By Brazil Stock Guide – Itaú Unibanco Holding SA (B3: ITUB4; NYSE: ITUB) has agreed to acquire a 35% stake in Brazilian alternative asset manager Prisma Capital, expanding its presence in private credit, special situations and other alternative investments.
The transaction will give Itaú a minority interest through preferred shares, while Prisma’s existing shareholders will retain the remaining 65% and maintain control of the business, according to a company statement.
The investment will be structured entirely as a primary capital increase, meaning the funds will flow directly into Prisma rather than being paid to existing shareholders.
The new capital will allow Prisma to expand its investment capacity, including through co-investments alongside clients in funds managed by the firm. The money will also support strategic initiatives, such as developing or acquiring proprietary asset-origination platforms.
The financial terms of the transaction were not disclosed.
Itaú Expands Its Alternative Investment Business
Carlos Fernando Rossi Constantini, Itaú’s head of Wealth Management & Services, said the acquisition would strengthen the bank’s position in Brazil’s alternative investment market.
“Prisma has built one of the most admired alternative investment platforms in the country,” Constantini said in the statement.
The transaction “strengthens Itaú’s position in the alternatives segment, allowing it to better capture the growth potential of this market in Brazil,” he added.
The agreement gives Itaú exposure to an established investment platform specializing in financing solutions for companies, structured credit and complex financial assets.
Prisma, meanwhile, will gain additional capital to expand its operations while preserving its existing ownership structure and investment strategy.
Prisma Manages R$28 Billion in Assets
Founded in 2017 by Marcelo Hallack, João Mendes and Lucas Canhoto, Prisma Capital manages approximately R$28 billion in assets.
Since its establishment, the firm has invested more than R$14 billion across 120 transactions, building a portfolio spanning several alternative investment strategies.
Its activities include structured credit, private equity, real estate assets, distressed corporate debt, bankruptcy and judicial restructuring situations, litigation financing, and liability and contingency management.
The investment manager focuses on providing capital solutions to businesses, including companies undergoing financial restructuring or seeking specialized financing arrangements.
Marcelo Hallack, Prisma’s co-founder, described the agreement as a significant development for the company.
“This is the most important transaction in Prisma’s history,” Hallack said.
“Bringing Itaú on board as a partner creates a robust capital base and strengthens our governance, without changing what brought us here.”
Regulatory Approvals Still Required
The acquisition remains subject to customary closing conditions, including clearance from Brazil’s antitrust regulator, the Administrative Council for Economic Defense (Cade), and the Central Bank of Brazil.
Once completed, Itaú will hold 35% of Prisma Capital through preferred shares, while the existing partners will retain control of the firm.
The transaction will provide Prisma with fresh capital to expand its investment activities and asset-origination capabilities, while giving Itaú a larger presence in Brazil’s alternative asset management industry.
Leave a Reply