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Private Equity Firm GP Raises Fund to Buy a Brazil Power Company

  • Idea is to obtain $300 million, CEO Bonchristiano says
  • Shareholder equity is used for investments outside Brazil

GP Investments Ltda., the private-equity firm founded by Brazil’s richest man, is raising at least $300 million from international investors for a fund to buy the control of a power distribution company in Latin America’s biggest economy.

“We used to raise general funds to invest in Brazil without any industry direction, but now, given all the uncertainties, we think it is very difficult to obtain a blank check," Chief Executive Officer Antonio Bonchristiano said in an interview at the firm’s Sao Paulo office. Currently GP is focusing only on companies where it sees a unique opportunity, he said.