BNDES and Finep select Monashees to manage R$ 500 million AI fund

The Brazilian Development Bank (BNDES) and Finep have selected Monashees Gestão de Investimentos to manage a new private equity fund dedicated to artificial intelligence startups. The fund aims to mobilize up to R$ 500 million as part of the Brazilian Artificial Intelligence Plan (PBIA).

Public contributions are expected to reach up to R$ 205 million, with BNDESPAR potentially committing R$ 125 million and Finep’s National Fund for Scientific and Technological Development (FNDCT) contributing up to R$ 80 million. These public funds are intended to act as catalysts to attract private investors, with anchor shareholders limited to 25% of the fund each.

The investment strategy targets startups where AI is a core component of the value proposition rather than a secondary tool. This includes companies requiring significant investment in data, AI models, computational infrastructure, and specialized talent. The initiative seeks to increase the number of Brazilian AI startups, boost their revenue, and strengthen their international presence.