Singapore, 10 Aug 2022 – Votorantim and Temasek today announced a strategic partnership to explore new investment opportunities in growth capital in various sectors of the Brazilian economy. By the terms of the agreement, Votorantim and Temasek will be partners in a new investment fund, in which both parties have committed to invest up to US$700 million (about R$3.6 billion).

With more than 100 years of history in Brazil, Votorantim is one of the largest investment holding companies in Latin America, holding stakes in businesses across various economic sectors, including building materials, financial services, renewable energy, metals & mining, real estate, infrastructure, and agriculture. Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$403 billion¹.

“We are excited to announce this highly strategic partnership with Temasek, a global investor that shares the same positive vision on Brazil’s potential”, said João Schmidt, CEO of Votorantim S.A. “Together through this new platform we will partner up with entrepreneurs and high growth companies to support them in the long run to become champions in their sectors”.

Dilhan Pillay, Executive Director and Chief Executive Officer of Temasek, said, “Our partnership with Votorantim is an evolutionary phase in our investment strategy and engagement in Brazil, representing a new and exciting way to explore investment opportunities in this geographically important market, with a like-minded investor that shares our long-term investment philosophy and brings strong domestic capability alongside Temasek’s global presence. We see the strength of our approaches being combined into this new investment vehicle which will provide a new platform to partner Brazilian companies with growth capital, and we have every confidence that our team will carry the DNA and spirit of Temasek with them to excel in a challenging environment.”

In a further evolution, the Temasek investment team in Brazil, led by Matheus Villares, will move on to form a partnership with Votorantim called 23S Capital.

The new investment platform is founded upon an entrepreneurial DNA shared by both Votorantim and Temasek, focusing on long-term investments and sustainable value creation. This partnership represents the convergence of local knowledge, industry skills, a global network, and the financial strength needed to foster the future generations of Brazilian companies.

Matheus Villares, CEO of 23S Capital, said, “Our investment mandate will focus on themes associated with secular trends taking place in Brazil and globally, with an emphasis on new business models and technology across various sectors of the Brazilian economy. This strategy will position 23S Capital as a long-term partner to companies and entrepreneurs pursuing this journey.”  

The creation of 23S Capital has received regulatory approval by Conselho Administrativo de Defesa Econômica (CADE).

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¹ As at 31 March 2022. The equivalent net portfolio value in USD: US$297 billion.