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Institutions launch investment fund for aerospace sector

The Participation Investment Fund (FIP) for Aerospace, first in Latin America directed to the sector, was launched on Wednesday (7) at the headquarters of the National Bank for Economic and Social Development (BNDES), in Rio de Janeiro.

Result of a joint initiative between the Bank and the Financier of Studies and Projects (FINEP), the Agency for the São Paulo”s Development (Desenvolve SP) and the Brazilian Aviation Company (Embraer), the fund aims to contribute to the structuring and strengthening of the aerospace productive chain, aeronautics and defense and security, as well as promoting the integration of the systems related to these sectors through the support for small and medium businesses.

The initial patrimony of the fund will be R$ 131,3 million, distributed among BNDESPAR, FINEP and Embraer quota holders, each with R$ 40 million; Desenvolve-SP, with R$ 10 million and R$ 1,3 million contributed by Portbank, the fund manager.

The fund creates a permanent channel that allows a closer contact between the strategic company in the sector and the most innovative entrepreneurial initiatives in these sectors and promotes investment in strategic sectors for the country through the concept of Corporate Venturing.

The Fund, typically a venture capital one, will go towards innovative small and medium-sized businesses (with gross revenues of R$ 200 million/year) throughout the national territory.

Portbank was selected to manage the initiative from an announcement of joint public call launched in September 2013. Interested companies should contact the managers of the Fund through www.portbank.com.br.

Source: BNDES