The Brazil Securities Commission (CVM) issued Deliberation 906 to enable the establishment of investment funds dedicated to the Eco Invest Program, created by Law 14.995/2024 and run by Brazil’s National Treasury to attract long-term capital for socio-environmental impact operations. The measure provides waivers from certain regulatory requirements for funds formed under the program to support blended finance structures where catalytic capital is used to increase attractiveness for private investors. The approach for the program’s third auction is based on investment funds regulated under CVM Resolution 175, using established fund vehicles to channel private equity-type investment into Brazil’s energy transition. Deliberation 906 focuses on structures that acquire equity stakes through a Private Equity Investment Fund (Fundo de Investimento em Participações, FIP) or, for sector-specific strategies, a Real Estate Investment Fund (Fundo de Investimento Imobiliário, FII) and an Agroindustrial Production Chains Investment Fund (Fundo de Investimento nas Cadeias Produtivas Agroindustriais, FIAGRO). CVM also noted that, under CVM Resolution 1, deliberations are non-normative acts directed at identified legal entities and therefore Deliberation 906 was issued without a regulatory impact analysis or public consultation.

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