BTG Pactual Strikes Deal With Ceres to Expand Its Grip on Brazil’s Agribusiness

Bank secures rights to acquire up to 49.9% of Ceres Investments, lifting combined agribusiness assets under management to R$ 7 billion and accelerating its rural finance strategy.

Dec 9, 2025 9:32 AM

By Brazil Stock Guide – BTG Pactual (B3: BPAC11) announced on Tuesday a strategic partnership with Ceres Investimentos that gives the bank the right to acquire up to 49.9% of the agribusiness-focused platform, subject to regulatory approvals. The transaction boosts BTG Pactual Asset Management’s agribusiness vertical to a combined portfolio of R$ 7 billion, strengthening its footprint across Brazil’s key farming regions.

The agreement adds scale, regional penetration and technological depth to the group’s rural finance strategy, consolidating its presence in high-growth areas such as the Triângulo Mineiro, the Center-West grain belt and the interior of São Paulo state. The combined operation will employ more than 190 specialized professionals dedicated to agribusiness finance, spanning credit, derivatives, FX and structured trade finance.

“We saw in Ceres the opportunity to become one of the leading providers of integrated financial solutions for Brazilian agribusiness,” said Roberto Sallouti. “This partnership reinforces our strategy of expanding in the agro sector with scale, regional depth and proximity to every link of the value chain.”

Founded in 2019, Ceres has originated more than R$ 6 billion in agribusiness assets while maintaining default rates below 1%. Its client base expanded from 23 to 382 over six years, with active customers growing 58% in 2024 alone. The firm operates across instruments such as CRAs, FIDCs, sales-and-leaseback of logistics assets, land development, sector-specific funds like Ceres Confina, and structured trade finance.

Ceres was founded by Guilherme Cunha, a structured-credit specialist focused on agribusiness finance corridors in the Center-West, Triângulo Mineiro and interior of São Paulo. Under his leadership, the company built a nationwide origination engine combining rural credit, logistics-backed finance and land development, positioning itself as a bridge between capital markets and large-scale producers.

“Over the years, we have built deep knowledge of crops, supply chains and agricultural cycles, which has always shaped the way we design solutions,” Cunha said. “Now we want to accelerate our national expansion and continue developing sophisticated, customized financial solutions for Brazilian agribusiness. With its full firepower, BTG Pactual is the ideal partner for this next stage.”