Mubadala Investment Co, Abu Dhabi’s sovereign wealth fund, is reportedly in discussions with global banks and market makers to establish a consortium comprising up to ten partners to provide liquidity for a new stock exchange in Rio de Janeiro, according to two individuals familiar with the matter.
In exchange, those partners would acquire equity, which would slightly reduce Mubadala’s current 73% stake in the proposed bourse, to be named the Base Exchange. However, the sources stated that the fund would remain the controlling investor.
Mubadala has not yet responded to a request for comment.
According to the sources, the sovereign wealth fund has been collaborating with independent advisory firm Olimpia Partners for several months to structure the deal. However, no agreement has been finalised, and the ideal consortium would consist of six to ten members.
The new exchange, set to become the country’s second operational stock exchange once established, aims to receive regulatory approval by the end of the year and launch in early 2026 to challenge the dominance of São Paulo-based B3.
The planned bourse has gained support from Rio Mayor Eduardo Paes, who has enacted a law reducing the service tax on stock exchange activities from 5% to 2%.
