Valora launches $77M receivables fund in Brazil, advised by Madrona
What's the deal? Valora Renda Fixa EstruturadosDealroom has a profile for this one. Try Dealroom → has launched a receivables investment fund (FIDC) worth US$102.3M (roughly $77 million), with Madrona AdvogadosDealroom has a profile for this one. Try Dealroom → serving as deal counsel. The transaction, announced on September 28, 2026, created the Fundo de Investimento em Direitos Creditórios CLT Capital Responsabilidade Limitada.
Who's involved? Valora acts as investment manager. Banco DaycovalDealroom has a profile for this one. Try Dealroom → serves as fiduciary administrator and sole underwriter, while Capital Consig Sociedade de Crédito DiretoDealroom has a profile for this one. Try Dealroom → acts as originator.
How is it structured? The deal involved the fund's first issuance of quotas, split into senior, mezzanine subordinated, and junior subordinated tranches. Madrona's team was led by partner André De Vita, with associates Camilla Paiva, Gabriel Leite, and Pedro Winther.
The signal: FIDCs remain a core vehicle for financing receivables in Brazil, and the tiered quota structure lets investors match risk appetite to return. The involvement of an established originator and underwriter points to continued demand for structured credit in the market.
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