Votorantim and Temasek launch $700 million fund to invest in Brazil
SAO PAULO (Reuters) – Brazil’s Votorantim group and Singapore’s Temasek Holdings teamed as much as launch a $700 million fund to put money into Brazilian firms, they mentioned in a joint assertion on Tuesday.
The funding fund, referred to as 23S Capital, will goal long-term investments in high-growth sectors of the Brazilian financial system, the businesses mentioned.
“Our funding mandate will give attention to high-potential tendencies in Brazil and globally, with an emphasis on new enterprise fashions and expertise throughout varied sectors of the Brazilian financial system,” mentioned 23S Capital’s chief govt Matheus Villares.
“This technique will place 23S Capital as a long-term companion to firms and entrepreneurs,” Villares mentioned.
The transfer comes at a time when startups have been seeing sources of capital dry up amid increased rates of interest and uncertainties round world financial development.
Late final yr, although, Japan’s SoftBank Group Corp renewed its wager on Latin America by launching a $3 billion fund to put money into expertise firms after pouring $3.5 billion into the area in the previous couple of years.
(Reporting by Peter Frontini, Modifying by Rosalba O’Brien)
