 Population: 191.5 million% of Population Under 15

Years-old: 28% 2010 Nominal GDP: US$1.9 trillion2009 Real GDP Growth: -0.2%2010 Real GDP Growth: 5.5% 2009 Average Inflation: 4.9%

*All data projected. Source: International Monetary Fund, Population Reference Bureau.

© 2010 Emerging Markets Private Equity Association 1

BrazilAn Overview of Trends in Select Sectors and Markets May 2010

Insight

EMPEA Insight: Brazil May 2010

Brazil’s private equity market continues to grow despite

recent slowdowns in fundraising and investment. In the

past year, a number of domestic financial institutions

have launched large, captive funds aimed at domestic

investment, including 2bCapital, a joint venture between

Brazil-based Banco Bradesco and Spain-based Banco Espir-

ito Santo, and another fund launched by domestic bank

Banco Modal. BTG Pactual, the investment bank created by

BTG Investments’ acquisition of UBS Pactual from UBS in

2009, is also raising a private equity fund.

Stepped-up interest from global private equity firms is add-

ing to the “buzz” about Brazil. The Carlyle Group made

headlines in December 2009 when the firm’s South Amer-

ica buyout team made its first investment in the Brazilian

market, acquiring tourism operator CVC Brasil. Another

global private equity firm, Warburg Pincus, is reportedly

returning to the market. U.S.-based Blackstone Group has

expressed interest in Latin America and Brazil, both as an

investment destination and as a source for LP capital.

Some international private equity investors in Bra-

zil have origins outside of the Americas. South

Africa-based Standard Bank Private Equity made its

first investment in Brazil in December 2009, open-

ing a local office in the same year. Many of these global

firms are actively building local teams and networks.

Although the number of active fund managers continues

to increase, private equity investment as a percentage of

Brazil’s GDP remains low (typically less than 0.5%) compared

with the penetration rate in the United States (typically

between 1% and 2%). In this environment, competition for

deals is still minimal and auctions are rare; however, private

equity firms do face competition in the demand for capital

from the soaring public markets. Recent peaks in the Bovespa

Index, flirting with the levels of the index’s May 2008 high,

make the public markets an attractive fundraising venue

for companies seeking capital. Private equity investors are

forced to communicate their value proposition as an alterna-

tive to a public listing to prospective investee companies.

EMPEA InsightEditorial DirectorJennifer Choi [email protected]

Writing and Research Nadiya Satyamurthy [email protected] Moskowitz [email protected] Hickey [email protected]

Creative Direction and Production Management Greg Farmer [email protected]

Executive Editor Carlos Perry [email protected]

Advertising OpportunitiesEach issue of EMPEA Insight provides an opportunity for a single exclusive back page advertisement. For a list of upcoming issues and more information about advertising opportunities and rates, contact Greg Farmer at [email protected].

About EMPEAThe Emerging Markets Private Equity Association is a non-profit, independent, global industry association that promotes greater understanding of and a more favorable climate for private equity and venture capital investing in the emerging mar-kets of Africa, Asia, Europe, Latin America and the Middle East. For more information, visit us on the web at empea.net.

Data and analysis presented in the EMPEA Insight series is derived from EMPEA’s proprietary industry database, FundLink, made possible with generous support from the following insti-tutions: CDC, DBSA, DEG and FMO. We gratefully acknowledge their contributions.

Photography credits: Cover | Marcosleal - commons.wikimedia.org | Mathieu Bertrand Struck - [email protected]


May 2010 EMPEA Insight: Brazil

Fundraising TrendsFundraising for Brazil-focused funds fell significantly in

2009 from a peak of US$3.6 billion in 2008 to only US$401

million in 2009. The largest known final fund close for the

year was held at US$275 million for TMG Capital’s second

private equity fund, targeting Brazilian SMEs. In addition,

Brazil’s oldest private equity firm, Companhia de Participa-

coes (CRP) reportedly held a first close on its seventh fund

in December 2009 after a long fundraising cycle. The firm is

targeting US$150 million in commitments for the fund. The

trend contrasted 2008, a year which saw three funds, man-

aged by AIG Capital Partners (now PineBridge Investments),

Gavea Investimentos and Patria Investimentos, reach final

closes at over US$500 million. However, as liquidity con-

straints ease for local LPs and international investor interest

gains, one can expect the return of significant capital com-

mitments, signaled by a handful of headline-grabbing

closes in the first quarter of 2010.

