Pursuits
Carlyle Braves Brazil Crisis as Private Equity Bucks M&A Slump
- Fund already announced 2.45 billion reais in deals this year
- Companies agree to `downsize protections' amid downturn
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It’s a buyers’ market in Brazil, and Carlyle Group LP is in the mood to do business.
After two “very frustrating years," Carlyle has announced 2.45 billion reais ($628 million) of acquisitions this year in Latin America’s largest economy and is looking for more, said Fernando Borges, Carlyle’s co-chief executive officer for the country. With initial public offerings all but dead this year in Brazil, many companies are eager to find private-equity partners and willing to agree to "downsize protections," such as performance targets or payments in tranches that can guard against currency devaluations, he said.