The Brazilian capital market has reached good valuations when compared to developed markets. This good pricing suggest good opportunities in businesses at preliminary stages, in which investments are made closer to cost than to market value. VPB's strategy is based on this investment thesis, therefore we identified 3 major opportunities: VC early stage, biofuels and real estate.

In VC early stage our comparative analysis to the US market demonstrate that Brazil has a potential for 100 fund managers with R$21 billion in capital committed. There are very few early stage VC managers in Brazil and their investment strategies are not the most appropriate ones for this type of risk.