{"id":10935,"date":"2026-07-21T10:00:00","date_gmt":"2026-07-21T13:00:00","guid":{"rendered":"https:\/\/artica.capital\/?post_type=pilulas&#038;p=10935"},"modified":"2026-10-20T16:47:21","modified_gmt":"2026-10-20T19:47:21","slug":"private-equity-no-brasil","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/private-equity-no-brasil\/","title":{"rendered":"Private Equity no Brasil"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Ap\u00f3s a forte retra\u00e7\u00e3o no p\u00f3s-pandemia, o mercado global de private equity come\u00e7a a apresentar sinais de recupera\u00e7\u00e3o. No Brasil, por\u00e9m, os fundos ainda enfrentam baixa liquidez, menor volume de desinvestimentos e prazos de perman\u00eancia mais longos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Com juros elevados e aus\u00eancia de IPOs desde 2022, compradores estrat\u00e9gicos ganharam relev\u00e2ncia e responderam por 79% das sa\u00eddas de private equity em 2025. Nesse cen\u00e1rio, grupos internacionais podem ampliar as alternativas de liquidez dos fundos e, ao mesmo tempo, acessar empresas brasileiras consolidadas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na p\u00edlula de hoje, analisamos como o atual cen\u00e1rio do private equity no Brasil refor\u00e7a o papel dos compradores estrat\u00e9gicos internacionais no pr\u00f3ximo ciclo de desinvestimento.<\/p>\n\n\n\n<!-- pilula-html v2 -->\n<style>\n.pil-deck{margin:32px 0}\n.pil-deck .pil-slide{margin:0 0 28px;overflow-x:auto;-webkit-overflow-scrolling:touch}\n.pil-deck .s{position:relative;container-type:inline-size;min-width:640px;font-family:Arial,\"Helvetica Neue\",Helvetica,sans-serif;box-shadow:0 1px 6px rgba(0,0,0,.12)}\n.pil-deck .s>img{display:block;width:100%;height:auto;margin:0}\n.pil-deck .t{position:absolute;box-sizing:border-box;display:flex;flex-direction:column;margin:0;font:inherit;letter-spacing:0;overflow:visible}\n.pil-deck .t p{margin:0;padding:0}\n.pil-deck h2.t{letter-spacing:-.015em;text-transform:none}\n.pil-deck .t sup,.pil-deck .t sub{font-size:.6em;line-height:0}\n.pil-deck .t p.b::before{content:var(--bc,\"\\2022\");display:inline-block;width:var(--bw,1.1em);text-indent:0;font-size:var(--bs,100%);color:var(--bk,inherit)}\n.pil-deck .t span{font-family:inherit}\n<\/style>\n<div class=\"pil-deck\">\n<figure class=\"pil-slide\"><div class=\"s\"><img src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/10\/pilula-private-equity-no-brasil-1.jpg\" alt=\"Slide 1: Ap&#243;s retra&#231;&#227;o da atividade de investimentos no p&#243;s-pandemia, o mercado global de private equity esbo&#231;a sinais de recupera&#231;&#227;o nos processos de desinvestimento\" width=\"1920\" height=\"1080\" loading=\"lazy\" decoding=\"async\"><div class=\"t\" style=\"left:1.953%;top:94.975%;width:94.783%;min-height:4.282%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">(1) Fundos de <\/span><span style=\"font-size:0.833cqw;color:#000000\">private<\/span><span style=\"font-size:0.833cqw;color:#000000\"> <\/span><span style=\"font-size:0.833cqw;color:#000000\">equity<\/span><span style=\"font-size:0.833cqw;color:#000000\"> e venture capital, excluindo fundos de fundos e fundos de fundos h&#237;bridos.<\/span><\/p><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">Fonte: &#193;rtica; <\/span><span style=\"font-size:0.833cqw;color:#000000\">Preqin<\/span><span style=\"font-size:0.833cqw;color:#000000\">; <\/span><span style=\"font-size:0.833cqw;color:#000000\">Pitchbook<\/span><span style=\"font-size:0.833cqw;color:#000000\">.<\/span><\/p><\/div><h2 class=\"t\" style=\"left:1.953%;top:3.515%;width:87.109%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">Ap&#243;s retra&#231;&#227;o da atividade de investimentos no p&#243;s-pandemia, o mercado global de <\/span><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700;font-style:italic\">private<\/span><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700;font-style:italic\"> <\/span><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700;font-style:italic\">equity<\/span><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\"> esbo&#231;a sinais de recupera&#231;&#227;o nos processos de desinvestimento<\/span><\/p><\/h2><div class=\"t\" style=\"left:2.768%;top:15.501%;width:42.688%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Volume global de investimentos de <\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">private<\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\"> <\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">equity<\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\"> e venture capital<\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\"><sup>(1)<\/sup><\/span><\/p><\/div><div class=\"t\" style=\"left:2.747%;top:20.895%;width:9.349%;min-height:2.693%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:justify;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#b7b7b7;font-weight:700\">US$ Bi<\/span><\/p><\/div><div class=\"t\" style=\"left:51.471%;top:20.868%;width:9.349%;min-height:2.693%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:justify;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#b7b7b7;font-weight:700\">US$ Bi<\/span><\/p><\/div><div class=\"t\" style=\"left:51.492%;top:15.501%;width:39.732%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Volume global de desinvestimentos de <\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">private<\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\"> <\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">equity<\/span><\/p><\/div><div class=\"t\" style=\"left:3.398%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2015<\/span><\/p><\/div><div class=\"t\" style=\"left:7.513%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2016<\/span><\/p><\/div><div class=\"t\" style=\"left:11.628%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2017<\/span><\/p><\/div><div class=\"t\" style=\"left:15.755%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2018<\/span><\/p><\/div><div class=\"t\" style=\"left:19.87%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2019<\/span><\/p><\/div><div class=\"t\" style=\"left:23.984%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2020<\/span><\/p><\/div><div class=\"t\" style=\"left:28.099%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2021<\/span><\/p><\/div><div class=\"t\" style=\"left:32.214%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2022<\/span><\/p><\/div><div class=\"t\" style=\"left:36.328%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2023<\/span><\/p><\/div><div class=\"t\" style=\"left:40.456%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2024<\/span><\/p><\/div><div class=\"t\" style=\"left:44.57%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2025<\/span><\/p><\/div><div class=\"t\" style=\"left:3.62%;top:71.412%;width:2.435%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">424<\/span><\/p><\/div><div class=\"t\" style=\"left:7.734%;top:65.486%;width:2.435%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">595<\/span><\/p><\/div><div class=\"t\" style=\"left:11.849%;top:61.065%;width:2.435%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">723<\/span><\/p><\/div><div class=\"t\" style=\"left:15.977%;top:60.949%;width:2.435%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">726<\/span><\/p><\/div><div class=\"t\" style=\"left:20.091%;top:56.968%;width:2.435%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">841<\/span><\/p><\/div><div class=\"t\" style=\"left:24.206%;top:57.87%;width:2.435%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">815<\/span><\/p><\/div><div class=\"t\" style=\"left:27.812%;top:48.819%;width:3.438%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">1.076<\/span><\/p><\/div><div class=\"t\" style=\"left:31.927%;top:50.694%;width:3.438%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">1.022<\/span><\/p><\/div><div class=\"t\" style=\"left:36.549%;top:53.218%;width:2.435%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">949<\/span><\/p><\/div><div class=\"t\" style=\"left:40.677%;top:57.731%;width:2.435%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">819<\/span><\/p><\/div><div class=\"t\" style=\"left:44.792%;top:60.856%;width:2.435%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">729<\/span><\/p><\/div><div class=\"t\" style=\"left:35.404%;top:47.963%;width:4.727%;min-height:3.773%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4;font-weight:700\">-5.9%<\/span><\/p><\/div><div class=\"t\" style=\"left:29.128%;top:20.903%;width:8.464%;min-height:2.662%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Venture Capital<\/span><\/p><\/div><div class=\"t\" style=\"left:40.599%;top:20.903%;width:7.526%;min-height:2.662%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Private Equity<\/span><\/p><\/div><div class=\"t\" style=\"left:20.768%;top:20.926%;width:5.091%;min-height:2.662%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\"># Fundos<\/span><\/p><\/div><div class=\"t\" style=\"left:32.991%;top:41.314%;width:9.848%;min-height:6.347%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.146cqw;color:#c00000;font-weight:700\">Investimento CAGR<\/span><\/p><\/div><div class=\"t\" style=\"left:52.122%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2015<\/span><\/p><\/div><div class=\"t\" style=\"left:56.276%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2016<\/span><\/p><\/div><div class=\"t\" style=\"left:60.443%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2017<\/span><\/p><\/div><div class=\"t\" style=\"left:64.609%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2018<\/span><\/p><\/div><div class=\"t\" style=\"left:68.776%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2019<\/span><\/p><\/div><div