Brazilan Overview of Trends in Select Sectors and Markets June 2009

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BrazilAn Overview of Trends in Select Sectors and Markets June 2009

Country Snapshot razil continues to dominate Latin America’s private equity scene, drawing over

80% of the region’s fundraising capital and 40% of its investment dollars in 2009 Population: 194 million* 2008. The country’s large domestic market, diverse economic base and abun- B % of Population Under 15 Years-old: 28% dant natural resources have attracted private equity investors who continue to see Brazil 2009 GDP: US$1.3 billion* as home to a number of highly attractive investment opportunities in the midst of the 2009 GDP Growth: -1.3%* current global economic crisis. Over half of all Brazilians are earning an income that 2010 GDP Growth: 2.2%* places them in the middle-class bracket, which has translated into growing consumer Foreign Exchange Reserves as of May 2009: purchasing power, rising retail demand and increasing infrastructure needs. In addition, US$190 billion Brazil has recently achieved investment-grade status from two of the three leading rating *Projected. agencies, further supporting investor confidence. Source: International Monetary Fund, Population The Brazilian economy was hard hit in the last quarter of 2008 due to slumped com- Reference Bureau. modity prices and low industrial production. Contracting 3.6% in comparison to the prior quarter, 2008 year-end represented the biggest decline in Brazil’s GDP since 1996. In the first quarter of 2009, Brazil’s GDP showed signs of improvement, shrinking by just 0.8%. The International Monetary Fund (IMF) projects that Brazil’s real GDP will fall by 1.3% for the remainder of this year before returning to growth in 2010. However, in con- trast to the past, investors are not fleeing the country in reaction to the economic down- turn. Investor attitude is different today because Brazil is now better prepared to handle the current crisis with manageable public-sector debt, substantial foreign reserves and

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Brazil Private Equity Fundraising and Investment, 2005–2008 (US$B)

5 $4.7 Investment

$4.0 Fundraising 4

3 $2.7 $2.5 $2.1 US$ Billions 2

$1.3

1 $0.5 $0.2 0 2005 2006 2007 2008

Source: EMPEA. Note: 2008 totals reflect updates to data as of May 30, 2009.

Limited Partners’ EM PE Investment Strategy Plans over the Next 1–2 Years

100% No Plans to Invest

Stop Investing 80% Brazil is expected to attract

Decrease Investing the largest net increase in new PE investors of any 60% Stay the Same emerging market in the

Begin Investing next 1-2 years. 40% Expand Investment

17% plan to increase exposure to Brazil 20%

11% plan to start investing in Brazil

0% LatAm (ex Brazil) China India Russia/CIS Brazil

Source: EMPEA/Coller Capital Emerging Markets Private Equity Survey 2009.

inflation that has been relatively under control over the last sev- ly US$9 billion in committed capital. Furthermore, EMPEA’s eral years. Most importantly, Brazil’s markets remain largely fundraising statistics do not include the numerous Latin Ameri- internal. Although the country has been expanding its business can- or BRIC-focused funds that have targeted a significant per- relationships with the U.S., Europe and Asia, trade still repre- centage of their allocations to Brazil. sents less than one quarter of Brazil’s GDP, thus sheltering the Brazilian asset management company Gávea Investimentos country from greater financial contagion. took the lead in terms of fundraising activity in 2008, closing its The 2009 EMPEA/Coller Capital Emerging Markets Private Eq- third private equity fund in August at US$1.3 billion, and is cur- uity Survey revealed that Brazil is likely to see the largest net in- rently rumored to be contemplating the launch of a fourth fund.

crease among its emerging market peers in new investors over continued on page 3 the next two years, with 17% of current emerging market private

equity investors planning to increase their exposure to the coun- EMPEA Insight try and an additional 11% looking to invest in Brazil for the first

