B3 compra 40% da IDEX, uma aposta no crédito privado

B3 is purchasing up to 40% of IDEX Analytics, a company specializing in fixed income indices, which is developing a platform to provide market information on private credit. The Brazilian stock exchange (B3) and Leto Asset Management, formerly JGP Crédito and the controlling company of IDEX, will jointly invest R$ 40 million in the company, with B3 taking the majority stake of up to 40% and retaining the option to purchase the remaining shares starting in 2031.

André Milanez, B3's CFO, stated that this partnership aligns with their strategy to seek partnerships offering high-value-added solutions for the market. William May, IDEX's CEO, highlighted the lack of quality information in the private credit market. The platform IDEX is finalizing for launch in the first quarter of 2027 aims to supply analytical data on private credit titles and centralize their trading prices, which currently do not exist and is a constant demand in the market.

"It will be like Bloomberg for private credit," said Alexandre Muller, the founder and CIO of Leto, who will take a seat on the IDEX board. The billing model for clients is still not defined. IDEX originated within JGP in 2017 and became a benchmark for fixed income indices over the years. This year, it underwent a spinoff, with Muller leading a management buyout of JGP Crédito and assuming command of the business.

IDEX's benchmark is PricingDirect, a subsidiary of JP Morgan that provides information and pricing of fixed income titles and private equity funds in the United States. The partnership between B3 and IDEX does not entail exclusivity; the stock exchange will continue to develop and manage its own indices, including fixed income, and may collaborate with IDEX in creating new products.

The operation's closure is contingent upon approval from CADE and compliance with CVM regulatory requirements.