By Brazil Stock Guide – Brazilian asset manager Patria Investimentos has raised R$15.4 billion (about US$ 2.9 billion) for its fifth infrastructure vehicle, Patria Infraestrutura V, marking the largest infrastructure fund ever launched in Latin America. The raise — more than 50% above its predecessor — highlights renewed global appetite for long-term assets in emerging markets.
With R$266 billion in assets under management, Patria already holds around R$40 billion in infrastructure investments spanning highways, data centers, renewable energy, e-mobility, and desalination. Built mainly through project-finance structures, the new fund could mobilize as much as R$60 billion in regional projects.
“This fundraising, much larger than the previous one, is a thermometer of global investors’ interest in Latin America,” said André Sales, CEO of Patria Infrastructure, according to Estadão.
The firm spent roughly 18 months completing the raise amid a more selective global environment. Many existing limited partners reinvested alongside new backers from Asia, Europe, and the US, including sovereign wealth funds, pension funds, endowments, insurers, and asset managers.
Beyond traditional assets such as roads and sanitation, Patria Infraestrutura V will prioritize digital infrastructure and climate-related investments. Recent exits — including the sale of Entrevias to Singapore’s GIC and Odata to US-based Aligned Data Centers for $1.8 billion — underscore Patria’s role as a key private-capital conduit for Latin American infrastructure.
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