Brazilian private credit manager Solis Investimentos is expanding its team and fundraising efforts as demand for FIDCs – structured credit funds unique to Brazil – continues to surge amid elevated interest rates, according to a report by Bloomberg.
The São Paulo-based firm grew AUM by nearly 25% in H1 2025, surpassing BRL26bn ($4.8bn), and is targeting a further 20% increase by year-end—equivalent to roughly 50% growth for the full year. To keep pace, Solis has added 12 hires in 2025 and expects to bring on another eight before December, strengthening its 91-person team with senior recruits from Itaú BBA and XP Investimentos.
With Brazil’s benchmark rate holding at 15%, banks have pulled back from corporate lending, opening space for private credit funds to capture flows. FIDCs saw net inflows of BRL2.7bn in July, with total assets reaching BRL689bn, up 25% year-on-year, according to Anbima. Issuances also hit a record BRL40.7bn in H1, with deals skewing toward smaller corporates underserved by banks.
Solis partner Ricardo Binelli said the migration from bank credit to FIDCs reflects a structural, not temporary, shift. While defaults are edging higher – particularly in agriculture – the firm is doubling down on credit selection and stresses that senior FIDC tranches have historically faced minimal losses.
Brazil’s private credit market has expanded rapidly, with the number of fixed-income managers rising from 60 in 2019 to 164 today.
