Brazil infrastructure funds see sixth straight month of outflows, BTG data shows

Net outflows from Brazilian infrastructure funds accelerated to R$4bn in September (1.2% of NAV) from R$1bn in August, marking a sixth consecutive month of withdrawals and bringing year-to-date outflows to R$19bn. The data, from BTG Pactual, also shows widening spreads on incentivized debentures in the secondary market, indicating persistent investor risk aversion in this segment. This trend signals continued stress in Brazilian infrastructure financing, potentially constraining new project funding.