Bio

Graduated in Law from the Pontifical Catholic University of Rio de Janeiro, Anna has more than 25 years of professional experience. Joined Barbosa, Müssnich & Aragão Advogados, a reference in Brazilian corporate law, at the beginning of 1997, and remained there for more than twelve years. In 2009, Anna joined the financial group Brasil Plural (currently called Genial Investimentos) as a founding partner, leading the legal department of the various companies that make up the group for eight years. She was a partner in the capital markets area at Dias Carneiro Advogados from the end of 2017 to 2019. From 2019 to the end of 2020, she served as general counsel at Prisma Capital, an independent asset management firm specialised in alternative investments. In 2021, she joined Avenue Securities as General Counsel and became a partner at Avenue.

What are the most significant private equity deals that you or your team have recently been involved in within the Latin American market?

Avenue Securities is an American broker dealer created by Brazilians and is the pioneer in creating access to the U.S. financial markets to Brazilian retail investors. It is fair to say that Avenue was groundbreaking in the democratisation of investments abroad for Brazilians. Before Avenue, only high-income individuals had access to the U.S. market through private banking accounts in foreign banks.

Since its launch, Avenue has been actively involved with the Brazilian SEC (CVM) and ANBIMA, in order to help solidify the Brazilian regulatory environment for investments abroad.

In June 2021, I joined the Avenue’s team to lead and assist Avenue’s series B investment round with Softbank. In early 2022, the negotiations with Itaú Unibanco (Itaú) progressed and culminated with the signing of the share purchase agreement on July 7, 2022. Avenue’s pre-money valuation in Itaú transaction was R$1.25bn.

The first closing of the Itaú transaction occurred on November 30, 2023, whereby Itaú acquired 35% of Avenue. Upon consummation of the transaction that shall occur in 2 years, Itaú will hold 50.1% of Avenue.

Latin American markets vary widely in terms of economic stability and political dynamics. How do you factor these considerations into your legal strategies and recommendations for private equity clients?

As mentioned above, Avenue’s activities are focused on the U.S. market. When offering to Brazilian retail investors the possibility of investing abroad, Avenue is making available a new path and alternative to protect clients/investors from possible political and economic instability of Brazil. As a matter of fact, after the 2022 presidential election, Avenue had a peak of account opening.

In any case, we have regulated operations in Brazil and are always aware and updated of the Brazilian economic and political scene to best advise all our internal and external clients.

What do you find most rewarding and challenging about working as an in-house lawyer specialising in private equity within the Latin American market?

Specifically, regarding my work at Avenue, the private equity deals that I have assisted provided Avenue with the capacity to grow and solidify its presence as leader of the retail foreign investment market. Now, with Itaú onboard we are proud to have the biggest Brazilian private bank as investor, this process will be more solidified and mature.