Private Equity and Venture Capital in Brazil - BVCA admin

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S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L 22549-d-092308 “Secular trends and foreign shocks: assessing their impact on investments in Brazil” November 2011
22549-d-092308 Important Notice Any recipient of this presentation (the “Presentation”) must: (a) Limit the recipients of copies of the presentation or summaries of its content to a limited number of colleagues at his or her firm solely on a “need to know” basis; (b) Under no circumstances give the Presentation, copies thereof, or summaries of its contents, nor provide any information contained in it, to any person outside one’s firm; (c) Require colleagues who are in receipt of the Presentation or summaries thereof to comply with the requests set forth in the preceding clauses (a) and (b). The following Presentation is being provided to certain selected institutional and sophisticated investors in one-on-one presentations on a confidential basis for informational and discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase an interest in any current or future investment vehicle sponsored by Patria Investimentos S.A. or its affiliates, including its predecessor Banco Patrimonio de Investimento S.A. and its activities, where applicable (“Patria”). Any such offer or solicitation shall be made only pursuant to a confidential private placement memorandum for the relevant fund which supersedes and qualifies in its entirety all the information set forth in this Presentation. This Presentation does not constitute a part of the Memorandum and recipients should not construe the contents of this Presentation as financial, legal, accounting, tax or investment advice. In considering the performance information contained herein, recipients should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance unrealized return projections will be met. Unless otherwise indicated, all internal rates of return and multiples of invested capital are presented on a “gross” basis (i.e., they do not reflect management fees, “carried interest,” taxes, transactions costs and other expenses borne by investors, which reduce returns and, in the aggregate, may be substantial). Any such Gross MOIs used herein represent the total value (realized or unrealized) of an investor’s investment as a multiple of invested capital prior to the payment of any expenses. “Gross IRR” and “Net IRR” shall mean an aggregate, annual, compound, gross or net, as applicable, internal rate of return on investments, calculated based on daily investment inflows and outflows, with the returns reported on an annual basis. Gross leveraged IRRs present the gross annual internal rate of return after the effects of debt financing (at either the fund or asset level) is taken into consideration. Net IRRs are after all management fees, carried interest, transaction costs and other expenses (other than taxes borne or to be borne by investors, and are generally substantially lower. Net leveraged IRRs present the net annual internal rate of return to the investor after the effects of debt financing (at either the fund or property level) is taken into consideration. A hypothetical illustration of the effect of carried interest, transactions costs and other expenses on “Gross IRRs” and “Gross MOIs” is available upon request. Projections and/or future unrealized values of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market and other conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which current unrealized valuations are based and many of which are difficult to predict and are beyond Patria’s control. Furthermore, the global economy, including in Brazil, has recently experienced periods of significant market volatility. If these unrealized investments were to be liquidated under current market conditions, the values obtained could be, with respect to such investments, materially lower than those indicated in the projected returns shown. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein. Moreover, certain information herein is presented in U.S. dollars, however Patria’s investments generally are denominated in Reais and hence a portion of the value of unrealized investments will depend on the relative strength or weakness of the U.S. dollar to the Real. Unrealized returns are not to be relied upon as facts and there can be no assurance that such results will be achieved. Certain of the past performance information, selected examples and case studies presented herein may not be representative of all transactions of a given type or of Patria’s investments generally. The investment strategy, size and type of investments with respect to which such past performance information relates may differ in one or more respects from the investment strategy generally employed by Patria’s Private Equity Group and the results of certain past performance set forth herein, may be attributable to the activities of investment professionals that do not participate in Patria’s Private Equity Group. Certain information contained in this Presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any fund or investment discussed herein may differ materially from those reflected or contemplated in such forward-looking statements. Any projections, market outlooks or estimates in this Presentation are forward-looking statements and are based upon certain assumptions. Other events which were not taken into account may occur and may significantly affect any fund or investment discussed herein. Any outlooks and assumptions should not be construed to be indicative of the actual events which will occur. Certain information contained herein (including targets, forward-looking statements, economic and market information and portfolio company data) has been obtained from published sources and/or prepared by third parties (including portfolio companies) and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable for the purpose used herein, none of Patria or any of its directors, officers, employees, partners, members, shareholders or affiliates, or any other person assumes any responsibility for the accuracy or completeness of such information. Patria does not have any obligation to update the information contained herein. 23
Page 1 and 2: In partnership with Private Equity
Page 3 and 4: In partnership with In association
Page 5 and 6: Sidney Chameh, Chairman, ABVCAP pre
Page 7 and 8: A Brief Macro Overview 30.0% 25.0%
Page 9 and 10: Opportunities Growth: Brazil is now
Page 11 and 12: Brazil PE/VC in Numbers Fundraising
Page 13 and 14: Private Equity Funds (FIPs) Most us
Page 15 and 16: Priorities Advocacy & Institutional
Page 17 and 18: ABVCAP Data Benefits: Data accuracy
Page 19 and 20: Thank you! Sidney Chameh Chairman,
Page 21: International Series Brazil Secular
Page 25 and 26: I. The widening growth gap between
Page 27 and 28: II. Brazil: domestic market oriente
Page 29 and 30: 9 6 3 0 -3 -6 -9 -12 -15 22549-d-09
Page 31 and 32: III. Challenges and opportunities:
Page 33 and 34: 22549-d-092308 IV. Foreign environm
Page 37 and 38: International Series Brazil Advanta
Page 39 and 40: In partnership with Coffee and Netw
Page 41 and 42: International Series Brazil The Reg
Page 43 and 44: THE ROLE OF BRAZILIAN LEGISLATION I
Page 45 and 46: Foreign Investment ▪ EQUAL TREATM
Page 47 and 48: Regulated - Vehicles Foreign Countr
Page 49 and 50: PE / VC FUNDS ▪ CLOSED END INVEST
Page 51 and 52: PE / VC FUNDS - PORTFOLIO SHARES DE
Page 54 and 55: Brazil: International Fund Structur
Page 56 and 57: FIPs • Closed-end investment fund
Page 58 and 59: FIP/Offshore Fund Structure Non-FIP
Page 60 and 61: Currency/Inflation Issues • Curre
Page 64 and 65: LPs’ views of the Brazilian PE/VC
Page 66 and 67: 90 80 70 60 50 40 30 20 10 0 Source
Page 68 and 69: 70 60 50 40 30 20 10 0 Brazilian PE
Page 70 and 71: 70 60 50 40 30 20 10 0 Percentage o
Page 72 and 73:
35 30 25 20 15 10 5 0 Plans for EM/
Page 74 and 75:
30 25 20 15 10 5 0 Source: ABVCAP/B
Page 76 and 77:
80 70 60 50 40 30 20 10 0 Percentag
Page 78 and 79:
60 50 40 30 20 10 0 Source: ABVCAP/
Page 80 and 81:
80 70 60 50 40 30 20 10 0 Percentag
Page 82 and 83:
Thank you 82
Page 84 and 85:
International Series Brazil The LP
Page 86:
International Series Brazil Closing
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