The outlook for the investment fund industry—particularly in the private equity segment—was the focus of the Luxembourg Private Equity Seminar held in Lisbon, which brought together representatives from the Brazilian, Portuguese, and Luxembourgish markets. The participation of the Brazilian Financial and Capital Markets Association (ANBIMA) highlighted the growth of Brazil’s fund industry, recent regulatory advances, the expansion of alternative investments, and international cooperation opportunities to boost capital flows among the three countries.

During the panel “Luxembourg – Portugal – Brazil: a triangle of opportunities,” ANBIMA was represented by Tatiana Itikawa, chief of Regulatory Policy and Business Development. She highlighted the impact of Resolution 175 from the Securities and Exchange Commission of Brazil (CVM), which consolidated several regulations into a single, modern framework for investment funds.

“Resolution 175 positions Brazil as a strategic destination for global capital in Latin America, broadens opportunities for Brazilian investors to access foreign markets, and aligns our practices with the most advanced international standards,” Itikawa said.

Another topic emphasized during the event was the importance of democratizing access to investment funds in Brazil. In recent years, according to Itikawa, the industry has worked to increase retail investor participation across various asset classes—private equity funds being the next step in this process. Currently limited to qualified investors, these vehicles will soon be made available to the retail segment.

“Soon, we’ll have our own ‘Brazilian ELTIFs,’ and I can say that the European experience has served as an extremely important reference for regulatory discussions in Brazil,” she said, referring to the European Long-Term Investment Funds.

Growth and international cooperation

Itikawa also commented on the expansion of Brazil’s private equity industry, which now accounts for 9% of total assets under management in the country. According to her, these funds play a key role in financing companies with growth or restructuring potential, with a direct impact on job creation and innovation. The sector generates more than 900,000 jobs, with half of the capital coming from foreign investors.

“This trend confirms international confidence in Brazil and shows that foreign interest is already a reality—not just a expectation,” she said.

The panel also highlighted the potential for cooperation among Brazil, Portugal, and Luxembourg as complementary hubs for international investment. Itikawa noted that Portugal can play a strategic role in facilitating the entry of European funds into Brazil, leveraging linguistic ties, while Luxembourg has long served as a reference for regulatory structures adopted in the Brazilian market.

“By joining forces, these countries can create more efficient, accessible, and innovative solutions—both for those investing and those raising capital. It’s time to focus on how to do it, not when,” she concluded.