🇧🇷Brazil

Multas por Gun-Jumping no CADE em Co-investimentos

1 verified sources

Definition

Brazil's merger control is suspensory; failure to obtain CADE approval before closing triggers fines. Private equity co-investments often aggregate portfolio revenues, increasing thresholds met and gun-jumping risks during complex SPV documentation.

Key Findings

  • Financial Impact: R$5-12% of transaction value per violation (typical CADE gun-jumping fines); 20-50 hours/month manual compliance per deal
  • Frequency: Per transaction exceeding thresholds; active enforcement noted
  • Root Cause: Manual co-investment allocation without automated revenue aggregation and standstill monitoring

Why This Matters

The Pitch: Venture Capital players in Brasil 🇧🇷 face R$1-10 million fines per gun-jumping violation in co-investments. Automation of allocation tracking and CADE filing eliminates this risk.

Affected Stakeholders

Fund Managers, Co-investors, Legal Teams

Deep Analysis (Premium)

Financial Impact

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Current Workarounds

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

Conflitos em Alocação de Co-investimentos sem Regras Claras

1-3% reduced fund returns from allocation disputes; 10-30 hours/deal in LP meetings

Erros de Cálculo no Waterfall de Distribuições

R$200k - R$1M per fund in clawback escrow and legal fees; 20-30% of interim carry locked (e.g., R$500k on R$2M carry)

Multas por Erros Fiscais em Capital Calls

R$1.000 minimum fine per rejected NF-e (SEFAZ); R$10k-R$50k per SPED error; 2-3 technical notes/quarter increase risk

Clawbacks Não Executados em Waterfalls Americanos

20% carry overpayment (e.g., R$1M on R$5M fund); escrow locks 20-30% interim carry

Erro na classificação e tributação do carried interest em FIPs e FIEEs

Quantified (logic-based): risco típico de R$1–10 milhões por fundo em autuações potenciais ao longo da vida (IR, INSS, PIS/COFINS + multa de até 75% sobre tributo devido, conforme Lei 9.430/96) quando 10–20% do carried interest (R$10–50 milhões) é requalificado como serviço.

Perda de taxa de gestão e performance por erros de cálculo em fundos fechados

Quantified (logic-based): perda de R$300 mil a R$2 milhões por fundo em receita de taxa de gestão e performance ao longo do ciclo, derivada de erros de 0,1–0,5 p.p. na base ou alíquota aplicadas em 5–10% dos períodos de cálculo.

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