(Valor Economico) April 26, 2011 – Six months after JP Morgan bought a 55% stake in Gávea, the fund founded by former central bank president Arminio Fraga, it has raised R$ 1 billion (approx. US$628M) through three IPOs, despite the difficult scenario for stock offerings. Although this does not mean that there are only success stories in its portfolio, Gávea is the fund manager that has raised the most in the stock market in recent months.

The three IPOs included McDonald’s franchise, Arcos Dorados on the New York Stock Exchange and pharmacy chain Raia and entertainment company Time For Fun (T4F) in Brazil.

At the same time, Gávea is raising its fourth fund, which should reach at least R$1.5 bln (approx. US$943M), according to data from the Comissão de Valores Mobiliários.

To read the full article in Portuguese, click here.