time. The Brazilian government has demonstrated its desire to Editorial Director Jennifer Choi [email protected] attract private equity investment by working with both local and Writing and Research Nadiya Satyamurthy satyamurthyn@empea. global investors on several initiatives to improve the country’s net, Holly Freedman [email protected], Harrison Moskowitz [email protected] legal and regulatory framework. These actions have enticed a Production Manager Cristiane Nascimento [email protected] growing number of local pension funds to commit to the asset class. This availability of local capital, both from pensions and Advertising Opportunities banking institutions, is further enabling the Brazilian private eq- EMPEA Insight offers readers an overview of the data and drivers behind investment trends in emerging markets private equity. uity industry to better weather the financial storm than many of Each issue of EMPEA Insight provides an opportunity for a single its emerging market counterparts. exclusive back page advertisement. Issue-specific placements are on a first come, first served basis. For a list of upcoming issues Fundraising Trends and more information about advertising opportunities and rates, contact Cristiane Nascimento at [email protected]. Brazil-dedicated fundraising increased to US$4 billion in 2008 About EMPEA from US$2.5 billion in the prior year, signaling that investors The Emerging Markets Private Equity Association is a broad-based continue to see Brazil as an attractive investment destination, membership organization founded in 2004 that focuses on the particularly in comparison to other emerging and industrialized emerging private equity markets of Africa, Asia, CEE, Russia/CIS, markets. Over the last four years, Brazil has raised approximate- Latin America, and the Middle East.

Private Equity Investment in Latin America, 2004–2008 (US$B)

Central America 20 Caribbean

Andean 15

US$ Billions Argentina

10 Mexico

Brazil Chile 5 US$9B 45% Regional

0 Brazil 2004 2005 2006 2007 2008 2004-2008

Source: EMPEA, VELA.

Private equity veteran GP Investments held a first close of its GP US$675 million fund for infrastructure, health and education in- Capital Partners V (GPCP5) fund at approximately US$884 mil- vestments in Brazil through its partnership with Pátria, while the lion in July 2008 and is targeting a second close with total com- Carlyle Group and Brazil’s largest publicly-owned bank Banco mitments of over US$2 billion in 2009. Additionally, both São do Brasil are rumored to be forming a joint venture to launch a Paulo-based alternative investment firm Pátria Investments and US$450 million fund targeting investments in Brazilian compa- global private equity firm AIG Capital Partners (part of AIG Invest- nies. Banco do Brasil Investimentos has also teamed up with ments) held significant closes at US$700 million each. In April Portugal’s Banif to launch a US$344 million private equity fund 2008, AIG closed its AIG Brazil Special Situations Fund (BSSF) aimed at minority stake investments in Brazil. II focusing on a variety of sectors including agriculture, natural A number of funds have recently sprung up seeking to capitalize resources and manufacturing, while Pátria closed its Pátria Bra- on Brazil’s growing renewable energy sector. DGF Investimentos zilian Private Equity Fund III, focused on the country’s consumer held a final close on its third private equity fund at approximately and infrastructure sectors in the second half of the year. US$150 million, with investors largely comprising local pension Several funds in the US$100 million–US$300 million range, funds and multilateral agencies. Its Terra Viva Fund is seeking many of which focus on small and mid-size businesses in Brazil, opportunities in local sugar and ethanol enterprises. Brazilian also achieved successful closings in 2008. São Paulo-based fund manager Mercatto Investimentos has partnered with UK- FAMA Investimentos closed its first private equity fund with based EEA Fund Management to raise a US$300 million Tagus US$110 million in total commitments at the end of 2008. TMG Clean Energy Fund dedicated to Latin America’s renewable Capital, also head-quartered in São Paulo, held a first close at energy sector with a primary focus on Brazil. Additionally, the US$200 million for its second fund, with all of the capital raised Brazilian National Bank for Social and Economic Development from foreign investors. (BNDES) announced the creation of a US$150 million - US$250 million Fundo Brasil Sustentabilidade, which will seek invest- Joint ventures are increasingly common in Brazil’s private equity ment opportunities focused on environmental sustainability, in- landscape. In September 2008, Darby Overseas Investments, cluding ethanol-based projects. BNDES has also created a fund the private equity arm of Franklin Templeton Investments, and of funds that will invest up to a total of approximately R$1.5 bil- Brazilian private equity firm Stratus Group closed their joint ven- lion in several private equity and venture capital funds, initially ture Brazil Mezzanine Infrastructure Fund with approximately targeting those that are focused on agribusiness and ethanol US$236 million in committed capital raised from mostly do- and biomass generation. mestic investors. Blackstone Group is reportedly establishing a

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Since Brazil’s most recent wave of private equity took off in Private Equity Investments in Brazil by Sector, 2006, many funds with significant accumulated dry powder from 2008 (US$B) large closes in 2007 and 2008 are currently seeking investment Infrastructure ($0.2) opportunities. As Brazil continues to be the focus of funds with Energy & Natural Rscs. ($1.3) sizable fundraising targets and closes, Brazilian companies with Consumer ($0.3) strong business models are well positioned to survive the current liquidity crisis.

