Behind Petrobras’ new $96m energy transition venture fund

When a Petrobras-led consortium decided to outsource the management of its new BRL500m ($96m) cleantech venture fund, the contest became a proxy for something larger: the direction of Brazil’s energy transition—and the shape of its corporate venture capital market.

For Valetec Capital, one of Brazil’s most established “CVC-as-a-service” providers, the mandate was too important to lose. “If another manager won this, it would be a serious threat to our leadership in this segment,” says Peter Seiffert, the firm’s chief executive. Valetec went after the opportunity aggressively and in October 2025 was named preferred bidder.

The prize was significant. Petrobras is Brazil’s largest company. After a period in which high interest rates - touching 15% - chilled venture activity and prompted several corporate VC retrenchments, a half-billion-real mandate signalled renewed ambition, even when its focus is on development as much as financial or strategic returns. The tender, issued in June 2025, sought a manager to back startups in renewable energy, storage, carbon capture, electric mobility, sustainable fuels and related technologies.

The fund had already reached first close before a manager was selected. Petrobras supplied roughly half the capital. BNDES, the state development bank, contributed a quarter, and Finep, a public project-financing agency, committed BRL60m. Petrobras and BNDES are expected to double their commitments at second close; Finep will not. Valetec must now raise the balance from institutional and corporate investors.

Competition was intense. Thirty-two bidders entered what was the most competitive tender of its kind that BNDES has procured to date. “It was an Olympic 100-metre sprint,” says Seiffert. Ricardo Kahn, director of consulting and innovation at Valetec, calls it “the largest and most exciting fund to be launched in the last two years”.