class=\"t\" style=\"left:72.93%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2020<\/span><\/p><\/div><div class=\"t\" style=\"left:77.096%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2021<\/span><\/p><\/div><div class=\"t\" style=\"left:81.263%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2022<\/span><\/p><\/div><div class=\"t\" style=\"left:85.43%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2023<\/span><\/p><\/div><div class=\"t\" style=\"left:89.583%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2024<\/span><\/p><\/div><div class=\"t\" style=\"left:93.75%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2025<\/span><\/p><\/div><div class=\"t\" style=\"left:90.794%;top:51.713%;width:4.609%;min-height:3.773%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff;font-weight:700\">+50%<\/span><\/p><\/div><div class=\"t\" style=\"left:91.589%;top:20.926%;width:4.727%;min-height:2.662%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\"># Sa&#237;das<\/span><\/p><\/div><\/div><\/figure>\n<figure class=\"pil-slide\"><div class=\"s\"><img src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/10\/pilula-private-equity-no-brasil-2.jpg\" alt=\"Slide 2: No Brasil, a principal dificuldade enfrentada pelos fundos nos &#250;ltimos anos tem sido a realiza&#231;&#227;o de sa&#237;das\" width=\"1920\" height=\"1080\" loading=\"lazy\" decoding=\"async\"><div class=\"t\" style=\"left:1.953%;top:94.975%;width:94.783%;min-height:4.282%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">Fonte: &#193;rtica; ABVCAP.<\/span><\/p><\/div><h2 class=\"t\" style=\"left:1.953%;top:3.515%;width:91.758%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">No Brasil, a principal dificuldade enfrentada pelos fundos nos &#250;ltimos anos tem sido a realiza&#231;&#227;o de sa&#237;das<\/span><\/p><\/h2><div class=\"t\" style=\"left:10.755%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2021<\/span><\/p><\/div><div class=\"t\" style=\"left:29.661%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2022<\/span><\/p><\/div><div class=\"t\" style=\"left:48.568%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2023<\/span><\/p><\/div><div class=\"t\" style=\"left:67.461%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2024<\/span><\/p><\/div><div class=\"t\" style=\"left:86.367%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2025<\/span><\/p><\/div><div class=\"t\" style=\"left:39.038%;top:29.924%;width:38.359%;min-height:14.227%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">O prazo m&#233;dio de perman&#234;ncia dos investimentos aumentou de 5,3 anos, entre 2018 e 2022, para 6,3 anos, entre 2023 e 2025, refletindo condi&#231;&#245;es de liquidez mais restritivas e um ciclo de desinvestimentos mais prolongado<\/span><\/p><\/div><div class=\"t\" style=\"left:2.747%;top:20.895%;width:9.349%;min-height:2.693%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:justify;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#b7b7b7;font-weight:700\">R$ Bi<\/span><\/p><\/div><div class=\"t\" style=\"left:2.768%;top:15.501%;width:61.793%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Volume de desinvestimentos realizado por investidores financeiros no Brasil<\/span><\/p><\/div><\/div><\/figure>\n<figure class=\"pil-slide\"><div class=\"s\"><img src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/10\/pilula-private-equity-no-brasil-3.jpg\" alt=\"Slide 3: Em um ambiente de juros elevados e seca de IPOs, o papel dos compradores estrat&#233;gicos estrangeiros se torna cada vez mais relevante\" width=\"1920\" height=\"1080\" loading=\"lazy\" decoding=\"async\"><div class=\"t\" style=\"left:1.953%;top:94.975%;width:94.783%;min-height:4.282%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">Fonte: &#193;rtica; KPMG; B3; ABVCAP.<\/span><\/p><\/div><h2 class=\"t\" style=\"left:1.953%;top:3.515%;width:81.952%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">Em um ambiente de juros elevados e seca de <\/span><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">IPOs<\/span><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">, o papel dos compradores estrat&#233;gicos estrangeiros se torna cada vez mais relevante<\/span><\/p><\/h2><div class=\"t\" style=\"left:37.681%;top:15.501%;width:57.935%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">N&#250;mero de desinvestimentos de <\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">private<\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\"> <\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">equity<\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\"> por tipo de comprador<\/span><\/p><\/div><div class=\"t\" style=\"left:2.747%;top:15.501%;width:31.942%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">IPOs<\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\"> no Brasil<\/span><\/p><\/div><div class=\"t\" style=\"left:3.086%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2017<\/span><\/p><\/div><div