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P2 Brasil raises $407m for Brazilian infrastructure fund

by Reg Clodfelter

Brazilian investment firm P2 Brasil has raised $407 million for its P2 Brasil Private Infrastructure Fund III, according to a filing with the SEC. The fund has raised nearly $250 million since its previous filing in December 2013.

The fund’s predecessor, P2 Brasil Private Infrastructure Fund II, closed in August 2011 after reportedly exceeding its $1 billion fundraising target by raising $1.15 billion, which it used to target returns of at least 20 percent through capital gains investments, distinguishing it from income-oriented infrastructure funds.

P2 Brasil, a firm that invests in private equity infrastructure assets, was established by a partnership between Brazilian firms Patria Investimentos and Grupo Promon. P2 Brasil predominantly invests within Brazil, focusing on investments in transportation and logistics; oil and gas; water, waste and related services; and power distribution and transmission.

In 2010, Patria formed a formal partnership with The Blackstone Group when the U.S. firm purchased a 40 percent interest in Patria.

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