Itaú acquires 35% stake in Prisma Capital
Itaú Unibanco is acquiring a 35% stake in Brazilian alternative asset manager Prisma Capital, expanding its exposure to special situations and credit strategies, according to a report by Bloomberg.
Brazilian bank Itaú Unibanco is set to acquire a 35% stake in alternative asset manager Prisma Capital, as reported by Bloomberg. The financial terms of the deal have not been disclosed. The investment will be made through preferred shares, while Prisma Capital’s current partners will maintain a 65% ownership of the company, including all voting shares.
The acquisition is pending approval from Brazil’s antitrust regulator and central bank. Established in 2017 and headquartered in São Paulo, Prisma Capital manages a portfolio of around BRL28bn ($5.6bn) across various asset classes such as private and public equities, credit, real estate, distressed companies, and claims. Notable investors in Prisma Capital include both domestic and international institutions, as well as family offices.
The firm also engages in investing in structured credit funds called FIDCs, which specialize in acquiring receivables like payroll-linked loans, and technology platforms that originate credit. The acquisition is expected to bolster Prisma Capital’s investment capacity and facilitate the creation and acquisition of platforms for originating assets for its funds. Prisma Capital’s existing partners are not involved in the share sale aspect of the transaction.
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