Wednesday, 1 April 2015
Last updated 4 hours ago
Sep 30 2010 | 8:45am ET
The Blackstone Group is expanding its footprint in Latin America with the purchase of a 40% stake in a Brazilian alternative asset manager.
Blackstone announced today that it took a minority stake in Patria, and together the two firms would work to build their businesses in Brazil and throughout South America.
The transaction is expected to close on Oct. 1. Details of the deal were not disclosed by either firm, but Brazilian newspaper Valor Economico is reporting that Blackstone paid $200 million for the stake.
“Partnering with Patria will enable Blackstone’s limited partners and advisory clients to benefit from the fast expanding business opportunities in the country, as well as from Patria's deep knowledge of the local market," said Stephen Schwarzman, chairman and chief executive officer of Blackstone. "We envisage us both taking advantage of a wide spectrum of opportunities ranging from financial advisory services to real estate, private equity, capital management and infrastructure”
Luiz Otavio Magalhães, founding partner and CEO of Patria, added that “we are very pleased to announce this agreement. It represents one of the most significant partnerships to be established in Brazil’s financial industry. We are delighted to be working closely with Blackstone, whose core values we share.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…