For example, GP Investments held a second close on GP

Capital Partners V at slightly over US$1 billion in January.

Source: EMPEA.

US$

Bill

ions

Funds Raised

Capital Invested

Brazil Private Equity Fundraising and Investment Totals, 2005–2009 (US$B)

The fund is targeting US$1.4 billion in total commitments.

International private equity firm Advent International made

headlines with a US$1.65 billion close on its fifth regional

fund (with a Brazil-centric mandate) in April 2010. The

fund is more than 25% larger than its predecessor fund,

with over 50 investors from diverse institutions. While a

few niche sectors such as renewable energy, infrastructure

and real estate have been increasingly common targets for

private equity investors, most firms maintain a generalist

sector strategy.

Institutional investor interest in the asset class remains

high. For the second year in a row, investors ranked Bra-

zil as the second most attractive emerging market for

private equity investment according to the recently pub-

lished 2010 EMPEA / Coller Capital Emerging Markets

Private Equity Survey. Furthermore, 36% of those surveyed

signaled they would either begin or expand investment

in the market over the next 1-2 years. Nearly 20% of LP

respondents signaled they would begin investing in Bra-

zil for the first time, suggesting that Brazil may capture

more new investors than any other emerging market.

0

1

2

3

4

5

6

2005 2006 2007 2008 2009

1.0

3.0

5.3

1.3

0.5 0.4

3.6

2.5

2.1

0.2


Diversification of Brazilian Investor Base (LPs), as of December 2009

Source: GVcepe − Center for Private Equity and Venture Capital Studies at FGV-EAESP.

Note: Other includes Multilateral Institutions, Insurance Companies, Government and State-Owned companies and Private Companies.

Since gaining regulatory approval to invest in the asset class

in 2003, domestic pension funds have grown to represent a

significant portion of capital committed to domestic private

equity. Pension funds accounted for 22% of the country’s

investor base in 2009, according to GVcepe−Center for

Private Equity and Venture Capital Studies at FGV-EAESP.

Public pension funds reported to have recently invested in

the asset class include FAPES - BNDES Pension Fund and Fun-

dacao dos Economiarios Federais (FUNCEF). Private pension

funds with private equity exposure include Ceres, Petros,

Previ and Valia. While Brazilian pension funds received

the regulatory green light to invest in certain fund struc-

tures targeting investments outside of Brazil in 2009, these

institutions have focused on the domestic market to date.

4

Ten Largest Pension Funds in BrazilPension Fund Size (R$B) Size (US$B)

PREVI 142.5 81.4

PETROS 45.6 26.1

FUNCEF 38.7 22.1

FUNDACAO CESP 16.5 9.4

VALIA 11.9 6.8

ITAUBANCO 10.6 6.1

SISTEL 10.3 5.9

BANESPREV 9.0 5.2

CENTRUS 8.6 4.9

FORLUZ 8.1 4.6

Source: ABRAPP, December 2009.

While the participation of pension funds has unlocked a

massive source of domestic capital for local fund man-

agers, some private equity firms continue to target

foreign LPs, citing the lack of an established LP culture

among domestic institutions as a deterrent. Domestic insti-

tutional investors are sometimes viewed as reluctant to

entrust general partners with investment decision-making

power, and they are known to insist on a seat on funds’

investment committees.

The growing interest of local institutions in domestic

private equity has been catalyzed by reduced interest

rates—Brazil’s central bank set the country’s targeted over-

night lending rate at an all-time low of 8.75% from August

2009 to April 2010—aimed at stimulating economic recov-

ery. Lower interest rates have prodded these institutions

out of an over-weighted allocation to fixed-income and

into equities and alternative investments. However, alloca-

tions may shift with tightening of the country’s monetary

policy. Brazil’s central bank raised interest rates in late-April

2010, marking the first rate-hike since October 2008. The

measure is aimed at curbing inflation, a growing concern

for investors and government officials in Brazil as capital

inflows continue to grow.

