The Aerospace Investment Fund (FIP), the first of its type in Latin America, was launched on May 7, 2014. The venture capital fund will focus on innovative small and medium-sized companies, with gross profits of up to R$ 200 million per year. The initiative is a partnership between the Brazilian Development Bank (BNDES), the Brazilian Innovation Agency (Finep), the Agency for São Paulo State Development (Desenvolve-SP) and Embraer, and seeks to strengthen the aerospace, aviation, defense and security supply chain. The fund’s initial assets will total R$131.3 million. BNDES, Embraer and Finep will each contribute R$40 million. Desenvolve-SP will contribute R$10 million, and the fund manager, Portbank, will chip in R$1.3 million. “Venture capital is an efficient tool for financing projects, mainly because it creates an environment of constant investment,” said Finep President Glauco Arbix. “Embraer has always encouraged the development of a Brazilian chain for the aerospace and defense industry, and has special interest in the high-tech industry,” said Frederico Curado, CEO of Embraer.
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