Brazil Stock Guide – Brazilian asset manager Perfin has raised its economic exposure in Copasa to 9.61% as lawmakers in Minas Gerais prepare for a pivotal vote that could authorize the privatization of the state-run water utility. The firm disclosed Thursday (Dec. 11) that a combination of derivative settlements and stock-lending operations lifted its combined position to 36.5 million shares.
The move comes at a sensitive moment. The privatization bill — already cleared by the legislature’s Fiscalization and Budget Oversight Committee — is expected to reach the full assembly next week. If approved, the state would be allowed to sell roughly 45% of Copasa’s capital through a traditional auction or a share offering. Investors expect the latter to prevail, mirroring São Paulo’s Sabesp model built around a reference shareholder and a deeper free float.
Perfin itself has become a strategic player in Brazil’s corporate landscape. The firm counts among its partners José Roberto Ermírio de Moraes Filho — heir to the Votorantim industrial group — and Ralph Rosenberg, one of the country’s most respected real-assets investors. Perfin also expanded its footprint by joining BTG Pactual in the enlarged control bloc of Cosan, the conglomerate behind Raízen, Rumo and Compass. Its build-up in Copasa now places the firm at the center of another major restructuring involving a regulated utility on the verge of privatization.
The potential Sabesp-style structure is attracting interest from major operators and investors in the sector, including specialized funds such as Perfin. The appeal lies in clearer universalization targets, stronger regulatory predictability and governance standards more aligned with public-market expectations.
The upcoming floor vote will be the final political hurdle in a process already mobilizing operators, funds and banks. If lawmakers give the green light, Copasa is set to become one of Brazil’s most hotly contested sanitation assets in 2026 — and Perfin, with nearly 10% in economic exposure, is positioned to play a consequential role in its next chapter.