class=\"t\" style=\"left:6.641%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2018<\/span><\/p><\/div><div class=\"t\" style=\"left:10.195%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2019<\/span><\/p><\/div><div class=\"t\" style=\"left:13.737%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2020<\/span><\/p><\/div><div class=\"t\" style=\"left:17.292%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2021<\/span><\/p><\/div><div class=\"t\" style=\"left:20.846%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2022<\/span><\/p><\/div><div class=\"t\" style=\"left:24.401%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2023<\/span><\/p><\/div><div class=\"t\" style=\"left:27.943%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2024<\/span><\/p><\/div><div class=\"t\" style=\"left:31.497%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2025<\/span><\/p><\/div><div class=\"t\" style=\"left:21.758%;top:86.111%;width:1.055%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">0<\/span><\/p><\/div><div class=\"t\" style=\"left:25.312%;top:86.111%;width:1.055%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">0<\/span><\/p><\/div><div class=\"t\" style=\"left:28.854%;top:86.111%;width:1.055%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">0<\/span><\/p><\/div><div class=\"t\" style=\"left:32.409%;top:86.111%;width:1.055%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">0<\/span><\/p><\/div><div class=\"t\" style=\"left:40.534%;top:52.593%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">25%<\/span><\/p><\/div><div class=\"t\" style=\"left:40.534%;top:72.639%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">75%<\/span><\/p><\/div><div class=\"t\" style=\"left:40.508%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2019<\/span><\/p><\/div><div class=\"t\" style=\"left:49.036%;top:59.259%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">18%<\/span><\/p><\/div><div class=\"t\" style=\"left:49.036%;top:64.282%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">14%<\/span><\/p><\/div><div class=\"t\" style=\"left:49.036%;top:77.106%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">68%<\/span><\/p><\/div><div class=\"t\" style=\"left:49.01%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2020<\/span><\/p><\/div><div class=\"t\" style=\"left:57.552%;top:41.435%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">23%<\/span><\/p><\/div><div class=\"t\" style=\"left:57.904%;top:49.792%;width:2.122%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">9%<\/span><\/p><\/div><div class=\"t\" style=\"left:57.552%;top:69.861%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">68%<\/span><\/p><\/div><div class=\"t\" style=\"left:57.526%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2021<\/span><\/p><\/div><div class=\"t\" style=\"left:70.0%;top:60.949%;width:2.122%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">0%<\/span><\/p><\/div><div class=\"t\" style=\"left:66.419%;top:61.505%;width:2.122%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">4%<\/span><\/p><\/div><div class=\"t\" style=\"left:66.068%;top:74.861%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">96%<\/span><\/p><\/div><div class=\"t\" style=\"left:66.042%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2022<\/span><\/p><\/div><div class=\"t\" style=\"left:74.935%;top:57.616%;width:2.122%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">0%<\/span><\/p><\/div><div class=\"t\" style=\"left:40.885%;top:47.569%;width:2.122%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">0%<\/span><\/p><\/div><div class=\"t\" style=\"left:74.583%;top:77.662%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">67%<\/span><\/p><\/div><div class=\"t\" style=\"left:74.557%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2023<\/span><\/p><\/div><div class=\"t\" style=\"left:83.438%;top:55.37%;width:2.122%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">0%<\/span><\/p><\/div><div class=\"t\" style=\"left:83.086%;top:59.259%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">24%<\/span><\/p><\/div><div class=\"t\" style=\"left:83.086%;top:75.417%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">76%<\/span><\/p><\/div><div class=\"t\" style=\"left:83.06%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2024<\/span><\/p><\/div><div class=\"t\" style=\"left:91.953%;top:50.926%;width:2.122%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">0%<\/span><\/p><\/div><div class=\"t\" style=\"left:91.602%;top:54.815%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">21%<\/span><\/p><\/div><div class=\"t\" style=\"left:91.602%;top:73.194%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">79%<\/span><\/p><\/div><div class=\"t\" style=\"left:91.576%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2025<\/span><\/p><\/div><div