Ares Management

Fund VII, which has an undisclosed target, held its most recent interim close on $1.79bn in November, PEI data shows.

Such is the pace of private equity consolidation that one in six global asset managers will be gone by 2027, according to PwC.

The country's improved fiscal stability, currency appreciation and growing alts appetite from pension funds make it an increasingly favourable destination for PE managers.

Technology-related sales platforms will play a role in the wealth unit's scale-up, according to wealth management chief Raj Dhanda.

Ares will provide the Brazilian investment firm with guidance on investment strategy, investor relations and business operations.

The Baton Rouge-based public pension has backed two new private equity vehicles.

The firm secured $14.2bn in fresh capital in the third quarter, bringing amounts raised since January to more than $44bn.

US-dollar-denominated private equity funds may be in a position to make outsized returns as other currencies depreciate.