Agribusiness ($0.2) Investment Trends Investments decreased in 2008, both in terms of capital de-

ployed and number of transactions. In 2008, Brazil was home Industrials & Mfg. ($0.6) to approximately US$2.7 billion in investments, down from

US$4.7 billion in 2007. Although significantly behind China and Source: EMPEA. India, Brazil ranked third in 2008 among all emerging markets in terms of both total capital deployed and the number of invest- al Environment Fund acquired a controlling stake in Neogás ments. Several fund mangers that have recently raised commit- do Brasil Gás Natural Comprimido, an independent distributor ted capital in excess of US$1 billion, including Advent, GP Invest- of compressed natural gas, and in October, investment firm ments and Gávea, have accumulated a significant amount of Conduit Capital Partners acquired a 50% ownership stake in dry powder that they are now using to target value investments. hydroelectric company GLEP Energias Renovaveis e Participa- Advent has been a particularly active investor and is responsible coes. The sector has continued to garner investor interest in for this year’s largest private equity transaction in the region as 2009. In May, Norway-based investment firm Sector Omega of May 2009, acquiring 30% of CETIP S.A., the largest central ASA acquired a 30% stake in Norse Energy do Brasil for ap- depository for private fixed-income securities and over-the-coun- proximately US$30 million.

ter derivatives in Latin America. Ethanol and renewable energy deals are becoming an im- Brazil benefits from a large and diversified private sector and, portant subsector of the energy space. At the end of 2008, therefore, investors have a wide spectrum of choices by invest- Gávea invested in sugar and ethanol holding company Cosan ment stage. Brazil’s entrepreneurial spirit has given rise to a though a private placement of shares valued at approximately growing venture capital industry on the back of government US$180 million. At the same time, Brazil-based startup Vital programs to promote development technology companies, of- Renewable Energy Company (VREC) received more than US$1 ten working in collaboration with local universities in São Paulo, billion from an international consortium of investors led by Rio de Janeiro and Belo Horizonte. FIR Capital Partners, which U.S.–based private equity firm Paladin Capital Group. VREC focuses on venture capital investments in the US$5 million to intends to use the funding to launch renewable energy projects US$12 million range, made several investments in the past year throughout Brazil with a primary focus on ethanol.

through its FundoTec II Fund, including an undisclosed capital After energy, industrials and manufacturing (22%), agribusi- injection in Samba Tech, a Brazilian startup focused on digital ness (8%) and the consumer goods (6%) industries attracted logistics. Rio Bravo Investimentos, which also focuses on ven- the majority of Brazil’s investment dollars in 2008. In 2009, ture capital, recorded investments in software and IT over the those sectors targeting the country’s growing middle class will past year, as well as a 24% stake acquisition in truck fleet man- be the most promising. Telecommunications, for instance, is ager Fleet One Gestao de Frotas. likely to be a growing industry, as certain technologies such as The energy and natural resources sector drew the majority of mobile services have yet to reach full penetration. In August investments in 2008, accounting for approximately half of total 2008, mobile business solutions provider Spring Wireless re- investments based on transaction size and one quarter based ceived investments from a consortium of firms including Bra- on total number of transactions. In mid-2008, U.S.–based Glob- zil’s Ideiasnet, Silicon Valley-based New Enterprise Associated continued on page 5

Sampling of Recent Investments

Fund Manager Company Sector Transaction Value Transaction Date Equity (%) (US$m) Advent International Frango Assado Food & Beverage N/A Sep-08 100 Advent International CETIP Financial Services 171 May-09 30 AIG Capital Partners Calyx Agro Agribusiness 65 May-08 N/A AIG Capital Partners Advento Group Engineering & Construction 36 Sep-08 N/A

Axxon Group Guerra Industrials & Manufacturing 120 Jun-08 N/A

BNDES Participacoes Independencia Food & Beverage 204 Dec-08 33 BNDES Participacoes LLX Logistica Logistics 66 Mar-09 12 Conduit Capital Partners GLEP Energias Renovaveis e Participacoes Energy & Natural Resources N/A Nov-08 50 Equity International AGV Logistica Logistics 100 Aug-08 N/A Equity International Gafisa Real Estate N/A Oct-08 N/A

