Powering Value with Perfin

Infrastructure Funds

• Flagships

  Flagship funds are diversified investment vehicles that focus on areas where Perfin Infra is active, composing a portfolio that typically comprises multiple assets and/or sectors. The first fund, named Perfin Mercury, was established in 2020 and made commitments with investments until 2023. This family of funds started investing in Power Generation, Power Transmission, Sanitation, and Highways. We keep tapping opportunities in the infrastructure market in a structured and diversified manner, focusing on segments where the asset manager already operates and others where it is developing a niche to operate. These opportunities are captured through auctions, M&As, projects, and/or the creation of platforms. Following the Flagship fund series, we launched Perfin Infra II in November 2023. The fund is currently in the process of building its portfolio, with exposure to all verticals in which Perfin Infra identifies opportunities.

  Documents

• Transmission

  The creation of the first transmission funds marks the beginning of Perfin’s involvement in the infrastructure sector and partnership with Alupar S.A. Since 2016, we have participated in all auctions together. The first funds were created with the clear objective of investing in energy, primarily in the transmission sector so investors could have more clarity on what they were investing. To ensure security in the execution, we adopted a partnership format with a strategic partner focused on operations, while we provide governance and financial management. The transmission funds are named Apollo and are funds that hold stakes in energy transmission concessions. Today, we invest in the sector through our Flagship funds.

  Documents

• Generation

  The initial investments made were in wind and solar energy through partnerships with Casa dos Ventos and Mori Energia, respectively. In 2021, the funds underwent a reorganization, and their assets were incorporated into Comerc, a company that focused on energy trading and solutions. In 2022, through a private deal, Vibra Energia (formerly BR Distribuidora) gained joint control of Comerc with Perfin’s funds and the company’s founding shareholders. The fund assets that were integrated into Comerc are: Perfin Ares I, Perfin Ares 2, Perfin Mercury, and Perfin Comercury. Today, we invest through our Flagship funds.

  Documents

• Sanitation

  Perfin’s first investment in Sanitation was in CORSAN – Companhia Riograndense de Saneamento in December 2022, in partnership with AEGEA, which at the time was the largest private player in Brazil’s sanitation sector. Soon after, the funds also won the Sanepar PPP, and today the investment team is analyzing other opportunities in the sector. The funds that invested in the sanitation sector were: Perfin Discovery, Perfin Mariner, and Mariner II. At the end of 2025, the funds underwent a reorganization, and the resulting fund became the investing vehicle, Perfin Mariner FIP IE. Investments in the sector continue through other funds such as Perfin Infra II and Perfin Mariner III and IV FIP IE.

  Documents

• Highways

  In August 2022, Perfin took its first step into the Highway sector when it won Lot 1, Triângulo Mineiro, in the Minas Gerais highway auctions, through the Perfin Voyager fund. It was then that EPR was born, a new investment platform in the sector led by experienced executives and in a partnership between Perfin Voyager and Equipav – a group with an excellent track record in the sector. Since then, EPR now has four concessions totaling more than 2,000 km in the states of Minas Gerais and Paraná. Since then, EPR has become one of the largest highway platforms in the country, with 7 concessions and more than 3,600 km of roads in the states of Minas Gerais and Paraná, having participated in several auctions across different states.

  Documents

• Logistics/Railways

  Through the Perfin Infra II fund, we invested in a logistics company based on a thesis linked to the growth of the LNG market. Additionally, through our investment in Cosan, we gained exposure to the largest railway company in the country

• Gas

  The Perfin Infra II fund, through its investment in Cosan, also has exposure to Compass, the largest gas distribution company in the country.