André Mileski and Gustavo Paes

Lefosse advises BTG in the structuring of the first private debt ETF in Brazil

Lefosse assisted BTG Pactual Asset Management S.A. DTVM and its affiliates in the structuring and offering of quotas of the BTG Pactual Teva Debêntures DI Fundo de Índice, an exchange-traded investment fund regulated by CVM Rule No. 359, which is traded in the Brazilian stock exchange (B3).

The project involved structuring, regulatory and tax advice, fundraising matters, negotiation of the index and the Fund’s documents, as well as assistance with the public offering of the Fund’s quotas.

An exchange-traded fund (“ETF”) is a type of investment fund that tracks a certain index, with quotas available to be purchased or sold by investors on a stock exchange. This is the first-ever private debt ETF launched in Brazil. The Fund’s portfolio is comprised of debentures and Brazilian National Treasury bills that meet reasonable liquidity and eligibility criteria, intending to emulate the return of the Teva Debêntures DI index.

In the private debt ETF, Lefosse advised BTG Pactual (investment manager and distributor) and relied on partners André Mileski (pictured left) and Gustavo Paes (pictured right), associate Vinicius Braschi and legal assistant Rodrigo Paixão.