联合银行控股公司（Unibanco Holding SA）正在收购另类资产管理公司Prisma Capital的略多于三分之一的股份，因为拉美地区最大的银行希望在巴西的特殊情况投资和信贷基金市场扩张。
Unibanco Holding SA is buying just over a third of alternative asset manager Prisma Capital, as Latin America’s largest bank seeks to expand in the market for special situation investments and credit funds in Brazil.
总部位于圣保罗的公司成立于2017年，投资于私募或公开股权、信贷、房地产、处于破产保护下的公司以及索赔等资产。该公司管理的资产约为280亿雷亚尔（56亿美元），同时也涉足被称为FIDCs的结构化信贷基金，这些基金购买诸如工资挂钩贷款之类的信贷组合，并涉足发放信贷的科技平台。
The Sao Paulo-based firm, founded in 2017, invests in assets including private or public equities, credit, real estate, companies under bankruptcy protection and claims. With about 28 billion reais ($5.6 billion) in assets under management, it also has exposure in structured credit funds known as FIDCs, that buy credit portfolios such as payroll-linked loans and in tech platforms that originate credit.
伊塔乌（Itau）未披露为35%股份所支付的金额，该股份通过优先股建立。此次收购发生在伊塔乌寻求加强其在另类资产领域的存在之时，该领域在巴西正在快速扩张，因为高利率推动了信贷基金的繁荣，同时新的会计规则使银行寻求新的方式来管理资本。
Itau didn’t disclose the amount paid for the 35% stake, built through preferred shares. The acquisition comes as Itau seeks to strengthen its presence in alternative assets, a sector that has been expanding rapidly in Brazil as high interest rates help with a boom in credit funds at the same time that new accounting rules make banks seek new ways to manage capital.
“随着我们业务的复杂性增加，其吸引力也随之增加，”创始合伙人马塞洛·哈拉克（Marcelo Hallack）在周三的一次采访中表示。“我们发现我们需要来自长期合作伙伴的新资本，随后我们遇到了伊塔乌，”他补充道，并表示所得款项将用于提升Prisma的投资能力，并加速创建和收购为其基金提供资产来源的平台。
“As our business’ complexity increases, its attractiveness increases as well,” founding partner Marcelo Hallack said in an interview on Wednesday. “We found out we needed fresh capital from a long term partner, and then we met Itau,” he said, adding that proceeds will be used to boost Prisma’s investment capacity and to accelerate the creation and acquisition of platforms that originate assets for its funds.
Prisma的投资者基础包括本地和全球机构以及家族办公室。公司目前的合伙人在此次交易中未出售股份，并将保留资本的剩余65%，同时通过持有100%的表决权股份继续控制公司。Prisma的投资之一是Poligono Capital，这是一家资产管理公司，成立于2023年2月，由BTG Pactual资产管理公司通过合资企业创建。
Prisma’s investor base includes local and global institutions and family offices. The company’s current partners didn’t sell shares in the deal and will retain the remaining 65% of capital, while keeping control of the firm with 100% of the voting shares. Among Prisma investments is Poligono Capital, an asset manager created in February 2023 through a joint venture with BTG Pactual Asset Management.
巴西的银行预计将根据新的预期损失模型监管规定，对其贷款金额计提准备金，“这要求他们提供更多资本，”普里斯玛另一位创始合伙人卢卡斯·坎霍托说。“因此，银行现在需要回笼更多资本，而这就是我们所服务的市场，”他补充道。
Banks in Brazil are expected to make provisions on the amount they lend due to new regulatory rules on expected loss models, “and this is demanding more capital from them,” said Lucas Canhoto, another founding partner. “So banks now need to recycle more capital, and this is the market we work at,” he added.
普里斯玛的另一位创始合伙人若昂·门德斯表示，该公司的基金有选择投资于可转换为信贷的股权或可转换为股权的信贷的选项。“我们的灵活授权使我们能够这样做，”他说。
João Mendes, who is also a founding partner at Prisma, said the company’s funds have the option of investing in equity that may be converted into credit or credit that may be converted into equity. “Our flexible mandate allows us to do so,” he said.
普里斯玛的收购“强化了伊塔乌在另类投资板块的地位，使我们能够更好地把握巴西该市场的增长潜力，”伊塔乌财富管理与服务部门主管卡洛斯·费尔南多·罗西·康斯坦蒂尼在一份声明中表示。该交易的完成取决于巴西反垄断监管机构和该国央行的批准。
Prima’s acquisition “strengthens Itau’s position in the alternatives segment, enabling us to better capture the growth potential of this market in Brazil,” Carlos Fernando Rossi Constantini, director of wealth management & services at Itau, said in a statement. The completion of the transaction depends on approvals by Brazil’s antitrust regulator and the country’s central bank.