Pension Funds

Parent Organizations

Others

GP Management Teams

Banks

Family Offices

Investment Funds

Trusts & Endowments

Funds of Funds

12%

6%

16%

10%

9%

7%

7%

11%

22%

© 2010 Emerging Markets Private Equity Association

May 2010EMPEA Insight: Brazil

Brazil Private Equity Investments by Sector, 2009 (No. of Investments, US$m)

Source: EMPEA; n=20 investments.

Investment TrendsEMPEA tracked US$1 billion in private equity capital invested across 20 deals in the Brazilian market in 2009. This represented a 67% drop from the US$3 billion invested in 2008 and a 44% decline in the number of deals (down from a total of 36). While large-scale investments are tak-ing place in the energy and infrastructure sectors, private equity investors continue to focus on the growth of the Brazilian middle class.

The Carlyle Group is among the investors targeting the consumer opportunity, executing the largest known pri-vate equity deal in Brazil last year with a US$250 million investment in CVC Brasil, the largest tour operator in Latin America. Carlyle’s South American team carried out a pur-chase of the founder’s interest in the company, buying a 63.6% stake. Advent International added to its global edu-cation portfolio with a US$140 million investment in Kroton Educacional through Kroton’s holding company, Pitagoras Administracao e Participacao. The deal represents Advent’s fifteenth investment in Brazil since it first entered the mar-ket in 1997. New market entrant U.S.-based OpenGate Capital entered Brazil’s growing telecommunications mar-ket with its purchase of Philips Business Communications

earlier this year.

Energy & Natural Resources

Infrastructure

Consumer

Industrial & Manufacturing

Banking & Financial Services

Services

Media & Telecom

(3, US$291m)

(4, US$112m)(3, US$187m)

(2, US$171m)

(3, N/A)

(4, US$232m)(1, N/A)

Sampling of Recent Investments in Brazil

Fund Manager Company SectorTrans. Value

(US$m) Trans. DateEquity

(%)

Advent International Kroton EducacionalEducation Services & Training

140 Jun-09 50

Artesia Capital Management Community Bank of Manatee Banking 12 Dec-09 60

Axxon Group Mundo Verde Consumer N/A Sep-09 100

BNDES Participacoes, Companhia de Participacoes (CRP)

Artmed Editora Publishing N/A Nov-09 13

BTG PactualMitsubishi Motors do Brasil, Suzuki Motors do Brasil

Automotive N/A Mar-10 N/A

Capital International Ibmec Education Services 74 Feb-09 N/A

Companhia de Participacoes (CRP) Pisani Industrials & Mfg. N/A Nov-09 N/A

Equity International Brazilian Finance & Real Estate Real Estate Finance N/A Dec-09 9

Fir Capital Cyberlynxx IT Services N/A Apr-10 N/A

OpenGate Capital Philips Business Communications Telecommunications N/A Mar-10 100

Paladin Realty Partners Inpar Real Estate 28 Mar-10 N/A

Rio Bravo Investimentos Multdia Food & Beverage 14 Jan-10 N/A

Southern Cross GroupAMG/Sistema de Implante Nacional

Industrials & Mfg. N/A Oct-09 75

Standard Bank Private Equity Casa do Pao de Queijo Restaurants 41 Dec-09 70

The Carlyle Group CVC Brasil Tourism 250 Dec-09 64


May 2010 EMPEA Insight: Brazil

TPG Capital reportedly invested US$30 million in Azul, a

Brazilian airline company eyeing an IPO in the near future.

Brazil continues to tap its massive natural resources, both biofuels and hydrocarbon, to meet the country’s rapidly growing energy demands. Brazil made major investments in the renewable energy sector over the last four decades, helping to make the country the world’s most cost-efficient

producer of ethanol fuel.

