By Brazil Stock Guide – Perfin has increased its bet on Copasa (CSMG3) and now holds economic and/or voting rights equivalent to more than 20% of the Minas Gerais water and sanitation company. The move puts the investment firm founded by Ralph Rosenberg closer to the center of Copasa’s new governance structure, as privatization opens room for private investors to compete for influence over a regulated, profitable and politically sensitive asset.
Perfin funds bought an additional 1.08 million common shares in Copasa during the privatization process. The firm’s direct position rose to 48.5 million shares, or 12.76% of the company’s capital. But when collars, forward contracts and lent shares with preserved voting rights are included, its exposure reaches 76.5 million shares, equivalent to 20.11% of Copasa’s capital. Perfin was already among the company’s relevant shareholders, with a position of about 15%.
In a notice released by Copasa, Perfin said the stake is an investment and that it does not seek to change control of the company. Still, the size of the position changes how the market should read the move. Perfin also said it has appointed, and intends to continue appointing, members to the board of the newly privatized company.
Perfin has long been a low-profile manager. But it has sharply increased its presence in Brazil’s capital markets in recent years. In 2025, the firm gained visibility after joining BTG Pactual (BPAC11) and Aguassanta in the capital increase of Cosan (CSAN3), the holding company controlled by Rubens Ometto. The transaction helped deleverage Cosan and brought Perfin into the company’s new shareholders’ agreement.
“In 2024, Perfin Infra advanced its ambition to generate real impact through investments in sanitation, transmission, logistics and nature-based climate solutions.”
The line comes from Ralph Gustavo Rosenberg, head of Perfin Infra, in the firm’s 2024 sustainability report. It helps explain the timing of the Copasa move. Perfin is not simply buying a liquid stock after a privatization. It is increasing exposure to a sector that already sits at the core of its infrastructure strategy.
A Firm Built Around Regulated Assets
Founded in 2007, Perfin describes itself as a combination of three independent investment firms: Perfin Infra, Perfin Equities and Perfin Wealth Management. At the end of 2024, it had more than R$ 36 billion in assets under management, spread across infrastructure, wealth management and equities.
Perfin Infra is the most relevant platform for the Copasa story. The vertical had R$ 15 billion under management at the end of 2024, up from R$ 12 billion a year earlier. The firm says it invests in private projects and listed equities, mainly in power generation, transmission, sanitation, toll roads, logistics and carbon.
That background matters because sanitation requires patient capital. It also requires regulatory expertise, the ability to deal with municipalities and a seat at the governance table. This is not a short-term trade. It is a long-term debate over asset bases, tariffs, capex, universal service targets and corporate governance.
In recent years, Perfin Infra says it has deployed around R$ 16 billion in capex. It also says it has returned, or agreed to distribute, more than R$ 8 billion to investors in less than three years. According to the firm, the lowest return delivered to investors in Perfin Infra funds has been 22% a year since the platform began operating.
Those numbers help explain why the Copasa position matters. Perfin is not entering as a passive shareholder. The firm has a track record in infrastructure, works with strategic partners and says it invests with capital discipline, alignment of interests and a long-term view.
At Copasa, that posture is now explicit. Although Perfin says it does not intend to change control of the company, it also says it has appointed and intends to continue appointing board members. The firm is buying economic exposure, but it is also preserving political voice.
The Operator and the Watchdog
Equatorial Energia (EQTL3) will remain the operational name behind Copasa’s privatization. The company agreed to buy 30% of the Minas Gerais water utility for R$ 5.59 billion, or about US$ 1.1 billion. Perfin, meanwhile, enters as an infrastructure investor with enough weight to monitor, pressure and influence decisions.
The difference between those roles may shape the new Copasa. Equatorial wants efficiency, lower costs and regulated returns. Perfin wants exposure to a water and sanitation asset with a protected asset base, a high regulatory WACC and room for re-rating. The state of Minas Gerais, which will retain a golden share, will still hold political power over sensitive issues.
That mix creates a governance structure more complex than a straightforward privatization. Copasa will have an anchor investor, a strong financial shareholder, a state with veto rights and municipalities that must adhere to the new model. The value of the investment case will depend on how these players coexist.
At Cosan, Perfin entered a financial stabilization story. At Copasa, it is entering a regulated transformation story. In both cases, the firm shows up when capital, governance and control become decisive for value creation.
The risk is that the market treats Perfin as a supporting actor to Equatorial. The firm says it is not seeking control. But in regulated companies, influence does not always require formal control. Sometimes capital, board seats and patience are enough.
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