Brazilian Firm Launches Fund For Foreigners

Aug 26 2008 | 1:01am ET

Sao Paulo, Brazil-based alternative investment firm Astra Investimentos has recently launched a fund aimed at giving foreign investors a piece of the booming Brazilian pie.

Astra's first fund aimed at foreign investors, the Astra Credit Fund, was established to capitalize on opportunities in structured credit, with a focus on performing receivables from financial institutions and companies in Brazil that are secured by  assets and other guarantees.

The new fund is a master-feeder structure domiciled in the Caymans, and currently has assets of $30 million. It is designed to produce annual returns in the range of 18-20% net of fees. The minimum investment requirement is $1 million, and fees are 2% for management and 20% for performance.

Citibank is the administrator and custodian, and KPMG is the auditor. The fund also uses the legal services of Maples and Calder in the Caymans), and the Investment Law Group in the U.S.

Astra Investimentos was founded by Andrew Jenner, who previously worked at ING Bank. He has also served as director for Latin American banking at Bank Kreiss, where he oversaw investment banking, mergers and acquisitions and fund management.

Astra Investimentos manages $150 million between the Astra Credit Fund, the Astra Selection Fund (an activist fund), and the Astra SMART portfolio (a portfolio of mutual funds). The firm is focused on alternative investments in credit/asset based lending, activism, private equity, real estate, mortgages, infrastructure and agriculture.

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