Lumina Capital Management has begun talks with institutional investors in the United States to raise its second fund.
Investors familiar with the matter told Brazil Journal that Daniel Goldberg’s manager intends to raise a new US$1.1 billion vehicle for investments in liquid and illiquid assets.
But unlike what it did in its debut two years ago, this time the manager does not intend to open an onshore vehicle for investments in Brazil.
The mandate of the new fund will be global – while the previous offshore fund had a mandate only for Latin America – and its main strategies should be M&A financing, DIP loans and bridge loans, as well as credit and preferred equity.
Goldberg has been telling investors that now that capital available for private equity has become scarce in Latin America, the new fund will likely have exposure to that strategy. Likewise, the long period of closure of the IPO market has created interesting “pre-IPO” investment opportunities.
In early 2022, Lumina raised a US$700 million offshore fund focused on Latin America and an onshore vehicle of around R$2 billion focused solely on Brazil.
According to an investor in the global fund, the fund’s gross return – which has already been practically all invested – is around 20% in dollars per year.
Some investments from the first offshore fund became public: a position in Argentine sovereign debt, an injection of preferential equity in Elfa – the pharmaceutical distributor controlled by Pátria – and, more recently, an investment in structured credit to finance an infrastructure project in Panama.
Geraldo Samor
