BNDES’s Treu Ramos on Investing in Brazilian Funds, Investment Committee Requirement

Aldo Henrique Treu Ramos, private equity analyst at Banco Nacional de Desenvolvimento Economico e Social, spoke with Sabrina Willmer about how much it has to commit this year and where it will commit, and the Brazilian limited partner practice of sitting on investment committees.

Q: When did BNDES start investing in Brazilian funds?

A: We were one of the first private equity funds to start making investments in Brazil, as early as 1996. Today, we are invested in 29 funds, including private-equity, venture and seed-capital funds. BNDES also has another four funds committed that are in the fundraising period and is scheduled to approve another five this year. When we choose managers, we look to fill the gaps
on Brazilian sector, fund size and company size. In recent years, BNDES has invested in biotechnology, infrastructure, education, agribusiness and oil and gas. We make  investments based on what is important for the Brazilian economy and attractive for the private equity fund industry. Right now, we are in the process of selecting two venture funds…

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