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Brazil: Pactual private placement taps interest in Brazil

Sovereign wealth funds buy in; Firm now valued at $9.7 billion

BTG Pactual completed Brazil’s largest ever private placement of shares in December to raise capital for investment opportunities. Through the placement it also added a new tier of strategic partners to the bank.

Andre Esteves, chief executive and partner of BTG Pactual, tells Euromoney that for the first time in more than 20 years of working in Brazil and the emerging markets he was faced with more opportunities for investment than he had capital to deploy. Esteves says the cost of raising capital through an IPO and the private placement was broadly comparable. However, he adds: "We decided to go down the private placement route because it gives us the opportunity to establish a strategic relationship with some of the biggest and most respected investors in the world – including three large sovereign wealth funds."

The sale of $1.8 billion of 18.65% of equity to nine investors, including sovereign wealth funds Government of Singapore Investment Corp (GIC), China Investment Corp (CIC), and Abu Dhabi Investment Council (Adic) is, for Esteves, a sign of a "new financial world order – a very dramatic deal, a landmark".

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