São Paulo and New York, July 8, 2025 – Itaú Asset Management, one of the largest asset managers in Brazil, and KKR, a leading global investment firm, have formed an exclusive strategic partnership to expand private market investment opportunities for investors in Brazil. Under the agreement, KKR will serve as the preferred global alternative asset manager partner for Itaú, while Itaú will become the preferred Brazilian asset manager partner for KKR. The agreement will leverage both parties’ expertise and resources to expand their reach and competitiveness with respect to Brazil.
Itaú Asset Management is one of the leading asset management firms in Brazil with US $198 billion in Assets under Management (AUM)[1], and fully owned by Itaú Unibanco, Latin America’s largest bank, with more than a hundred-year history of serving clients. KKR is a pioneer in private markets investment with a global footprint and proven track record, managing US $664 billion in AUM[2] across alternative asset classes including private equity, credit and real assets.
Partnership Built to Scale
Itaú and KKR will collaborate in Latin America’s largest market to develop and provide alternative investment solutions for institutional and private wealth clients across private market asset classes. As part of this agreement, the firms will build co-branded investment products for the Brazilian market. This exclusive partnership includes the opportunity for Itaú to market KKR’s product offerings and collaborate in the development of private market investor educational materials. By leveraging their combined expertise, resources and distribution channels, the firms will enhance their reach and competitiveness in the growing market for alternative investments in what is the world’s ninth largest economy.
Globally, the alternatives industry is expected to grow to US $24 trillion in assets in 2028 from US $15 trillion in 2022 [3]. The two firms expect the private market investment sector will also continue to grow in Brazil, where Itaú has already built one of the largest alternatives platforms in both the country and Latin America. The firm has successfully created a multi-strategy platform that currently manages US $14.8 billion in AUM[4], primarily focused on private credit, liquid and illiquid alternatives strategies. As part of the agreement, Itaú Asset Management will be able to leverage KKR’s commercial and investment expertise as it continues to scale its private markets platform for investors in the region. In addition, KKR will introduce Itaú to its global network of institutional investors interested in Latin America, fostering new relationships and investment opportunities. The firms will engage in knowledge-sharing initiatives, allowing Itaú’s investment professionals to gain insights into KKR’s global investment strategies and best practices in the private markets sector. The firms also have the option to partner up in co-investments opportunities.
Client-Focused Commitment
“We are pleased to partner with Itaú, the largest and most valuable brand in Brazil, with whom we share complementary strengths and a dedicated commitment to delivering exceptional value to our clients,” said Eric Mogelof, Partner and Head of Global Client Solutions at KKR. “Itaú Asset Management is known for its outstanding investment capabilities and deep client relationships. We look forward to expanding private market investment opportunities for investors in Brazil with Itaú Asset Management in a market that is relatively new to KKR, as well as enhancing international investor access for alternative investment solutions.”
“We are thrilled to partner with KKR, a true innovator and pioneer in the asset management industry with a dedicated focus like Itaú on creating long term value for our institutional and private wealth clients. We have already built up one of the largest alternatives platforms in Brazil, and now with the support of a leading global firm such as KKR, we can further scale our business locally and internationally,” said Carlos Augusto Salamonde, Partner and Head of Global Asset Management at Itaú. “The strategic collaboration will enhance Itaú’s capacity to offer premier global alternatives solutions for our clients. There is significant growth potential for the internationalization of the portfolios of Brazilians as historically most capital has been invested domestically, with international alternatives being notably underpenetrated.”
Monica Mandelli, Managing Director, Global Client Solutions for KKR, stated: “The Brazilian asset management industry has doubled over the last five years, growing at a CAGR of 13%[5], with private bank clients materially increasing their allocation to alternatives. We see significant opportunity to grow this market with Itaú.”
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
About Itaú Unibanco Asset Management
Itaú Unibanco Asset Management (IAM) is a leading Brazilian-based global asset manager and a division of Itaú Unibanco, one of the largest banks in Latin America. IAM’s roots trace back to 1957 when it launched Brazil’s first equity mutual fund. With more than 65 years of history, IAM remains at the forefront of the Latin American financial sector with US $198 billion in AUM across a complete platform of products, including ETF and other listed funds, fixed income and private credit products, as well as a multi-strategy platform with more than 120 portfolio managers. IAM has offices in Sao Paulo, Rio de Janeiro, New York, Miami and Santiago.
Media Contacts:
For Itaú Unibanco Asset Management
For KKR:
Kenny Juarez
(212) 750-8300
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