Associação Brasileira de Private Equity & Venture Capital, the Brazilian group representing the buyout industry, elected on Monday dealmaker Fernando Borges as new president for a three-year term. Borges, currently a managing director and co-head of private equity at the Carlyle Group LP, replaces Clovis Meurer as head of the association, known as ABVCAP.
Speaking in Rio de Janeiro, where ABVCAP is hosting its annual summit, Borges said "the perspective for the industry to participate in the country is promising as we believe in the resumption of economic growth, a recovery in capital markets activity and the strength of Brazil's productive sector."
Meurer will remain as a senior vice president of ABVCAP, along with Luiz Eugenio Figueiredo, the executives said. (Editing by Meredith Mazzilli)