November 26, 2019 / 5:43 PM / 16 days ago

Former Actis partner joins XP to launch private equity funds - sources

SAO PAULO, Nov 26 (Reuters) - Brazilian investment firm XP Inc is preparing to launch private equity funds, as the company seeks to offer a broader investment portfolio to its clients, two sources with knowledge of the matter said on Tuesday.

Former Actis partner Chu Kong has joined XP as a partner to lead the firm’s private equity strategy, the sources added. When at Actis, Kong was responsible for buying a stake in XP in 2010, which it completely divested in 2016.

The move comes as XP, which has more than 1.5 million clients and 350 billion reais ($83.40 billion) in assets under custody, prepares to list its shares on Nasdaq in December.

$1 = 4.1964 reais Reporting by Carolina Mandl Editing by Chizu Nomiyama

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