Third time lucky: How BR Partners followed the BTG playbook to get its IPO over the line
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Third time lucky: How BR Partners followed the BTG playbook to get its IPO over the line

Ricardo Lacerda launched a boutique investment bank in the aftermath of the 2008 financial crisis. Having finally succeeded in IPOing his firm at the third attempt, he now looks to navigate it through Brazil’s turbulent waters.

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Photo: Cauê Diniz

“If you bet on Brazilian macro you will lose. Because there is only one certainty about the Brazilian market – we always disappoint. And even if I lower your expectations, we’re still going to disappoint because it’s a very complicated country of high interest rates and low growth.”

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  • The BTG formula
  • BR Partners’ founder and chief executive, Ricardo Lacerda doesn’t mince his words when explaining why his niche investment bank eschewed a big international IPO roadshow when the company listed on the B3 in June this year.

    Lacerda was speaking to Euromoney on October 18 – days before the latest financial turmoil in Brazil set in.

    The country’s flirtation with financial chaos changes just a little every cycle, but the ingredients are the same: political dysfunction leads to fiscal mismanagement and overreliance on monetary policy. On October 21 four key members of the economics ministry quit, joining the growing number of market participants who realize that economic minister Paulo Guedes’ commitment to the country’s spending cap is far less resolute than his desire to cling on to power and remain part of the failing government.


    Rob Dwyer head.jpg
    Latin America editor
    Rob Dwyer is Latin America editor. He has been a financial journalist since 1997 and has worked in London, New York and São Paulo, Brazil, where he is now based.
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