Private equity continues to play a pivotal role in financ-ing the growth of the ethanol fuel industry. Stratus Group recently helped finance the expansion of sugarcane-based biochemicals and biofuels producer Amyris Brasil, lead-ing a US$80 million capital injection in the company. The investee company will use the funding to build a new plant and to deploy newly-developed biotechnology into its operations. Private equity firms are also targeting other renewable energy sectors. BTG Pactual recently invested in ERSA, a company which generates electric energy from diverse renewable energy resources, such as hydropower, wind power and biomass-fired power plants. Private equity firm NSG Capital manages a US$235 million energy fund, focused on wind energy investments, and another US$350 million infrastructure fund, targeting opportunities in both the hydrocarbon and renewable energy sectors.

Recent oil and gas discoveries have expanded Brazil’s avail-able domestic energy resources. While private equity firms seldom seek stakes in oil and gas exploration or conces-sions, some see opportunity in related industries. Private equity firm AG Angra recently invested an estimated US$41 million in Georadar, a company that carries out geological

surveys for oil and gas exploration.

Brazil’s government recognizes both the immediate and

long-term need for investment in Brazil’s infrastructure

sector. Over the next six years, Brazil will host two major

international sporting events that will tax the limits of the

country’s transportation and energy capacities. The Lula

administration launched the Growth Acceleration Program

(PAC) in 2007, allocating US$240 billion to fund various

infrastructure needs. Lula proposed a successive plan this

year that would slate an additional US$872 billion for infra-

structure investment, of which US$526 billion would be

disbursed between 2011 and 2014. Numerous projects are

underway in Brazil’s roads, ports, and railway infrastruc-

ture. Major projects include a US$18 billion high-speed

railway between Sao Paulo and Rio de Janeiro, a hydro-

electric power station estimated to cost US$11 billion and

numerous road projects financed by Brazilian and multilat-

eral development banks.

Private equity investors are increasingly playing a role in

financing the growth and development of Brazil’s infra-

structure. Darby Overseas Investments and Stratus Group

secured local capital for a US$245 million mezzanine infra-

structure fund in 2008. The fund invested US$30 million in a

holding company of Eletrogoes, which owns a hydropower

plant and a biomass-fired thermal power plant in northern

Brazil, in mid-2009. In March 2010, domestic private equity

firm BRZ Investimentos took a 20% stake in Elog, the logis-

tics arm of roadways concession company EcoRodovias, for

approximately US$51 million. Private equity investments

in Brazil’s transportation infrastructure are not limited to

the ground. The country ranks fourth globally in the pro-

duction of commercial airplanes. In early 2010, U.S.-based

Sampling of Recent Energy and Infrastructure Investments in Brazil

Fund Manager Company SectorTrans. Value

(US$m) Trans. Date Equity (%)

AG Angra Georadar Services 41 Nov-09 50

BRZ Investimentos ELOG Transportation 51 Jan-10 20

BTG PactualEmpresa de Investimento em Energias Renovaveis (ERSA)

Energy & Natural Resources 172 Oct-09 23

Darby Overseas Investments, Stratus Group

Eletrogoes Clean Technology 30 Jul-09 N/A

Green Capital Investimentos Ultracargo Logistics 46 Mar-10 100

Stratus Group-led consortium Amyris Brasil Clean Technology 80 Dec-09 N/A

TPG Capital Azul Aviation 30 Jan-10 10

Spotlight: Energy and Infrastructure


EMPEA Insight: Brazil May 2010

Sampling of Recent Exits and PE-backed IPOs in Brazil

Fund Manager Company Sector Exit Type Exit Date

Exit Amount (US$m)

Equity Stake (%)

Advent International CETIPBanking & Financial Services

IPO Oct-09 N/A N/A

Axxon Group MillsEngineering & Construction

IPO/Share Sale Apr-10 N/A N/A

Decisao Gestao de Fundos (DGF)

