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BNDES to launch 200M reais start-up fund

Banco Nacional de Desenvolvimento Econômico e Social will launch a 200 million Bralizan reais fund that will lend to start-up companies, Folha de São Paulo reported.

BNDES director Eliane Lustosa said the bank plans to seek a fund manager to oversee the venture.

Although it is still unclear what BNDES' participation will be in the fund, it seeks to find other investors willing to invest in the market, Lustosa said. The director added that the start-up fund will be a debt venture type, which means it will buy debt securities of innovation companies at the initial stage.

"The idea is not just to give capital, it's to monitor and surround yourself with assurance that the resources go to those projects," Lustosa noted.

BNDES recently named Vinci Partners Investimentos Ltda. as the manager for its sustainable energy fund, which is expected to be launched in the second half of 2017.

As of March 24, US$1 was equivalent to 3.13 Brazilian reais.