Gavea Investimentos Cosan Energy & Natural Resources 180 Oct-08 N/A General Atlantic Grupo Qualicorp Healthcare & Life Sciences N/A Nov-08 N/A Global Environment Fund Neogas do Brasil Energy & Natural Resources N/A Apr-08 N/A GP Investments Imbra Healthcare & Life Sciences 100 Sep-08 N/A GP Investments San Antonio Energy & Natural Resources 103 Oct-08 N/A Intel Capital Truetech Technology N/A Dec-08 N/A New Enterprise Associates Spring Wireless Telecom 66 Aug-08 N/A Paladin Capital Group–led Vital Renewable Energy Company Renewable energy 1,000 Dec-08 N/A Consortium Rio Bravo Investimentos Abacomm Computer Software N/A May-08 40 Rio Bravo Investimentos Daitan Labs Technology N/A Dec-08 N/A Sector Omega ASA Norse Energy do Brasil Energy & Natural Resources 30 May-09 30 Stratus Group Brazil Timber Energy & Natural Resources N/A Feb-08 N/A Vision Brazil Cotril Alimentos Agribusiness 59 May-08 25 and Goldman Sachs. U.S.-based venture capital firm Intel Capi- way restaurant operator Frango Assado and home-improvement tal has also continued to show interest in Brazil’s telecommu- retailer Quero-Quero in September 2008. Both of these deals nication and technology industry by recently investing in online utilized an undisclosed amount of debt; however, the majority of video distributor Truetech. deals in Brazil involve little to no leverage. Although Brazil’s local banks remain relatively well-capitalized, private equity transac- Another sector poised to receive a significant amount of invest- tions have historically not incorporated the use of leverage and, ment dollars in the short term is infrastructure, which has been a therefore, the current global credit crunch has not impacted the constraint to the country’s economic growth for decades. As Bra- Brazilian industry to the extent it has in other markets. zil gets ready to host the FIFA World Cup in 2014, its projected infrastructure investment needs exceed US$50 billion for a range of services, from transportation to waste management. This is Exit Trends on top of the billions of planned infrastructure spending ear- marked within the government’s Growth Acceleration Program Brazil’s IPO market, like other equity markets around the globe, (PAC). As these government programs struggle to adequately has suffered over the past year. Following a record breaking 64 channel funds toward Brazil’s infrastructure demands, there is a IPOs on the Brazilian Stock Exchange (BMFBovespa) in 2007, growing role for private equity firms to fill this financing gap. Brazil witnessed only four IPOs in 2008, only one of which was private-equity backed. Private equity firm Artesia Capital Man- Growth and expansion capital continue to drive the majority agement held 85% of clothing retailer Le Lis Blanc’s shares of Brazil’s investments. However, buyouts have increasingly prior to the IPO—a transaction which was postponed twice be- gained traction as evidenced by Advent’s acquisitions of high- continued on page 6

fore launch due to pricing disparities. As of May, no Brazilian one-year prior, GP Investments exited its 50% stake in over-the- companies had gone public in 2009. Given the diminishing counter drug maker Laboratório Americano de Farmacoterapia viability of IPOs, strategic sales are playing a more important (Farmasa) by selling it to consumer brand conglomerate Hyper- role in exit strategies. According to cumulative data compiled by marcas through a share swap. Despite the increased interest GVcepe−Center for Private Equity and Venture Capital Research in strategic and share sales, most fund managers with portfolio at FGV-EAESP (GVcepe), in 2008, 32% of exits in Brazil have companies in Brazil are continuing to employ a “wait and see” been through trade sales based on the number of transactions, strategy. They are focused on strengthening their companies, followed by 29% and 11% via secondary public sales and IPOs, as exits are likely to continue to be delayed while the public mar- respectively. kets remain closed and valuations are down.

