{"id":97681,"date":"2026-02-25T13:02:15","date_gmt":"2026-02-25T16:02:15","guid":{"rendered":"https:\/\/murray.adv.br\/?p=97681"},"modified":"2026-02-25T13:02:15","modified_gmt":"2026-02-25T16:02:15","slug":"private-equity-investments-jump-in-brazil-despite-slow-exits","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/private-equity-investments-jump-in-brazil-despite-slow-exits\/","title":{"rendered":"Private equity investments jump in Brazil despite slow exits"},"content":{"rendered":"
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Braskem control deal boosts 2025 volumes to R$50.1bn as IPO window remains shut<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
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Driven by the transaction that transferred control of Braskem to restructuring-focused asset manager IG4, private equity funds increased allocations in 2025, even as exit routes remained weak with another year of a virtually closed IPO market on Brazil\u2019s stock exchange.<\/p>\n<\/div>\n

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In total, 89 investments were completed last year, reaching R$50.1 billion, data from the Brazilian Private Equity and Venture Capital Association (Abvcap) shared with Valor show. A year earlier, there were 72 transactions totaling R$13.3 billion.<\/p>\n<\/div>\n

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The Braskem deal,\u00a0under which IG4 will acquire shares held by creditor banks,<\/a>\u00a0is still pending approval from Brazil\u2019s antitrust authority, the Administrative Council for Economic Defense (Cade).<\/p>\n<\/div>\n

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The transaction skews the data, accounting for roughly R$20 billion of the total. Even excluding the deal, however, investment volume more than doubled last year.<\/p>\n<\/div>\n

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Limited exits<\/strong><\/p>\n<\/div>\n

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On the divestment side, the narrow IPO window curbed stake sales. In 2025, divestments totaled R$9.42 billion, close to the R$10 billion seen in 2024, a year that was already considered weak.<\/p>\n<\/div>\n

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Last year,\u00a0block trades emerged as an alternative exit route<\/a>, though limited to already listed companies. The strategy was used, for example, by CPP to sell stakes in shopping mall operator Allos and fashion retail group Azzas, and more recently by P\u00e1tria Investimentos in the sale of its stake in gym chain Smart Fit.<\/p>\n<\/div>\n

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Beyond Braskem, another major private equity deal was the sale of data center company OData to U.S. asset manager BlackRock and Abu Dhabi-based investment firm MGX. A consortium of funds acquired education group Salta in another notable 2025 transaction.<\/p>\n<\/div>\n

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The acquisition of corporate travel agency Voll by Warburg Pincus and the purchase of transmission lines from EDP by Actis were also among last year\u2019s key deals.<\/p>\n<\/div>\n

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Outlook for 2026<\/strong><\/p>\n<\/div>\n

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Industry executives expect a more favorable environment for divestments in 2026, supported by improved asset prices and stronger market conditions, as well as renewed foreign interest driven by global portfolio rotation.<\/p>\n<\/div>\n

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As funds sell assets, they gain more room to raise fresh capital. The prospect of lower interest rates also supports this view.<\/p>\n<\/div>\n

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Priscila Rodrigues, president of Abvcap, said funds with dry powder seized buying opportunities, but difficulties in exiting investments have hurt fundraising.<\/p>\n<\/div>\n

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She noted that private equity funds remain active in Brazil because their focus, beyond being long term, is more attentive to \u201cmicro issues.\u201d More recently, she said, the temperature gauge has shown an increase in negotiations for new investments, including more due diligence processes.<\/p>\n<\/div>\n

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Rodrigues added that the \u201cspecial situations\u201d strategy has gained traction during years of high interest rates. The Braskem transaction itself fits that profile.<\/p>\n<\/div>\n

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For this year, she sees a trend toward more deals but stressed that 2026 is a \u201cshorter year,\u201d due to both the World Cup and Brazil\u2019s election calendar.<\/p>\n<\/div>\n

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Focus on \u2018micro\u2019<\/strong><\/p>\n<\/div>\n

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Bruno Maimone, head of Brazil operations at Warburg Pincus, said that this focus on the \u201cmicro\u201d allowed the firm to post a strong year in the country, both in investments and exits. The strategy has been to tilt the portfolio toward technology and financial services companies. \u201cAt the micro level we were able to find good companies,\u201d he said.<\/p>\n<\/div>\n

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The firm\u2019s main investment in 2025 was a R$700 million check into Voll. Its key divestment was the sale of its stake in Salta.<\/p>\n<\/div>\n

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In 2026, the natural course will be for Warburg Pincus to focus on existing portfolio companies, especially after completing a major transaction, Maimone said. Even so, the firm will remain active. \u201cWe have capital to allocate and will look at new investments.\u201d<\/p>\n<\/div>\n

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Luis Felipe Cruz, a partner at P\u00e1tria Investimentos,\u00a0said the sale of the Smart Fit stake this week closed a successful investment cycle.<\/a>\u00a0He sees a more positive environment for divestments, supported by improved sentiment toward Latin America and the expected decline in interest rates this year.<\/p>\n<\/div>\n

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Anderson Brito, head of investment banking at UBS BB, said there have been many discussions involving both international and local funds. \u201cThey are very active,\u201d he said.<\/p>\n<\/div>\n

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For international fund managers, including large sovereign wealth funds, portfolio reallocation toward emerging markets has also become a relevant theme, which tends to benefit Brazilian assets.<\/p>\n<\/div>\n

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\u201cThe environment of persistent uncertainty in developed markets has increased the weight of diversification,\u201d he said.<\/p>\n

*By\u00a0Fernanda Guimar\u00e3es\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n

<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Braskem control deal boosts 2025 volumes to R$50.1bn as IPO window remains shut     02\/25\/2026\u00a0 Driven by the transaction that transferred control of Braskem to restructuring-focused asset manager IG4, private equity funds increased allocations in 2025, even as exit routes remained weak with another year of a virtually closed IPO market on Brazil\u2019s stock […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26776,26775],"class_list":["post-97681","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-jump-in-brazil-despite-slow-exits","tag-private-equity-investments"],"yoast_head":"\nPrivate equity investments jump in Brazil despite slow exits - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/private-equity-investments-jump-in-brazil-despite-slow-exits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private equity investments jump in Brazil despite slow exits - 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