DHC Outsourcing Information Technology Strategic Sale Mar-09 N/A N/A

Gavea Investimentos Aliansce Shopping Centers Consumer IPO Jan-10 N/A N/A

GP Investments BR Malls Consumer Share Sale Jan-10 167 7

Great Hill Partners BuscaPe Information Technology Strategic Sale Sep-09 340 91

Patria Investimentos Casa do Pao de Queijo Restaurants Secondary Sale Dec-09 41 70

Exit TrendsPrivate equity-backed exits slowed during the economic

downturn due to lower valuations and decreased access

to liquidity. While the BM&F Bovespa stock exchange was

one of the first emerging markets exchanges to dramati-

cally decline, it was also one of the first to recover. In 2010,

IPOs by private equity-backed companies have included

Gavea Investimentos-backed Aliansce, a shopping mall

operator, and Axxon Group-backed construction company

Mills Estruturas e Servicos de Engenharia, which raised

US$362 million and US$392 million respectively. While the

IPO market is recovering, Brazil has held only two private

equity-backed IPOs of a total of ten as of April 2010, down

from the exchange’s 2007 peak level of 64 IPOs.

Still the primary exit route, several strategic sales occurred

in 2009 despite lingering uncertainty in Brazil’s financial

markets. Decisao Gestao de Fundos exited its investment

in DHC Outsourcing, an internet technology company,

to a local strategic investor. U.S.-based Great Hill

Partners made headlines when it sold its 91% interest in

Sao Paulo-based e-commerce company BuscaPe to multi-

national media conglomerate Naspers for approximately

US$340 million.

Brazil’s secondary private equity market has shown some

movement. Patria Investimentos sold its 70% stake in cof-

fee store chain Casa do Pao de Queijo to Standard Bank

Private Equity for an estimated US$41 million in December

2009. The purchase was made following an auction held at

the BM&F Bovespa stock exchange.

Brazil IPOs and Follow-on Share Offerings, 2005-March 2010 (US$B)

Source: Deloitte (with data from BM&F Bovespa e Comissao de Valores Mobiliários - CVM).

Select World Market Indices, 2001-March 2010

US$

Bill

ions

Follow-on ShareOfferings

IPOs

0

10

20

30

40

2005 2006 2007 2008 2009 Mar–10

1.7

19.9

15.0

7.2

5.5

2.53.95.53.9

28.8

6.9

2.1

Source: World Federation of Exchanges, Bombay Stock Exchange (BSE), Rus-sia Trading System Stock Exchange (RTS), Sao Paulo Stock Exchange (Bovespa), Shanghai Stock Exhange (SSE) and Standard & Poor’s (S&P).

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 Mar-10

Ind

ex V

alue

(20

01 b

ase

year

=10

0)

BSE-500 RTS Index Bovespa Index SSE Composite Index S&P 500

0

200

400

600

800

1000

2001 2002 2003 2004 2005 2006 2007 2008 2009 Mar-10

0

10

20

30

40

2005 2006 2007 2008 2009 Mar–10

1.7

19.9

15.0

7.2

5.5

2.53.95.53.9

28.8

6.92.1


EMPEA Insight: BrazilMay 2010

Sampling of Firms Investing in BrazilFund Manager(s) Fund Name(s) Fund Focus Geographic Focus

2bCapital (Banco Bradesco, Banco Espirito Santo)

2bCapital Fund* (Raising; BRL500m, US$277m) Generalist Brazil

ACON Investments, LLCACON Latin America Opportunities Fund (Raising, US$400m)

GeneralistCentral America, South America

Actis Actis Emerging Markets Fund 3 (2007, US$2.9B) Generalist Emerging Markets

Advent InternationalLatin American Private Equity Fund IV (2007, US$1.3B);Latin American Private Equity Fund V (2010, US$1.65B)

Generalist Latin America

Alothon Group Alothon Fund II (2008, US$80m) Generalist Brazil, Chile

Angra Partners Angra Partners II (Raising, US$500m) Generalist Brazil

Artesia Capital Management Artesia Capital Management Fund I (2004, US$240m) Generalist Brazil

