Bradesco and Banco Espírito Santo banks set up private equity management firm in Brazil

17 September 2009

Lisbon, Portugal, 17 Sept – Brazil’s Bradesco bank, the country’s second largest private bank and Portuguese bank Banco Espírito Santo (BES) have set up a private equity management firm to operate in Brazil called 2bCapital, the partners said Wednesday.

2bCapital will be owned in equal share by subsidiaries BRAM – Bradesco Asset Management and Espírito Santo Capital (ES Capital).

The company’s first private equity investment will be valued at around US$300 million.

The 2bCapital fund will invest in pre-selected sectors, in companies with annual revenues of over 100 million reals and high growth potential and investments may include both minority and controlling stakes.

Other more general or sector-focused funds are also part of 2bCapital’s plans for the future in Brazil.

BRAM, is the second-largest private third party asset management company in Brazil and manages some 160 billion reals spread across over 3.3 million investment funds and portfolios under management.

ES Capital is a Grupo BES company which has managed private equity funds for the last 13 years, operating in Portugal, Spain and France, with a portfolio currently worth 190 million euros. (macauhub)