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07.10.08
» New investment fund program will have
1.5 bi to support companies of all sizes
BNDES approved a new Investment Fund Program, with a R$
1.5 bi budget. It is intended to broaden the support to
capitalization of companies of all sizes, spread out good
governance practices and foster the risk capital culture in
Brazil. The new program will be focused on businesses under
the priorities of BNDES.
The program will allow investments in shares of up to ten
funds, eight of which will be private equity funds and two
investment funds in emerging companies (venture capital).
These funds will be selected by stages, based on the
assessment of market opportunities and BNDES prioriries.
BNDESPAR’s maximum share in the committed equity will be,
respectively, up to 20% in private equity funds and a
maximum of 25% in venture capital funds. This program will
be in effect for 24 months, during which tem funds will be
selected.
First call
The first call of the program is in effect for the
capitalization of three private equity funds, with the
following investments policy:
1) one in agribusiness;
2) one for the production chain of ethanol and/or generation
of energy through biomass (cogeneration with sugarcane waste,
biodiesel etc); and
3) one for governance increment, with no sector focus.
Proposals of businessmen wishing to take part in one or more
first call funds must be prepared on an independent basis
according to the selection and eligibility information
disclosed on BNDES website,
www.bndes.gov.br.
Proposals must be sent to BNDES up to August 11, 2008. They
must be assessed as per eliminatory and qualification
criteria, as set forth in the program and described on the
website.
The strategic importance of the new BNDES funds program is
associated to the strengthening of the Brazilian capital
market and to the reinforcement of the Bank’s performance as
an investment agent in Brazil.
The program must allow capitalization of companies in
strategic sectors, also allowing the consolidation in some
segments, complementing financing sources and generating new
jobs.
BNDES currently takes part in 31 investment funds, seven of
which under contracting phase. These funds account for a
committed equity of nearly R$ 7.4 bi, a 5-fold leveraging
effect as compared to the funds invested by BNDES. Since
BNDES started performing through funds, it provided direct
investments in more than 110 companies of different sizes
and sectors of the Brazilian economy.
Selection of funds
The selection of funds, following examples of previous
programs, is intended to give transparency and reliability
to the choices made by BNDES. The steps the process include:
Internal definition, before each selection process,
investment policies proposed for the funds, established
according to BNDES performance priorities; call for the
selection of funds through public disclosure; submission of
proposals of businessmen pre-qualified by the BNDES
Securities Committee, on a date yet to be defined; approval
of the selection process and eligibility of winning
proposals by the Eligibility and Credit Committee (“CEC”);
assessment of regulations and due diligence of fund managers
selected; and final approval by BNDESPAR management.
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