Even

About the project

During 2008, Paladin signed an investment commitment of US$ 25.0 million to acquire common shares of Even, one of the largest developers listed on the stock exchange. The structure provided the company with working capital in the face of the liquidity challenges that affected all construction companies public listed in Brazil, caused by the global financial crisis called Subprime.

The transaction resulted in the effective purchase of 11.25 million Even common shares, at an average cost of R$4.00 (US$1.87) per share. Paladin, which was already a partner of Even in projects, purchase the shares at an acquisition cost almost 30% lower than the book value (“pre-money”) of the company.

The shares were sold between 2009 and 2011 at an average price of R$8.58 (US$5.24) per share. The transaction resulted in an IRR of 59% in USD a multiple of 2.7x.

Diferentials

Execution capacity

Active management

Asset trading