Pedro Salles, Chairman of Itaú-Unibanco, is creating a $1 billion private investment fund, Financial Times reports. The new investment fund Cambuhy Investimentos, which will be funded by private capital, will only take long-term positions and target foreign companies in Brazil.

Finance executives Marcelo Medeiros and Marcelo Barbará will also be the new fund’s partners. Cambuhy Investimentos is expected to partner with private equity funds in the region to invest in large deals and could target listed companies in sectors, such as manufacturing or consumer goods.

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