Lexington Partners has made a high-profile hire in Brazil, following the January opening of an office in the country.
Cassio Casseb has joined the secondaries firm as a senior advisor, according to a statement about the appointment. Casseb was chief executive of listed Brazilian retailer Grupo Pao de Acucar and was previously president of Banco do Brasil, the country’s largest bank by assets.
He is on the board of directors at Brazilian online furniture retailer Mobly and electronic trading platform BBCE.
“[Casseb] brings to his role significant experience and a network that extends across the Brazilian business community, and we expect that he will make a valuable contribution to Lexington’s relationships in the country’s expanding private equity market,” said Jose Sosa del Valle, Lexington’s head of Latin America.
Lexington has already raised “significant capital” in Latin America from public pensions, insurance companies, family offices, foundations and endowments, the statement added.
Lexington said in January it was to open an office in São Paulo. Principal Renato Weiss moved across from Santiago to lead the bureau – Lexington’s eighth globally and its second in Latin America.
Lexington is investing its Capital Partners IX fund, which raised $14 billion by final close in January last year.
According to research by Boston-based consultancy Cerulli Associates, the public pension funds of Chile, Peru, Colombia, Mexico and Brazil accounted for a combined $1.05 trillion in assets at the end of 2019.