Vinci raises $225m for debut RE fund

The Rio de Janeiro-based private equity firm has secured an initial equity haul from Brazilian limited partners for its new vehicle and has begun marketing to international investors.

Brazilian private equity firm Vinci Partners has gathered approximately $225 million for its first real estate vehicle, Vinci Real Estate Fund, which is targeting $650 million in equity. The initial capital haul consists of a $145 million co-investment from Vinci, with the remainder coming from Brazilian high-net-worth investors. The firm declined to comment on its fundraising activity, but PERE understands that Vinci has just begun marketing the opportunistic vehicle to international institutional investors and has hired Credit Suisse Real Estate Private Fund Group as placement agent.

On behalf of the fund, Vinci will invest in office, retail and industrial development and redevelop¬ment projects in Brazil. The firm independently will develop the office projects, which will be concentrated in Rio de Janeiro, but it will partner with developers on retail investments, which will occur throughout the country, and on industrial projects, which primarily will target São Paulo and Rio de Janeiro. 
Founded in 2009 by Gilberto Sayão da Silva and a number of other former executives from Banco Pactual, Vinci has invested through a number of private equity funds and hedge fund strategies. While this is the debut real estate vehicle for Vinci, Sayão and the firm’s other partners previously had built a real estate fund platform at Banco Pactual. That platform, which focused on apartment developments, was taken public in 2007 as PDG Realty.

Last year, Vinci hired Leandro Bousquet to head its real estate group, which currently has seven dedicated professionals. Bousquet previously was head of acquisitions and chief financial officer of Latin America’s largest retail firm, BR Malls, but he also worked at Banco Pactual from 2004 to 2006 in its investment banking division, focusing on the real estate sector.

Vinci isn’t the only Brazilian private equity firm that is said to be in the market with a new real estate fund. PERE understands that GP Investimentos – which partnered with Equity International on an investment in BR Malls from 2006 to 2012 – is re-entering the real estate market with a new team and talking with investors about a new property fund. 

Meanwhile, investment bank BTG Pactual also is said to be shopping around a new real estate-focused vehicle. BTG Pactual was formed in 2009 after UBS sold UBS Pactual – the entity formed from its 2006 acquisition of Banco Pactual – to BTG, which itself was established in 2008 from a group of former Pactual partners and UBS managing directors.