i GENERAL OVERVIEW
The Brazilian private equity fundraising sector has consolidated itself over the past decade and has shown significant growth since 2003, even compared with other BRIC countries.
In addition to Brazil’s economic development over this period, such evolution can also be attributed to the improvement of the regulatory structures of our capital market, mainly regarding the main type of investment vehicle for the private equity segment, equity investment funds (FIPs).
As a result of this evolution, the Brazilian Securities Commission (CVM) has been constantly concerned in regulating and updating specific rules for such funds, as per the issuance of CVM Instruction 578/16, on 30 August 2016, which replaced CVM Instruction 391/03 and modernised the rules regarding the formation, operation and management of private equity funds, as will be further explored.
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