Brazilian private equity investor Gávea Investimentos has reportedly raised a BRL$1bn ($503m) credit fund to help smaller companies in the country gain access to finance.
The fund will be used to buy debt securities according to local newspaper Valor, which cited people familiar with the matter.
It said Gávea had launched the fund amid a situation where many Brazilian SMEs are struggling to gain access to capital markets, and so pay dearly for financing.
Gávea is currently part of a consortium believed to be bidding for Vivendi’s GVT phone division in Brazil, which the French media giant is hoping will fetch as much as €8bn.
BTG Pactual is also considering joining the group bid, which would face competition from DirecTV, the largest US satellite-television provider, the report said.
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