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Brazilian insurer Porto Seguro launches asset management firm

Brazilian insurer PortoSeguro SA has launched an asset management firm called Porto SeguroCapital.

According to the insurer, Porto Seguro Capital is the first assetmanagement firm focused on growth and venture capital within the Brazilian marketfocused on international practices and trends.

The first investment fund under Porto Seguro Capital's managementis Porto Growth Edge I, with a 400 million Brazilian reais target size and allocationsmostly originating from medium-sized companies with annual revenues between 50 millionreais and 150 million reais, the insurer said in a news release.

The asset management firm will also raise capital from Brazilianand foreigner investors, the insurer noted.

As of July 11, US$1 wasequivalent to 3.30 Brazilian reais.