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Mubadala Capital, the asset management subsidiary of Abu Dhabi’s Mubadala Investment Co., has raised $322 million with its first fund in Brazil.
The Brazil Special Opportunities Fund I (BSOF I) raised capital from a diverse set of global investors, including a leading public pension fund, family offices, corporates, private equity funds and asset managers across North America, Europe, the Middle East and Asia, the asset manager said in a statement on Monday.
The fund is focused primarily on taking controlling stakes in mature companies that are facing some form of financial or legal distress but where the underlying business fundamentals are compelling. "This strategy enables BSOF I to acquire businesses at attractive entry prices, creating a margin of safety at the closing of the transaction that reduces BSOF I’s dependency on Brazil’s economic cycles including currency depreciation while retaining the upside exposure associated with a growing economy."
Mubadala Capital manages over $10 billion of assets in third-party managed funds across Brazil, private equity, public equities and venture capital businesses. It has two funds in Brazil focused on special situations, three private equity funds, two early-stage venture funds and a public fund.
(Reporting by Brinda Darasha; editing by Seban Scaria)
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