Press Releases

IFC, IFC ALAC Fund Invest $60 Million to Expand Canopus, Increase Housing Availability in Brazil

In Sao Paulo:
Renato Guimaraes
Phone: + 55 11 3525 6335

In Washington:
Alexandra Klopfer
Phone: +1 202 473 4645

Belo Horizonte, Brazil, September 17, 2012—IFC, a member of the World Bank Group, and the IFC African, Latin American, and Caribbean Fund (IFC ALAC Fund), will invest $60 million in Brazilian real-estate company Canopus Holding S.A. to expand its existing housing operations and build more than 20,000 low-income homes through its subsidiary EMCASA.

IFC will provide an equity investment of up to $25 million, and the IFC ALAC Fund will provide up to $35 million in equity. The IFC ALAC Fund is managed by IFC Asset Management Company, a wholly owned subsidiary of IFC.

Canopus’s expansion plans will help address Brazil’s deficit of 5.6 million housing units, put middle- and low-income Brazilians in affordable homes, and create construction and employment opportunities for Brazilians. The company’s diverse housing projects will also stimulate urban infrastructure and community development by creating demand for roads, electrical lines, hospitals, shops, restaurants, and recreational areas.

Canopus’ wholly owned subsidiary EMCASA will manage the construction of the 20,000 low-income housing units over the next five years, including 6,000 in Brazil’s underdeveloped North and Northeast. These units will be built under the government’s Minha Casa Minha Vida program, ensuring they are available to families making less than 1,600 Brazilian reais—the equivalent of about $800—a month.

“Supporting Canopus, a leader in real estate and affordable housing, aligns with IFC’s strategy to help expand the local homebuilding market in Brazil,” said Oscar Chemerinski, IFC’s Regional Director for Manufacturing, Agribusiness, and Services in Sub-Saharan Africa and Latin America & the Caribbean. “IFC’s global industry knowledge and long-term financing will help fight Brazil’s housing deficit and represent inclusive opportunities for low-income groups.”

Headquartered in Belo Horizonte, the capital of Minas Gerais state, Canopus is a family-owned real estate development company involved in the acquisition of land, planning, construction of housing projects, and sales. Founded in 1971, the company has built a strong regional brand in high and middle-income housing and expanded its operations to São Paulo, Rio de Janeiro, and Brasília. In 1996, it created EMCASA to broaden its reach into the low-income housing segment. Now, EMCASA has a thriving operation across Brazil – especially in the North, South, and Southeast – all through the Minha Casa Minha Vida program.

"We believe that the strategic partnership with IFC will lead Canopus to a new level of growth and market recognition, with significant results for the country's economy, our employees, and shareholders,” said Lucas Mattos, Director of Canopus.

Sujoy Bose, Chief Investment Officer and Head of the IFC ALAC Fund, said: "Canopus' strong management team, operational excellence, and presence within Brazil’s high-growth consumer markets make it an attractive investment opportunity for the IFC ALAC Fund. We are excited to partner with Canopus and build on its successful platform to take advantage of significant growth opportunities within the Brazilian housing sector."

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit

About IFC Asset Management Company
IFC Asset Management Company LLC, a wholly-owned subsidiary of IFC, invests third-party capital, enabling outside investors to benefit from IFC’s expertise in achieving strong equity returns, as well as positive development impact in the countries in which it invests. It manages $4.5 billion of capital across four investment funds.

About the IFC African, Latin American and Caribbean Fund
The IFC ALAC Fund is a $1 billion investment fund that invests alongside IFC in equity investments in Sub-Saharan Africa, Latin America, and the Caribbean. It provides long-term growth capital for private enterprises in these regions.

About Canopus Holding S.A.        
For more information, visit