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BNDES, IFC and IDB Invest form an investment fund worth R$ 1.2 billion

10/05/2018

FIDC’s manager is Patria Investments, which has expertise in infrastructure, agribusiness, education, food and beverages

The fund’s objective is to provide long-term credit of up to seven years for enterprises still without access to the capital market

 

The Brazilian Development Bank (BNDES), the International Finance Corporation (IFC), the World Bank’s investment arm, and IDB Invest, investment arm of the Inter-American Development Bank (IDB)’s private sector, formed the Patria Crédito Estruturado FIDC investment fund, a credit rights fund focused on the structuring of corporate credit and with initial equity corresponding to R$ 1.2 billion.

FIDC’s manager is Patria Investments, which has expertise in infrastructure, agribusiness, education, food and beverages. Santander acted as coordinator, designer and distributor of FIDC’s offer, gathering, along with Patria, investors who contributed with resources to be applied in the fund.

The purpose of the fund, which will have 19 shareholders, including pension funds, institutional investors and family offices, is to offer long-term credit of up to seven years, to enterprises still without access to the capital market. Mid-sized enterprises, with annual sales worth up to R$ 1.5 billion, will be able to use the resources in investments, working capital or for other purposes. 

Fast-Track – BNDES will contribute with up to R$ 250 million to be applied in FIDC. IFC, of the World Bank, with R$ 188 million. And IDB Invest, with R$ 160 million. Eliane Lustosa, director of BNDES’s Capital Markets department, explains that the choice of Patria as manager happened through the Fast-Track modality, which was recently approved by the Bank in its investment policies for selecting Credit Funds and Funds for Investment in Equity and Projects.

In this modality, fund managers forward to BNDES an Application in accordance with the guidelines provided in www.bndes.gov.br, requesting BNDESPAR’s support. Among the requirements for evaluation of the fund’s eligibility, the following stand out: advanced stage of gathering of resources and investment commitment issued by one or more financial institutions.

 

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