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Pátria said to be in talks with banks about IPO

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Pátria Investimentos, a firm used to pave the way for other companies to list shares in the stock market, is now in talks with banks about an IPO of its own, sources say.

The asset manager may decide to list its shares in the United States, since the segment is much more represented in the American stock markets than in the Brazilian. The talks are said to be at an early stage.

The potential listing is pushed by partner Blackstone, which holds 40% of Pátria's capital and would dispose of part of it. At the end of last year, there were already rumors in São Paulo's financial world that Blackstone was about to pick a bank to sell its stake in the Brazilian company.

The talks now include an IPO because of the interest for public Brazilian companies, a valuation potentially higher than that offered by a private transaction and the controlling partners' preference.

Blackstone is the largest among listed private-equity firms, with a market capitalization of $71 billion. Asset manager Blackrock is worth $108 billion but has a different profile, with a larger portfolio of liquid funds.

Pátria has attracted Blackstone precisely because they have similar profiles, although in different levels. The American partner holds $571 billion in assets, while the Brazilian company manages around R$57 billion.

The Brazilian asset manager's origins trace back to Patrimônio bank, founded in the 1980s. The firm has a strong footprint in private...

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