Patria Investments, a leading alternative asset management firm in Latin America, has announced a partnership with Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF). The new agreement aims to form a consortium that has successfully secured a 30-year concession for the expansion and operation of a significant brownfield toll road project in the Brazilian state of Parana.
The Brazilian Government awarded the toll road project to PIF and Patria through an official auction, involving a capital expenditure investment of $1.2 billion. The newly acquired road is part of the existing toll highway system in Parana, spanning 473km. Under the agreement, Patria and PIF will oversee all operations related to the toll road until 2053.
Read more: 25 investment deals signed between KSA and Brazil
The toll road extension, connecting Curitiba to Guarapuava and linking Ponta Grossa with São José dos Pinhais, will significantly enhance Parana’s transportation infrastructure and highway network. Parana is one of the largest and most prosperous states in Brazil, with a population exceeding 11.5 million and a yearly GDP of $130 billion, ranking it among the top-performing states in the country.
The collaboration between Patria and PIF in the Parana toll road project further reinforces Patria’s strong presence in this growing investment segment. Currently, Patria’s funds operate over 4,000km of toll roads, serving approximately 230 million vehicles annually.
PIF’s strategic investment in the consortium aligns with its ongoing diversification strategy, with a focus on opportunities in Latin America to support Saudi Arabia’s Vision 2030 goals.
The project marks the first major infrastructure management auction initiated during the administration of Brazilian President Luiz Inacio Lula da Silva. It reflects the expanding economic ties between Latin America and Gulf Cooperation Council (GCC) countries, including Saudi Arabia, particularly in terms of direct investment and long-term strategic partnerships.
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