Brazilian investment manager Captalys has launched its first offshore fund with the support of Apex Fund Services as administrator.
Captalys has BRL1.5 billion in AUM and invests in Brazilian private credit.
The onshore fund has a six-year track-record (returning 20.2 per cent last year and 19.3 per cent in 2015) and started 2017 positively, gaining 1.7 per cent in January.
The recently launched offshore fund, Captalys Private Credit USD, is registered in the Cayman Islands and will operate a credit vehicle with a partial currency hedge to protect against the Brazilian real.
Running the new fund, which has launched with around USD10 million, is portfolio manager Douglas Shibayama, who has been with the firm over four years. The new fund gained initial investment from Tampa-based US family office, BayShore Capital.
Andre Pina (pictured), head of funds for Captalys, says: “We spoke with many service providers, and ultimately, Apex had the best market knowledge, solid systems and controls, experience with Brazilian fund managers, and ability to work with us to get the fund launched within the investors’ requested time table. Overall, it has been a very positive experience”.
Matias Gaitán, from Apex Uruguay, says: “The global connectivity and local expertise Apex provides, through offices in 32 locations around the world, enables us to deliver solid and experienced support to managers looking to launch a fund in any jurisdiction. Our Uruguay and Cayman offices will work closely to deliver the solutions required to administer the Captalys Private Credit USD fund. The team at Captalys have already secured investment from a US based family office and we look forward to supporting them in their future growth success.”
