Data & Intelligence

Brazil Data Insight (Q1 2017)

Following a challenging 2016, prospects for private capital investors in Brazil are gradually recovering. With inflation reined in, aggressive cuts to sky-high interest rates and positive GDP growth expectations, the macro scenario is improving. Brazil’s resurgent public markets have also been an indication of health: three PE-backed IPOs have already taken place this year, although two fell just outside the first quarter reporting period, and others are in the works. Despite these improvements, Brazil-specific fundraising has not yet caught up. Only one fund closed in Q1 2017, raising US$32 million, and only nine funds closed in the last five quarters. Still, Brazil’s return to economic growth and its recent regulatory reforms may entice local institutional investors to allocate capital to private funds. Furthermore, according to EMPEA’s 2017 Global Limited Partners Survey, 22% of LPs plan to begin or expand investment in Brazil over the next two years, up from 13% in 2016. Consequently, recovery in private capital activity in Brazil will likely be slow, but the year ahead may start to bring a turnaround for Latin America’s largest market.

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