class=\"t\" style=\"left:41.068%;top:45.162%;width:1.745%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">36<\/span><\/p><\/div><div class=\"t\" style=\"left:49.57%;top:54.907%;width:1.745%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">28<\/span><\/p><\/div><div class=\"t\" style=\"left:58.086%;top:33.75%;width:1.745%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">47<\/span><\/p><\/div><div class=\"t\" style=\"left:66.602%;top:59.097%;width:1.745%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">24<\/span><\/p><\/div><div class=\"t\" style=\"left:75.117%;top:55.208%;width:1.745%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">27<\/span><\/p><\/div><div class=\"t\" style=\"left:83.62%;top:52.963%;width:1.745%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">29<\/span><\/p><\/div><div class=\"t\" style=\"left:92.135%;top:48.519%;width:1.745%;min-height:2.407%;justify-content:flex-end;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">33<\/span><\/p><\/div><div class=\"t\" style=\"left:74.583%;top:62.616%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff\">33%<\/span><\/p><\/div><div class=\"t\" style=\"left:54.414%;top:20.903%;width:7.435%;min-height:2.662%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Sa&#237;do via IPO<\/span><\/p><\/div><div class=\"t\" style=\"left:64.857%;top:20.903%;width:11.693%;min-height:2.662%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Sa&#237;da via PE-para-PE<\/span><\/p><\/div><div class=\"t\" style=\"left:79.557%;top:20.903%;width:17.135%;min-height:2.662%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Sa&#237;da via investidor estrat&#233;gico<\/span><\/p><\/div><div class=\"t\" style=\"left:2.747%;top:20.895%;width:9.349%;min-height:2.693%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:justify;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#b7b7b7;font-weight:700\">#<\/span><\/p><\/div><div class=\"t\" style=\"left:37.681%;top:20.895%;width:9.349%;min-height:2.693%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:justify;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#b7b7b7;font-weight:700\">#<\/span><\/p><\/div><\/div><\/figure>\n<figure class=\"pil-slide\"><div class=\"s\"><img src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/10\/pilula-private-equity-no-brasil-4.jpg\" alt=\"Slide 4: Mesmo com o avan&#231;o do investimento estrangeiro direto, as transa&#231;&#245;es cross-border no Brasil ainda permanecem abaixo dos n&#237;veis hist&#243;ricos\" width=\"1920\" height=\"1080\" loading=\"lazy\" decoding=\"async\"><div class=\"t\" style=\"left:1.953%;top:94.975%;width:94.783%;min-height:4.282%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">(1) Investimento Estrangeiro Direto; (2) Os dados de 2025 t&#234;m como fonte a OCDE, enquanto os dados dos anos anteriores foram obtidos junto ao Banco Mundial; (3) Considera somente transa&#231;&#245;es envolvendo empresas brasileiras.<\/span><\/p><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">Fonte: &#193;rtica; World Bank <\/span><span style=\"font-size:0.833cqw;color:#000000\">Group<\/span><span style=\"font-size:0.833cqw;color:#000000\">; OECD; UN Trade <\/span><span style=\"font-size:0.833cqw;color:#000000\">and<\/span><span style=\"font-size:0.833cqw;color:#000000\"> <\/span><span style=\"font-size:0.833cqw;color:#000000\">Development<\/span><span style=\"font-size:0.833cqw;color:#000000\"> (UNCTAD).<\/span><\/p><\/div><h2 class=\"t\" style=\"left:1.953%;top:3.515%;width:81.952%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">Mesmo com o avan&#231;o do investimento estrangeiro direto, as transa&#231;&#245;es cross-border no Brasil ainda permanecem abaixo dos n&#237;veis hist&#243;ricos<\/span><\/p><\/h2><div class=\"t\" style=\"left:66.844%;top:19.688%;width:30.444%;min-height:4.039%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff;font-weight:700\">Transa&#231;&#245;es cross-border no Brasil<\/span><span style=\"font-size:1.25cqw;color:#ffffff;font-weight:700\"><sup>(3)<\/sup><\/span><\/p><\/div><div class=\"t\" style=\"left:2.712%;top:19.688%;width:30.444%;min-height:4.039%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff;font-weight:700\">Ranking global de IED<\/span><span style=\"font-size:1.25cqw;color:#ffffff;font-weight:700\"><sup>(1)<\/sup><\/span><\/p><\/div><div class=\"t\" style=\"left:34.809%;top:19.688%;width:30.444%;min-height:4.039%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff;font-weight:700\">IED em cada pa&#237;s<\/span><\/p><\/div><div class=\"t\" style=\"left:6.743%;top:82.079%;width:5.045%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">7&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:6.305%;top:28.661%;width:5.936%;min-height:3.594%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">2020-23<\/span><\/p><\/div><div