Tuesday, 27 January 2015
Last updated 3 hours ago
Mar 21 2014 | 11:03am ET
Brazil’s Itaú Unibanco Holdings is set to expand its private-equity business.
Kinea Investimentos plans to launch is first dollar-denominated fund next year. The Brazilian real has been among the hardest-hit currencies recently.
“We are still using the money raised from our first fund, but we are planning for the next year to raise between US$500 million and US$700 million with a fund composed by Brazilian and international investors,” Kinea chief Cristiano Lauretti told The Wall Street Journal. “Right now, the exchange rate isn’t a concern for us, but after we raise this fund in dollars, we will have to start to take this into account.”
In the meantime, Lauretti said he is focused on investing the remainder of the 1.5 billion reais (US$727 million) Kinea raised for its first fund in 2007.
“The scenario of low economic growth concerns us and demands a creative approach,” he said. “We are looking for regions of the country with more growth than others, and I can say that now our targets for acquisitions are companies based in the center west and northeast.”
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…