9 Aug 2022, 4pm BRT/ 10 Aug 2022, 10am SGT – 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 US$297 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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About Votorantim
With 104 years of history, Votorantim is a Brazil-based, family-owned holding with a long-term investment
orientation. Current portfolio companies have operations in 16 countries, across various sectors, such as
building materials, financial services, renewable energy, metals & mining, real estate, infrastructure and
agriculture. Votorantim is part of a select group of Brazilian companies with investment grade
classification by the three main rating agencies. To learn more, please visit www.votorantim.com.br/en/.
About Temasek
Temasek is an investment company with a net portfolio value of S$403 billion (US$297b) as at 31 March
2022. Our Purpose “So Every Generation Prospers” guides us to make a difference for today’s and future
generations. Our Temasek Charter defines our three roles as an Investor, Institution and Steward, and
shapes our ethos to do well, do right and do good. Sustainability is at the core of all that we do. We are
committed to catalysing solutions to global challenges and activating capital – financial, human, social
and natural – to bring about a better and more inclusive world for all. Temasek has overall corporate
credit ratings of Aaa/AAA by rating agencies Moody’s Investors Service and S&P Global Ratings
respectively. For more information on Temasek, please visit www.temasek.com.sg