class=\"t\" style=\"left:7.354%;top:33.384%;width:3.838%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">1&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:7.354%;top:45.54%;width:3.838%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">2&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:7.354%;top:57.763%;width:3.838%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">4&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:7.354%;top:69.922%;width:3.838%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">5&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:14.966%;top:28.661%;width:5.936%;min-height:3.594%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">2024<\/span><\/p><\/div><div class=\"t\" style=\"left:16.015%;top:33.384%;width:3.838%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">1&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:16.015%;top:45.54%;width:3.838%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">3&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:16.015%;top:57.763%;width:3.838%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">5&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:15.638%;top:69.922%;width:4.591%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">7&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:15.411%;top:82.079%;width:5.045%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">9&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:23.627%;top:28.661%;width:5.936%;min-height:3.594%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">2025<\/span><span style=\"font-size:1.25cqw;color:#f4f4f4\"><sup>(2)<\/sup><\/span><\/p><\/div><div class=\"t\" style=\"left:24.676%;top:33.384%;width:3.838%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">1&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:24.676%;top:45.54%;width:3.838%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">2&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:24.676%;top:57.763%;width:3.838%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">3&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:24.299%;top:69.922%;width:4.591%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">5&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:24.072%;top:82.079%;width:5.045%;min-height:4.411%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.228;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#9f9f9f\">6&#186;<\/span><\/p><\/div><div class=\"t\" style=\"left:3.891%;top:24.757%;width:18.62%;min-height:2.693%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.295%;\"><p style=\"text-align:justify;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#b7b7b7;font-weight:700\">IED acumulado no per&#237;odo<\/span><\/p><\/div><div class=\"t\" style=\"left:35.989%;top:24.757%;width:18.62%;min-height:2.693%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.295%;\"><p style=\"text-align:justify;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#b7b7b7;font-weight:700\">% &#8211; 2023 vs 2024<\/span><\/p><\/div><div class=\"t\" style=\"left:68.086%;top:24.757%;width:18.62%;min-height:2.693%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.295%;\"><p style=\"text-align:justify;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#b7b7b7;font-weight:700\">%<\/span><\/p><\/div><div class=\"t\" style=\"left:69.154%;top:46.644%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">40%<\/span><\/p><\/div><div class=\"t\" style=\"left:69.154%;top:72.361%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">60%<\/span><\/p><\/div><div class=\"t\" style=\"left:69.128%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2014<\/span><\/p><\/div><div class=\"t\" style=\"left:72.995%;top:46.667%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">41%<\/span><\/p><\/div><div class=\"t\" style=\"left:72.995%;top:72.384%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">59%<\/span><\/p><\/div><div class=\"t\" style=\"left:72.969%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2016<\/span><\/p><\/div><div class=\"t\" style=\"left:76.836%;top:50.88%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">57%<\/span><\/p><\/div><div class=\"t\" style=\"left:76.836%;top:76.597%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">43%<\/span><\/p><\/div><div class=\"t\" style=\"left:76.81%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2018<\/span><\/p><\/div><div class=\"t\" style=\"left:80.677%;top:54.583%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">71%<\/span><\/p><\/div><div class=\"t\" style=\"left:80.677%;top:80.301%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">29%<\/span><\/p><\/div><div class=\"t\" style=\"left:80.651%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2020<\/span><\/p><\/div><div class=\"t\" style=\"left:84.531%;top:52.824%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">64%<\/span><\/p><\/div><div class=\"t\" style=\"left:84.531%;top:78.542%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">36%<\/span><\/p><\/div><div