LAVCA VC
  • News Feed
  • VC Data
  • Directories
  • Features
  • Tech Growth Coalition
  • LAVCA Gender Diversity
  • Engage
    • VC Council
    • VC Members
  • LAVCA
  • Member Login
  • Member Access

LAVCA VC

  • News Feed
  • VC Data
  • Directories
  • Features
  • Tech Growth Coalition
  • LAVCA Gender Diversity
  • Engage
    • VC Council
    • VC Members
  • LAVCA

Blackstone-backed Patria Beats Fund V Target with US$1.75b

22 July 2014

(PEHub) Patria Investimentos, backed by The Blackstone Group, has closed its fifth private equity fund on US$1.75b, beating its original US$1.5b target, according to a person with knowledge of the fundraising.

Patria Brazilian Private Equity Fund V officially hit the market in the first quarter and closed in the last few weeks, the person said. The firm has not yet started investing the fund, the person said.

Blackstone did not return a call for comment. Park Hill Group worked as placement agent on the fundraising.

Patria, which is led by four managing partners, closed its fourth Brazil fund on $1.25 billion in 2011 after less than a year in the market. Fund IV was generating a 0.74x multiple as of March 31, 2013, according to performance data from the New York State Common Retirement Fund.

Fund III, which closed on about $630 million in 2008, was producing a 19.2 percent internal rate of return and a 1.6x investment multiple as of Sept. 30, 2013, according to the California Public Employees’ Retirement System.

Patria was founded in 2001 by managing partners Luiz Otavio Reis de Magalhães, Alexandre Saigh and Olímpio Matarazzo Neto. Managing partner Otavio Castello Branco, who joined in 2003, rounds out the executive management group.

The Blackstone Group took a 40 percent stake in Patria in 2010, the firm said on its website.

Fundraising in Brazil was down last year, coming in at $2.34 billion, down 35 percent compared with 2012, according to the Latin American Private Equity and Venture Capital Association. Fundraising across Latin America totaled $5.5 billion last year, according to LAVCA.

Cate Ambrose, LAVCA’s president, told Reuters earlier this year fundraising would gain momentum in 2014. Slower growth and eroding confidence, along with a weaker currency, have helped to depress asset values and increased the attractiveness of buyout targets, she said.

“Some of the major Brazilian players are back in the market and we would expect to see an increase in fundraising numbers compared to 2013,” Caitlin Mitchell, a spokeswoman for LAVCA, said in an email reply to questions Monday.

Advent International was slated to come back to market this year with its Advent Latin America Private Equity Fund VI targeting $2 billion. It’s not clear if that fund has officially hit the market, but sources expected it to launch marketing in May.

JPMorgan-backed Gavea Investimentos has been fundraising and could soon close on about $1 billion, according to a recent report in the New York Times. Other Latin America-focused managers expected to be fundraising, or are fundraising, include Vinci Partners and Grupo BTP Pactual, reportedly targeting $1.5 billion, according to Dow Jones.

Blackstone-backed Patria Beats Fund V Target with US$1.75b was last modified: July 22nd, 2014 by Editor
BrazilPatria InvestimentosThe Blackstone Group
0
Facebook Twitter Google +

Tech Growth Membership

The 2023 LAVCA Startup Founders Survey is made possible thanks to the support of LAVCA’s Tech Growth Membership, a group of leading tech companies and investors advancing the tech ecosystem in Latin America including AWS, Mercado Libre, Microsoft, Qualcomm Ventures, SVB, Riverwood Capital, Google and Movile.

VC Partner Events

    Tweets

    Missing consumer key - please check your settings in admin > Settings > Twitter Feed Auth

    Submit VC News

    Have private equity or venture capital related news that you would like to share? Submit your press releases and news to [email protected].

    VC Industry News

    • Valor Capital Group and NFX Co-Lead USD9.3m Series A for Brazil’s Praso

      30 August 2023
    • EQT Growth Leads USD85m Series F for Brazil’s Gympass at USD2.2b Valuation

      23 August 2023
    • Tiger Global Leads USD61m Series B for Brazil’s Nomad 

      22 August 2023
    • NASZCA and IDB Invest Lead USD15.5m Series A for Mexico’s Wonder Brands

      17 August 2023
    • Victory Park Capital Provides USD100m Credit Facility for Mexico’s Klar

      15 August 2023
    • General Catalyst Lead USD45m Series B for Brazil’s Tractian

      7 August 2023
    • General Catalyst Leads USD45m Round for Brazil’s Tractian

      7 August 2023
    • ADQ Provides USD100m In Convertible Debt to Brazil’s Loft

      2 August 2023
    • Danish SDG Investment Fund Leads USD31.5m Series C for Mexico’s Bright  

      27 July 2023
    • Colombia’s Foodology Raises USD17m from Andreessen Horowitz, 30N Ventures and Chimera

      19 July 2023

    About LAVCA

     

    LAVCA is the Association for Private Capital Investment in Latin America, a not-for-profit membership organization dedicated to supporting the growth of private capital in Latin America and the Caribbean through research, education, networking and advocacy.

    LAVCA Office

        New York City:
        589 8th Ave, 18th Floor
        New York, NY 10018

    Explore LAVCA.org

    • About LAVCA
    • Board, Team, & Advisors
    • Media
    • Contact Us
    • Membership Benefits
    • Members Only Access
    • Education and Programs
    • Research
    • Policy
    • LAVCA VC
    • Contact Us

    @2020 - LAVCA. All Rights Reserved.


    Back To Top