Like everyone else, sovereign wealth funds are turning their eyes - and their considerable capital - to emerging markets. Today brought news that a consortium of funds is investing$1.8bn in fresh capital into BTG Pactual, the independent Brazilian investment bank.
The deal “a sign of a new financial order”, according to Pactual chief Andre Esteves, and is the funds’ first big move into Brazil in particular and Latin America in general. The FT’s Patrick Jenkins and Jonathan Wheatley report:
The investment – by nine funds, including Singapore’s GIC, China’s CIC and the Abu Dhabi Investment Council – marks the biggest ever sovereign wealth fund commitment in Brazil and underlines the shift in the funds’ focus away from western economies and towards emerging markets.
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