class=\"t\" style=\"left:84.505%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2022<\/span><\/p><\/div><div class=\"t\" style=\"left:88.372%;top:52.199%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">62%<\/span><\/p><\/div><div class=\"t\" style=\"left:88.372%;top:77.917%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">38%<\/span><\/p><\/div><div class=\"t\" style=\"left:88.346%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2024<\/span><\/p><\/div><div class=\"t\" style=\"left:92.214%;top:52.5%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">63%<\/span><\/p><\/div><div class=\"t\" style=\"left:92.214%;top:78.218%;width:2.812%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#f4f4f4\">37%<\/span><\/p><\/div><div class=\"t\" style=\"left:92.188%;top:89.63%;width:2.865%;min-height:2.662%;justify-content:flex-start;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2025<\/span><\/p><\/div><div class=\"t\" style=\"left:78.294%;top:32.569%;width:7.591%;min-height:3.773%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">(23%) <\/span><span style=\"font-size:1.25cqw;color:#000000\">p.p<\/span><\/p><\/div><div class=\"t\" style=\"left:80.299%;top:24.722%;width:4.766%;min-height:2.662%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Nacional<\/span><\/p><\/div><div class=\"t\" style=\"left:88.073%;top:24.722%;width:7.396%;min-height:2.662%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.17;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Cross-border<\/span><\/p><\/div><div class=\"t\" style=\"left:41.732%;top:31.157%;width:3.19%;min-height:1.991%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:right;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">Mundo<\/span><\/p><\/div><div class=\"t\" style=\"left:42.357%;top:38.194%;width:2.565%;min-height:1.991%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:right;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">Brasil<\/span><\/p><\/div><div class=\"t\" style=\"left:38.411%;top:44.236%;width:6.51%;min-height:3.981%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:right;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">Economias <br>desenvolvidas<\/span><\/p><\/div><div class=\"t\" style=\"left:37.161%;top:51.273%;width:7.76%;min-height:3.981%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:right;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">Economias em <br>desenvolvimento<\/span><\/p><\/div><div class=\"t\" style=\"left:41.628%;top:59.306%;width:3.294%;min-height:1.991%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:right;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">Europa<\/span><\/p><\/div><div class=\"t\" style=\"left:40.794%;top:65.324%;width:4.128%;min-height:3.981%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:right;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">Am&#233;rica <br>do Norte<\/span><\/p><\/div><div class=\"t\" style=\"left:42.24%;top:73.356%;width:2.682%;min-height:1.991%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:right;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">&#193;frica<\/span><\/p><\/div><div class=\"t\" style=\"left:41.484%;top:80.394%;width:3.438%;min-height:1.991%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:right;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">LATAM<\/span><\/p><\/div><div class=\"t\" style=\"left:42.956%;top:87.431%;width:1.966%;min-height:1.991%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;white-space:nowrap;\"><p style=\"text-align:right;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">&#193;sia<\/span><\/p><\/div><div class=\"t\" style=\"left:53.073%;top:52.06%;width:3.125%;min-height:2.407%;justify-content:center;padding:0.0% 0.182% 0.0% 0.182%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0.0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">0,2%<\/span><\/p><\/div><\/div><\/figure>\n<figure class=\"pil-slide\"><div class=\"s\"><img src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/10\/pilula-private-equity-no-brasil-5.jpg\" alt=\"Slide 5: Transa&#231;&#245;es recentes demonstram o interesse de compradores estrat&#233;gicos internacionais por ativos brasileiros\" width=\"1920\" height=\"1080\" loading=\"lazy\" decoding=\"async\"><div class=\"t\" style=\"left:1.953%;top:94.975%;width:94.783%;min-height:4.282%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">(1) A <\/span><span style=\"font-size:0.833cqw;color:#000000\">idwall<\/span><span style=\"font-size:0.833cqw;color:#000000\"> tamb&#233;m era investida por outros fundos, como Pen&#237;nsula, <\/span><span style=\"font-size:0.833cqw;color:#000000\">Monashees<\/span><span style=\"font-size:0.833cqw;color:#000000\">, Norte Ventures, ONEVC e Canary.<\/span><\/p><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">Fonte: &#193;rtica.