Recent strategic sales include Citi Venture Capital Internation- al’s (CVCI) divestiture of its stake, in conjunction with other in- Investment Climate vestors, in Rio de Janeiro’s subway system operator Oeste Par- ticipações to holding company Megapar in a transaction valued The Brazilian government has taken great strides to improve at approximately US$360 million. In June 2008, Gávea sold its the country’s investment climate by implementing a number 20% stake in Ipanema Coffee to Norwegian holding company of policies favorable to foreign private equity investors, such Kaffehuset Friele AS, while FIR Capital sold its stake in Brazil- as capital gains and income tax relief. BNDES and Brazil’s Sci- based medical manufacturer and distributor Prodimol Biotecno- ence and Technology Ministry have both played an important logia to Israel-based biotechnology group Orgenics for an undis- role in supporting innovation in the country, contributing to a closed sum at the end of the year. UBS Pactual realized several growing venture capital industry. In addition to making direct strategic exits over the last year, including the sale of its 30% equity investments in private equity and venture capital funds, share in private university Faculdades Nordeste (Fanor) to DeVry these agencies support programs such as Inovar, which have in March 2009. provided budding enterprises with managerial and technologi- cal support. Share sales are also growing in popularity as an exit route in Bra- zil. Equity International and GP Investments both reduced their Brazil’s efforts have not gone unnoticed by global investors who holdings in shopping mall operator BR Malls by selling a 10% wish to increase their exposure to the country, as reflected in stake each for an undisclosed amount in April 2009. Almost the 2009 EMPEA/Coller Capital Emerging Markets Private Eq- continued on page 7

Sampling of PE-Backed Exits

Fund Manager Companies Sector Transaction Transaction Transaction Value Equity Sub-Type Date (US$m) Stake BNDES Participacoes S.A. Acos Villares Industrials & Mfg. Strategic Sale May-08 790 N/A UBS Pactual Microsol Technology Strategic Sale Jan-08 N/A 100

UBS Pactual Faculdades Nordeste (Fanor) Consumer Strategic Sale Apr-09 N/A 30 Citi Venture Capital International Oeste Participacoes Transport Strategic Sale Jan-09 360 N/A (CVCI) Equity International BR Malls Consumer Share Sale Apr-09 N/A 10

FIR Capital Partners Prodimol Biotecnologia Biotechnology Strategic Sale Dec-08 N/A N/A

GP Investments Laboratorio Americano de Pharmaceuticals Strategic Sale Jun-08 570 N/A Farmacoterapia (Farmasa) GP Investments BR Malls Consumer Share Sale Apr-09 N/A 10 Votorantim Novos Negocios Alellyx Applied Genomics Biotechnology Strategic Sale Oct-08 N/A N/A

Votorantim Novos Negocios CanaVialis Biotechnology Strategic Sale Oct-08 N/A N/A

Diversification of the Brazilian Investor Base (LPs), Geographic Origin of LPs in Brazil, as of December as of December 2008 2008

Asia, Middle East, Other (4%) Local Pension Funds (16.5%) Europe (15%)

Foreign Pension Funds (5.5%) Other (42%) Government (4%) Brazil (47%)

United States (35%) Parent Organizations (18%)

Banks (4%) Trusts & Endowments (10%)

Source: GVcepe – Center for Private Equity and Venture Capital Studies at FGV-EAESP. uity Survey, which ranked Brazil as the second most attractive knowledge and accessibility to the asset class, the Brazilian pri- emerging markets private equity investment destination after vate equity and venture capital industry will likely continue to China. Based on data compiled by GVcepe, local investors cur- see strong growth. rently represent the largest percentage of those investing in Brazil, contributing approximately 47% of total committed capital. However, the United States (35%) and Europe (15%) are Resources for Reference showing growing investor interest in the country. To date, Asia and the Middle East collectively account for less than 3% of all Gvcepe−Center for Private Equity and Venture Capital at FGV- funds directed towards Brazil, but given their latitude to invest EAESP: Overview of the Brazilian Private Equity and Venture Capital Industry, December 2008 globally, these regions represent a potential large source of fu- http://www.cepe.fgvsp.br/centro/centro.htm ture capital. LAVCA: 2009 Industry Report — Latin American PE/VC Data, Mar- In addition to foreign interest, according to GVcepe’s data, local kets and Trends, May 2009 pension funds currently represent a large investor base, commit- http://www.lavca.org ting 17% of all committed capital in Brazil. Local pension funds VELA: Venture Equity Latin America 2008 Year-End Report, March continue to represent a significant untapped source of capital, 2009 as they are allowed to invest up to 20% of their total assets in http://www.wtexecutive.com/cms/index.jsp local private equity funds, but currently only invest in the range EMPEA: The Future of Private Equity in Brazil Webcast, April 7, 2009 of 1%-2%. Traditionally these funds targeted government bonds due to their high interest rates and less-risky nature; however, http://www.empea.net/Main-Menu-Category/Webcasts/Past-Web- as interest rates continue to decline, many are beginning to take casts.aspx a closer look at private equity and venture capital vehicles. In EMPEA/Coller Capital: Emerging Markets Private Equity Survey, early 2009, Banco do Brasil announced plans to launch a fund April 2009 of funds (FIC-FIP) that will focus on attracting smaller pension http://www.empea.net/Main-Menu-Category/EMPEA-Research/LP- funds that currently do not have the ability to invest in private eq- Survey.aspx uity and venture capital funds independently by allowing small minimum contributions. As local pension funds gain greater

