The British Private Equity & Venture Capital Association (BVCA) has signed a mutual cooperation agreement, the first of its kind for the association, with the Brazilian Private Equity and Venture Capital Association (ABVCAP) to share knowledge and promote the venture capital industry in both countries.
ABVCAP and its delegation have spent a week visiting the United Kingdom and meeting with various venture capital fund managers, universities and other innovation centres.
Ernie Richardson, a member of the BVCA Venture Capital Committee, presented the agreement and Sidney Chameh, ABVCAP president, offered his signature to close the symbolic deal. The agreement outlines how the two associations can work more closely together in order to strengthen links and exchange knowledge between their respective membership bases.
Representing the Lord Mayor, Sir John Stuttard, who presided over the meeting, said: "The UK is a place that values the venture capital industry and this initiative is a tremendously important achievement on the financial co-operation between the UK and Brazil. It is highly commendable that these two national associations have committed to be each other's partners."
Sidney Chameh, president of ABVCAP, also commented: "Private equity and venture capital is a powerful tool that generates employment, tax collection, wealth and leads to sustainable growth. Brazil is a strong economy with great opportunities within many sectors, from infrastructure, renewable energy, services, IT, biotech, among others. Our initiative with the BVCA will increase cooperation with the leading players in the world and exchange best practices and investment opportunities."
Simon Walker, BVCA chief executive, said: "As I travel throughout the world I am struck by the number of private investment professionals who hold the venture capital community in the UK in high esteem. The BVCA has a lot to offer growing venture communities and we are keen that this be the start of a deep and enduring relationship with Brazil and others across the globe."
The venture capital industry in Brazil has experienced consistent growth in the recent past as a result of the consolidation and expansion of its domestic capital markets. Investment professionals in key sectors have come to the UK to learn how to apply the venture capital skill-set to their home country.
The meeting was organised by UK Trade and Investment and marked the end of a weeklong visit to the UK by Brazilian venture capitalists and other key players in Brazil's capital markets.
FOR FURTHER INFORMATION PLEASE CONTACT
Kawika Solidum, BVCA: +44 (0)20 7420 1833
Tom Allchorne, BVCA: +44 (0)20 7420 1807
Notes to editors:
1. The British Private Equity and Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has over 450 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.
2. The Brazilian Private Equity and Venture Capital Association (ABVCAP) is the representative institution for the private equity and venture capital sector in Brazil. ABVCAP consists of over 100 different members, participants in the investment community with institutional or individual interest, in either business or services, in the development of market activity in long-term investments in the country - through the model of venture capital and its variations.
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