Atlantica Investimentos FIP Atlantica Saude (2009; BRL160m, US$68m)Healthcare & Life Sciences

Brazil

Banco Modal Fund 1* (Raising; BRL1.8B, US$1.02B) Generalist Brazil

BNDES Participacoes Seed Capital Program (2007, US$38m) SMEs Brazil

BTG PactualBTG Pactual Brazil Infrastructure Fund FIP (2005; BRL1.1B, US$413m); BTG Pactual Brazil Investment Fund I LP (Raising)

Infrastructure and Energy; Generalist

Brazil

Burrill & Company Burrill Brazil Fund (Fundraising, US$100m) Biotechnology Brazil

Capital International Private Equity Funds (CIPEF)

CIPEF V (2007, US$2.25B) Generalist Emerging Markets

Companhia de Participacoes (CRP)Brazilian Middle Market Growth Fund (CRP VII) (Raising, US$150m)

Generalist Brazil

Confrapar Participacoes e Pesquisas HorizonTI (Raising, US$10m) Technology Brazil

Darby Overseas Investments, Stratus Group

Brazil Mezzanine Infrastructure Fund (BMIF) (2008, US$245m)

Infrastructure Brazil

Decisao Gestao de Fundos (DGF) FIP Terra Viva Fund (2008, US$150m) Renewable Energy Brazil

DLJ South American Partners DLJ South American Partners I (2007, US$300m) Generalist Argentina, Brazil, Chile

FIR Capital Partners Fundotec II (2007, US$45m) Technology Brazil

Gavea Investimentos GIF II (2007, US$778m); GIF III (2008, US$1.3B) Generalist Brazil

Global Emerging Markets (GEM) / Banco Pine SA

Global Emerging Markets (GEM) / Banco Pine Fund* (Raising, US$250m)

Generalist Brazil

Governanca & Gestao Investimentos FIP GG II Fund (2007, US$430m) Generalist Brazil

GP InvestmentsGP Capital Partners IV (2007, US$1.3B); GP Capital Partners V (Raising, US$1.4B)

Generalist Brazil

Green Capital InvestimentosGreen Capital Agrotech Fund (Raising; BRL150m, US$85m); Green Capital Oil & Gas Fund (Raising; BRL500m, US$284m)

Agribusiness; Energy & Natural Resources

Brazil

Latour Capital do Brasil Fundo Brasil Sustentabilidade (Raising, US$240m) Clean Technology Brazil

NSG Capital Administracao de Recursos

FIP NSG Brazil Energia (2008, US$235m); FIP NSG Brazil Infrastructure (2007, US$350m)

Renewable Energy; Infrastructure

Brazil

Paladin Realty Partners Paladin Realty Latin America Investors III (2009, US$500m) Real Estate Latin America

Patria InvestimentosBrazil Private Equity Fund III (2007, US$700m); Brazil Real Estate Fund II (Fundraising, US$400m)

Generalist; Real Estate Brazil

PineBridge Investments PineBridge Latin America Partners II (2008, US$692m) Generalist Latin America

Rio Bravo InvestimentosRio Bravo Nordeste II (2007, US$70m); Rio Bravo Energy I (Raising, US$250m)

Generalist Brazil

Southern CrossSouthern Cross Latin America Fund III (2007, US$751m); Southern Cross Latin America Fund IV (Raising)

Generalist Latin America

Stratus Group Stratus Capital Partners (Raising, US$300m) Generalist Brazil

Teka Capital Teka I (Raising, US$150m–US$250m) Generalist Brazil, Colombia

TMG Capital TMG Private Equity Fund II (2009, US$275m) Generalist Brazil

Trivella InvestimentosTrivella Guarani (Raising, US$100m); Trivella M3 (Raising, US$25m)

Generalist Brazil

Vision BrazilTIBA (Raised, US$550m); ViVA Fund (Raising, US$300m); Brazil Real Estate Opportunities Fund II (Raising, US$500m)

Agribusiness; Real Estate

Brazil

*Exact fund name unknown

EMPEA Insight: IndiaEMPEA Insight: Brazil May 2010


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