Sampling of Firms Investing in Brazil

Fund Manager Fund Name Sector Focus

Actis Actis Emerging Markets Fund III (2007, US$3B) Generalist Advent International Latin America Private Equity Fund IV (2008, US$1.3B) Generalist AAI Global Equity Access America Investments (Raising, US$200m) Generalist AIG Capital Partners AIG Brazil Special Situations Fund II (2007, US$692m) Generalist Alothon Group Alothon Fund II (Raising, US$300m) Generalist

Artesia Capital Management Artesia Capital Management Fund I (2004, US$240m) Generalist Banco do Brasil FIC-FIP Fund of Funds (Raising) Generalist Blackstone Capital Partners Blackstone Brazil Fund (Raising US$675m) Generalist BNDES Participacoes Seed Capital Program (2007, US$38m) SMEs Confrapar Participações e Pesquisas Horizon TI (Raising, US$10m) IT, Telecom Darby Overseas Investments, Stratus Group Brazil Mezzanine Infrastructure Fund (2006, US$245m) Infrastructure DGF Investimentos FIP Terra Viva Fund (2008, US$150m) Renewable Energy

Emerging Energy and Environment LLC Cleantech Latin America Fund (Raising, US$150m) Cleantech Endurance Capital Partners FIP Private Equity Brazil Multi-Strategy (2007, US$50m) Generalist

Espirito Santo Capital Brasil ES Capital Brasil (2007, US$250m) Generalist

FAMA Investimentos FAMA Private Equity I (2007, US$110m) Generalist FIR Capital Partners Fundo SC (Raising, US$5m); FundTec (2007, US$45m) Technology Franchising Ventures FIP Franchising Ventures (2007, US$60m) Generalist Gávea Investimentos Gávea Investimentos III (2008, US$1.3B) Generalist Governança & Gestão Investimentos FIP GG II Fund (2007, US$430m) Generalist GP Investments GP Capital Partners V (Raising, US$2B) Generalist Green Capital Investimentos Ltda. FIP Green Capital I (Raising, US$140m) Generalist

Kinea Invetimentos Ltda. FIP Kinea I Private Equity (Raising, US$100m) Generalist Latour Capital do Brasil Fundo Brasil Sustentabilidade (Raising, US$240m) Cleantech Monashees Capital LLC Monashees Capital (Raising) Generalist Morgan Stanley Real Estate Brazilian Real Estate Fund (Raising, US$200m) Real Estate Neo Investimentos Capital Mezanino Fund (2008, US$125m) Generalist NSG Capital Administracao de Recursos FIP NSG Brazil Infraestrutura Fund (Raising, US$375m) Infrastructure Paladin Realty Partners Paladin Realty Latin America Investors II (2004, US$150m) Real Estate Patria Investimentos Brazilian Private Equity Fund III (2008, US$700m) Generalist Rio Bravo Investimentos Rio Bravo Nordeste II (2007, US$70m) Generalist Siguler Guff BRIC Fund of Funds II (Raising, US$1B) Generalist

Stratus Group Stratus GC III (Raising, US$37m) Cleantech

The Carlyle Group Latin America Real Estate Fund (Raising, US$700m) Real Estate The Carlyle Group, Banco do Brasil Brasil Internacionalizacao de Empresas Fund (Raising, US$450m) Generalist

TMG Capital TMG Private Equity Fund II (Raising, US$400m) Generalist

Vision Brazil Vision Agro FIP II (Raising, US$100m) Agribusiness