Trench Rossi Watanabe advises Angá on structuring a fund

Trench Rossi Watanabe advised Angá Administração de Recursos, together with Banco Daycoval and Tudo Serviços, on structuring a pioneering fund focused on investing in payroll loan operations for private sector employees, a modality recently created by Provisional Measure No. 1,292/2025 and MTE Ordinance No. 435/2025 of the Federal Government.

The MT Consignado Privado II Fundo de Investimento em Direitos Creditórios was one of the first of its kind in Brazil. Its initial public offering of senior and mezzanine shares, combined with the private placement of subordinated shares, totaled BRL 718 million, while the subsequent offering of senior shares totaled BRL 200 million. Banco Daycoval and Banco Votorantim acted as lead coordinators for the initial offering and subsequent offering, respectively.

The new credit modality, known as “private payroll loans,” uses a digital auction system developed by the Federal Government to allow private sector workers to receive proposals from registered financial institutions for payroll loans. The model seeks to reduce interest rates for workers, offering greater security to financial institutions, since the payment of installments is retained by the employer and passed on to the Government, which manages the settlement with creditors.

Trench Rossi Watanabe relied on partner Eduardo Herszkowicz (pictured), associate Bruno Gontijo.