Brazilian private equity firm Patria Investimentos is nearing a first closing for its fifth fund, according to PEhub.
Patria Brazilian Private Equity Fund V has a final target of $1.5bn, and is expected to have gather close to $1bn for the upcoming closing.
The firm is backed by global investment house Blackstone Group, which acquired a 40 per cent stake in 2010.
It raised its most recent fund in 2011, raising $1.25bn, while is Fund III vehicle raised $630m in 2008.
Patria Investimentos was recently reported to be looking to capitalise on a telecommunications building boom in Brazil, investing in five tower builders.
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