LiveGT-2026-008· Listed Mar 7, 2026
Brazil SME Fintech — Embedded Credit Vehicle
Asset-backed working-capital facility funding SME receivables embedded inside Brazilian marketplaces.
Brazil · South America Financial Services / Fintech Private Credit Vehicle Closes Oct 31, 2026
Raise Target
$55.0M
Committed
$19.0M
Min Ticket
$500K
Target Return
11–13% net yield (USD-hedged)
Horizon
4 yrs
35% subscribed · $36.0M remaining
Executive Summary
A USD-hedged private credit vehicle that funds short-tenor receivables originated through embedded-finance partnerships with three large Brazilian marketplaces. Diversified across 11,000+ SME obligors with daily settlement.
Investment Thesis
- Embedded distribution drives selection quality and 70% lower CAC.
- Average tenor of 38 days enables rapid risk recalibration.
- USD-hedged structure neutralises BRL volatility for global LPs.
Use of Funds
Receivables origination90%
FX & rate hedging7%
Reserve & opex3%
Financial Snapshot
Average tenor
38 days
Loss rate (TTM)
1.9%
Hedged net yield
12.1%
Transaction Structure
USD 55M Cayman-domiciled vehicle, monthly liquidity after 12-mo lock-up, audited NAV.
Risk & Mitigation
Key Risks
- · BRL volatility
- · Marketplace concentration
- · Macro credit cycle
Mitigants
- 100% USD-hedged
- Concentration cap 35% per partner
- Dynamic underwriting model retrained weekly
Timeline & Milestones
- 2024Vehicle launch
- 2025First USD 19M deployed
- 2026 Q4Up-size close
Sponsor
Pampas Capital Ltda.
Pampas Capital is a Brazil-focused private credit manager with USD 320M AUM and a 5-year track record across two prior vintages.
ESG & Impact
- 68% of SME borrowers women-owned or led
- Financial literacy program embedded in partner apps
- Transparent APR reporting
Data Room
Strategy Overview
PDF · 24 pp
Monthly Performance Pack
PDF
Risk & Underwriting Manual
PDF
Gated documents unlock after KYC/AML verification and NDA execution.
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