(Bloomberg) General Atlantic will increase its stake in XP Investimentos from 33% to 49%. This transaction also means an exit for Actis, which currently owns a 10% in this company.

Private equity firm General Atlantic plans to increase its stake in Brazilian brokerage XP Investimentos CCTVM SA through a pair of pending transactions, according to the target company.

XP Chief Executive Officer Guilherme Benchimol said Thursday that the firm — which already had a 33 percent stake — is purchasing the 10 percent stake currently held by Actis. General Atlantic is also buying shares in a primary offering, and will own 49 percent of XP once both deals are complete, Benchimol said in a phone interview Thursday.

General Atlantic will pay a total of 450 million reais ($130 million) for the new stake, Benchimol said: 300 million reais to Actis and the other 150 million reais to XP. He said the transactions have been signed and the closing is pending. The transaction pushes equity book value to more than 800 million reais, he said. Brazilian newspaper Folha reported the transaction earlier Thursday.

A General Atlantic official declined to comment.

Despite a crushing recession in Brazil, XP is pushing ahead with plans to expand, partly by catering to higher net-worth investors. It is also growing in the U.S., where it will probably double headcount this year to about 90 people. Around half of those will be in Miami and the other half in New York, where the company is preparing to move into a new Manhattan office with space for 80, according to the executive.

Benchimol said the company’s business model has been resilient in the face of crisis, because Brazil already has a large pool of investors to target as customers.

“We don’t have to create a market,” he said. “We have to transform the market.”