Itau Unibanco buys Prisma Capital stake to expand Brazil alternatives business
Brazil's alternatives market is drawing more interest from large financial groups as demand grows for special situations investments and credit strategies. Itau Unibanco Holding SA is buying just over a third of Prisma Capital, giving the bank a larger position in segments including structured credit funds and distressed assets.
Highlights
- Itau Unibanco Holding SA acquires just over 35% stake in Prisma Capital to boost presence in Brazil's special situations and credit funds market.
- Prisma Capital manages approximately 28 billion reais ($5.6 billion) in diversified assets spanning equities, credit, real estate, bankruptcies, and claims.
- Itau gains access to Prisma's structured credit funds (FIDCs) and technology platforms, expanding reach into non-traditional Brazilian alternatives.
Deal expands exposure to special situations
As first reported by Bloomberg, Itau Unibanco Holding SA is acquiring a stake of just over 35% in alternative asset manager Prisma Capital as it seeks to broaden its presence in Brazil's market for special situation investments and credit funds.The transaction adds Prisma to the bank's push into higher-yielding and more specialized investment strategies. The article does not disclose financial terms for the stake purchase.
Prisma brings diversified alternatives platform
Prisma Capital, based in Sao Paulo and founded in 2017, manages about 28 billion reais, or about $5.6 billion, in assets. Its portfolio spans private and public equities, credit, real estate, companies under bankruptcy protection and claims.The firm also has exposure to structured credit funds known as FIDCs, which buy credit portfolios such as payroll-linked loans, as well as technology platforms that originate credit. That mix gives Itau broader access to parts of Brazil's alternatives market that extend beyond traditional banking and asset management products.
Our earlier coverage of Australian private credit funds highlighted how global banks have become more selective in providing financing, steering new lending toward the largest managers while pulling back from smaller firms and those with heavy real-estate exposure. We noted that existing commitments have largely held, but tougher funding conditions and closer regulatory scrutiny are increasing pressure on more vulnerable private credit players.
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