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Siguler Guff Raises R$300 million to Invest in Brazil

June 25, 2013

(Economia & Negocios) Private equity fund Siguler Guff & Company, which has over $12 billion of assets under management around the world, is targeting a $300 million Brazilian fund to start investing in 2014. The companies that will receive capital should be from the consumer, healthcare, education, mining and infrastructure sectors.

O fundo de private equity Siguler Guff & Company, que tem mais de US$ 12 bilhões de ativos sob gestão ao redor do mundo, pretende captar um fundo local de R$ 300 milhões para começar a investir em 2014. As empresas que receberão aporte devem ser dos setores de consumo, saúde, educação, mineração e infraestrutura, os preferidos do fundo norte-americano. Atualmente, a Siguler Guff tem mais de R$ 1 bilhão aplicado no País, atuando como “fundo de fundos” e investidor direto, com 12 carteiras e cinco empresas. O último investimento foi feito em março deste ano na Óticas Carol.

“”O Brasil tem sido a região com melhor performance para nós”, diz o diretor do fundo no País, Cesar Collier, em entrevista ao Broadcast, serviço em tempo real da Agência Estado. De acordo com ele, desde que entrou no Brasil, em 2007, a Siguler Guff analisa cerca de 60 oportunidades de investimento por ano. Para o segundo semestre, a meta pessoal de Collier é fechar pelo menos dois negócios, desembolsando cerca de US$ 100 milhões. “Estamos analisando quatro fundos e três co-investimentos”.”

A seguir, os principais trechos da entrevista:

Dos US$12 bilhões sob gestão, quanto está em mercados emergentes e de que forma?

Aproximadamente US$ 4 bilhões. A Siguller Guff é uma das primeiras e maiores investidoras de mercados emergentes desde 1995. Na Rússia, por exemplo, é o fundo de private equity mais antigo, com mais de US$ 1 bilhão investido. Lá, investimos diretamente, pois há poucos gestores de fundos de participação. Já na China, Índia, Turquia, Brasil e outros países da América Latina, atuamos como fundo de fundos e com investimento direto, mas sempre como co-investidores.

Quais os fundos e empresas em que a Siguler investe atualmente no Brasil?

Por questões estratégicas, não posso falar dos fundos. Mas temos investimento direto na Editora Santillana, na Blue Interactive (TV a cabo e provedora de banda larga), na Óticas Carol, na BSM e na Manabi (mineradora). Esta última, inclusive, compramos de outro fundo, no mercado secundário.

Vocês parecem ter um portfólio bem variado. Não há preferência por algum setor?

Somos oportunistas, mas há alguns temas por trás. Gostamos muito de consumo, educação e gostamos de estar envolvidos nas necessidades e fortalezas que o País tem. O Brasil, por exemplo, tem muita demanda por infraestrutura e a mineração é uma clara fortaleza brasileira, pois o Brasil produz o minério de ferro mais barato do mundo. Gostamos também do segmento de saúde. No Brasil, temos indiretamente 14% do portfólio em empresas do setor, como clínicas de oncologia e empresas de medicina diagnóstica. Depois de consumo, saúde representa a maior porção do nosso portfólio.

Como está o cenário de fundos de fundos no País?

A maioria dos fundos de fundos é de ex alocadores de dinheiro, nós já somos muito mais focados em ser investidor local, com presença forte, com conhecimento tanto das leis do País como também de como fazer negócio por aqui. Houve algumas iniciativas de fundos de fundos brasileiros, mas não há nada concreto até agora. Estrangeiros com participação ativa, que tem escritório e equipe local, há três ou quatro.

Então a concorrência não é um problema, certo?

O que acontece, às vezes, é que há fundos de private equity (que compram participações em empresas) muito concorridos, aí todo mundo quer investir, mas o fundo tem tamanho limitado. Nunca vivemos uma situação de ficar de fora, sempre tivemos a alocação que pedimos, inclusive

Como vocês estão vendo o preço dos ativos brasileiros?

O índice médio de preço de compra de empresas que calculamos está entre 6 e 7 vezes o Ebitda desde 2007. No ano passado, o índice foi de 6,4 vezes o Ebitda. Temos um grande desconto, pois, naturalmente, os preços dos ativos não públicos são mais baratos.

Siguler Guff Raises R$300 million to Invest in Brazil was last modified: July 9th, 2013 by Editor
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