<\/span><\/p><\/div><h2 class=\"t\" style=\"left:1.953%;top:3.515%;width:86.136%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">Transa&#231;&#245;es recentes demonstram o interesse de compradores estrat&#233;gicos internacionais por ativos brasileiros<\/span><\/p><\/h2><div class=\"t\" style=\"left:67.718%;top:22.959%;width:29.528%;min-height:31.94%;justify-content:flex-end;padding:0.375% 0.295% 0.375% 0.295%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2026<\/span><\/p><\/div><div class=\"t\" style=\"left:35.237%;top:22.959%;width:29.528%;min-height:31.94%;justify-content:flex-end;padding:0.375% 0.295% 0.375% 0.295%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2026<\/span><\/p><\/div><div class=\"t\" style=\"left:2.757%;top:22.959%;width:29.528%;min-height:31.94%;justify-content:flex-end;padding:0.375% 0.295% 0.375% 0.295%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2026<\/span><\/p><\/div><div class=\"t\" style=\"left:67.718%;top:58.099%;width:29.528%;min-height:31.94%;justify-content:flex-end;padding:0.375% 0.295% 0.375% 0.295%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2025<\/span><\/p><\/div><div class=\"t\" style=\"left:35.237%;top:58.099%;width:29.528%;min-height:31.94%;justify-content:flex-end;padding:0.375% 0.295% 0.375% 0.295%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2026<\/span><\/p><\/div><div class=\"t\" style=\"left:2.757%;top:58.099%;width:29.528%;min-height:31.94%;justify-content:flex-end;padding:0.375% 0.295% 0.375% 0.295%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">2026<\/span><\/p><\/div><div class=\"t\" style=\"left:5.008%;top:34.204%;width:25.025%;min-height:8.061%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">adquiriu a provedora de banda larga Desktop do fundo H.I.G. Capital e de seus acionistas fundadores<\/span><\/p><\/div><div class=\"t\" style=\"left:4.367%;top:69.344%;width:26.308%;min-height:8.061%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">adquiriu a fintech de cr&#233;dito <\/span><span style=\"font-size:1.25cqw;color:#000000\">Blipay<\/span><span style=\"font-size:1.25cqw;color:#000000\"> do fundo SRM Ventures e de seus demais acionistas<\/span><\/p><\/div><div class=\"t\" style=\"left:37.489%;top:69.344%;width:25.025%;min-height:8.061%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">adquiriu a operadora log&#237;stica CLI da IG4 Capital e Macquarie <\/span><span style=\"font-size:1.25cqw;color:#000000\">Asset<\/span><span style=\"font-size:1.25cqw;color:#000000\"> Management<\/span><\/p><\/div><div class=\"t\" style=\"left:69.336%;top:69.344%;width:26.29%;min-height:8.061%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">adquiriu a operadora portu&#225;ria Santos Brasil de fundos geridos pela <\/span><span style=\"font-size:1.25cqw;color:#000000\">Opportunity<\/span><\/p><\/div><div class=\"t\" style=\"left:37.489%;top:34.204%;width:25.025%;min-height:8.061%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">adquiriu a farmac&#234;utica <\/span><span style=\"font-size:1.25cqw;color:#000000\">Cellera<\/span><span style=\"font-size:1.25cqw;color:#000000\"> Farma do fundo Victoria Capital <\/span><span style=\"font-size:1.25cqw;color:#000000\">Partners<\/span><\/p><\/div><div class=\"t\" style=\"left:69.969%;top:34.204%;width:25.025%;min-height:8.061%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">adquiriu a plataforma de identidade digital <\/span><span style=\"font-size:1.25cqw;color:#000000\">idwall<\/span><span style=\"font-size:1.25cqw;color:#000000\">, controlada por diversos fundos de investimentos<\/span><\/p><\/div><div class=\"t\" style=\"left:92.258%;top:42.842%;width:2.24%;min-height:3.581%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;white-space:nowrap;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">(1)<\/span><\/p><\/div><div class=\"t\" style=\"left:2.768%;top:15.501%;width:90.556%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Aquisi&#231;&#227;o de participa&#231;&#245;es de investidores financeiros em empresas brasileiras por compradores estrat&#233;gicos internacionais<\/span><\/p><\/div><\/div><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Ap\u00f3s a forte retra\u00e7\u00e3o no p\u00f3s-pandemia, o mercado global de private equity come\u00e7a a apresentar sinais de recupera\u00e7\u00e3o. No Brasil, por\u00e9m, os fundos ainda enfrentam baixa liquidez, menor volume de desinvestimentos e prazos de perman\u00eancia mais longos. Com juros elevados e aus\u00eancia de IPOs desde 2022, compradores estrat\u00e9gicos ganharam relev\u00e2ncia e responderam por 79% das [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":10926,"template":"","meta":[],"class_list":["post-10935","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/10935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/4"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/10926"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=10935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}