Patria raises $700m for third Brazilian fund

The Sao Paolo-based alternatives firm has held a final close for its third private equity fund targeting the consumer and infrastructure sectors.

Brazilian alternative asset manager Patria Investments has closed the Patria Brazilian Private Equity Fund III on $700 million.

The fund will target opportunities related to the Brazilian consumer market and basic infrastructure.

Park Hill Group and Forum Capital Partners served as placement agents.

Patria pursues buy-and-build strategies in fragmented industries from eight general and specialised private equity funds. The funds' focuses include Brazilian post-secondary education and services outsourcing.

To date, the firm has invested in ten platforms encompassing more than 70 transactions. Its portfolio companies include publicly held clinical analysis and imaging diagnostic company Diagnósticos da América, college network Anhanguera Educacional, coffee shop chain Casa do Pão de Queijo and business process outsourcer Tivit.

Patria manages more that $2.8 billion in assets across private equity, real estate and financial derivatives investment funds. The firm also has an advisory group.

The asset manager began its merchant banking activities in 1994 and started its private equity business in 1997 in association with Oppenheimer Investment Bank, which has since been acquired by the Canadian Imperial Bank of Commerce.

Limited partners in Patria’s funds have included JPMorgan Partners, General Electric Investment Management, GE Capital and Companhia do Vale do Rio Doce, according to Patria.