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Street Sweep Term Sheet |BLOGS:
Ec onomics Pri vate Equi ty Wall Street WashingtonTOPICS:
Term SheetThe latest on private equity, M&A, deals and
movements from Wall Street to Silicon Valley
Is Brazil the next big thing for
private equity?Posted by Dan PrimackSeptember 30, 2010 3:15
pm
Latin America has long been the final frontier for private
equity, but its time may have finally
arrived. Just look at what's happening in Brazil.
When I first began covering private equity, my newsletter had a
stringer covering Latin
America. Then came the Argentinian debt crisis, followed by the
rapid emergence of markets like
India, China and the Middle East. We had to let her go.
More than a decade later, Latin America's eclipse may be
fading.
Ground zero for the revival is Brazil, where private equity
firms invested approximately $3 billion in
the first half of 2010. This is more than twice what was
invested in all of last year, and is on track to
top the record-amount invested in 2007 (which was due more to
global M&A boom than anything
Brazil-specific).
Much of this year's activity has been sponsored by local firms,
but the spike comes from outsiders.
Apax Partners, for example, recently invested over $540 million
for a control stake in Tivit SA, a
So Paulo-based provider of IT and BPO services throughout Latin
America. It was the firm's
first-ever acquisition in Brazil. More recently, Warburg Pincus
co-led a $206 million deal for a
Brazilian renewable energy company. That deal came out of a So
Paulo office that Warburg
Pincus opened just this past February.
Then there is The Carlyle Group, which has done three deals
since last year out of its 8-person So
Paulo office.
But the biggest move may have come yesterday, when The
Blackstone Group agreed to acquire
40% of Ptria Investimentos, a Sao Paulo-based investment firm
with $3.7 billion in assets under
management. The deal will give Blackstone a ready-made team in
Brazil, where it's never done a
deal. For Ptria, it means the flexibility to do much larger
transactions.
With the exception of s ize, the two firms look like mirror
images of one another. Both foundingteams previously worked within
investment banks, and used private equity as an anchor to
launch
real estate, hedge and corporate advisory practices. Ptria also
has a thriving infrastructure
practice, while Blackstone is in the midst of raising its own
dedicated infrastructure fund.
"We began having relations with them on the advisory side around
ten years ago, when Ptria was
being bought and sold out of banks," explains Blackstone
spokesman Peter Rose. "It's a great
cultural fit and, in hindsight, maybe we would have partnered
earlier."
Ptria will continue to manage its own portfolio, and make
decisions on new deals in Brazil.
Blackstone has the option to co-invest out of its existing
global funds, and may be asked to
fund opportunities that Ptria cannot afford.
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Dan Primack
Dan Primack joined Fortune.comin September 2010 to coverdeals
and dealmakers, from WallStreet to Sand Hill Road.Previously, Dan
was an editor-at-large with Thomson Reuters,where he launched
bothpeHUB.com and the peHUBWire email service. In a past
journalistic life, Dan ran acommunity paper in Roxbury,
Massachusetts. He currentlylives just outside of Boston.
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azil the next big thing for private equity? - The Term Sheet:
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http://finance.fortune.cnn.com/2010/09/30/is-brazil-the-next-big-th
10/1/2010
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