2023-07-04 13:40:30
© Reuters. Manager Pátria partners with Bancolombia for a US$ 1 billion fund
The Brazilian asset manager Pátria, listed on the country and with US$ 27 billion (around R$ 129.7 billion) in assets, closed an agreement with Bancolombia, the largest Colombian financial group, for the creation of an investment company in the neighboring country . The partnership is already born with a fund of US$ 1 billion (R$ 4.8 billion), dedicated to the real estate market. There will also be a contribution from Brazilians in the new company, with an undisclosed amount.
Pátria will have a 51% stake in the joint venture and the remainder will be held by Bancolombia. Under the terms of the agreement, signed this weekend and to be announced today, the Colombian bank’s management team will be transferred to the new company. The team took care of the bank’s US$ 1 billion real estate fund, which invests a third of its resources in shopping malls, another third in offices and the remainder in various real estate projects, such as logistics warehouses, and will now remain in the new company.
The objective is to increase the size of the fund and also the types of products that the new manager will offer, says the partner and CEO of Patria’s real estate area, Marcelo Fedak. “It’s a two-way street. We’re going to want to have Colombian investment inside Colombia and suddenly a Chilean investor in Colombia. We want to connect and connect these markets in Latin America”, says Fedak.
Model
Pátria’s business model in Colombia is similar to the partnership in Brazil between Itaú (BVMF:) and Kinea, created in 2007 with former Bank Boston executives. Initially focused on multimarket funds, today the manager has more than 30 products and close to BRL 80 billion in assets.
The strategy of setting foot once and for all in Colombia, where Pátria had a local office, is related to the investment thesis presented to international investors at the Nasdaq IPO in 2021. Latin America, which in addition to Brazil and Mexico, includes Chile, Peru and Colombia, and also to increase the offer of products in the region, says the partner and responsible for Pátria’s operations in Latin America, Daniel Sorrentino. In Colombia, the manager already has investments ranging from road concessions to a network of hospitals.
Operations
Since arriving on Wall Street, Patria has bought a Chilean asset manager, Moneda. In Brazil, it took steps such as the purchase of Igah Ventures and a 40% stake in Kamaroopin, both to reinforce operations in venture capital, funds that buy stakes in young companies. The manager also invests in companies such as Qualicorp (BVMF:) and Alliar (BVMF:), in addition to operating in sectors such as infrastructure.
The base of products offered by Pátria rose from about eight, before the IPO, to more than 25. Pátria’s Latin American investor base jumped from 10% to 40% in just over two years. Until then, 90% of clients were international investors wanting to allocate resources in countries in the region.
Reference
In the neighboring country, Bancolombia is even relatively stronger than Itaú and Bradesco (BVMF:) in the Brazilian market. It has 29 million customers, this in a population of 50 million people, that is, a 60% share, while in Brazil the big banks are around 50%. In every banking transaction in Colombia, the bank is at least one party. “Having a local presence in Latin American countries makes all the difference,” said Alfonso Duval, a Pátria partner who came from the acquisition of Chilean Moneda and is CEO for the region, excluding Brazil. The information is from the newspaper The State of S. Paulo.
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