Portfolio manager Mihai Florian recently travelled to Brazil where he met with local corporates, fund managers and lawyers. Brazil is one of the larger markets in private credit, where we continue to see demand for capital. Key points: Macro and political uncertainty is pushing borrowers offshore. Activity in the Brazilian corporate market is showing signs of polarisation. Restructuring processes in Brazil are increasingly sophisticated. The local opportunistic credit market is gaining more focus. High local rates and noise around some names have exacerbated volatility in local markets, creating opportunities for active managers.