Brazil's national development bank, BNDES, announced on 23 June 2025 that its equity investment arm, BNDESPar, will deploy up to BRL 10 billion in new variable income investments, marking the bank's return to direct equity investing after almost a decade. The programme was presented by BNDES president Aloizio Mercadante.
The investments will target companies with initiatives in ecological transition, decarbonisation and innovation, with a focus that also covers nature-based solutions and clean technology.
DIRECT STAKES AND FUNDS
The BRL 10 billion is split into two tranches. Up to BRL 5 billion is set aside for direct equity investments in companies, with applications accepted until December 2025. The remaining BRL 5 billion will be invested through funds selected via a public call, which BNDES expects to mobilise more than BRL 15 billion in investment from third parties.
BNDES said the funds call, which it has named the Climate Call, will be launched during the COP30 United Nations climate conference, which Brazil is hosting in Belém in November 2025. The bank described it as the largest public call in its history.
RETURN TO EQUITY INVESTING
BNDESPar will operate across five strategic areas: the green agenda, partnerships, public offerings, in which it may act as an anchor investor, private offerings and proprietary allocation. The announcement reverses a period in which BNDESPar had largely stepped back from new equity investments, during which it sold down major holdings including its entire stake in Vale and a block of Petrobras shares worth about BRL 22 billion in February 2020.
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