Mubadala Investment Company, the sovereign wealth fund from Abu Dhabi, is actively pursuing partnerships with global banks and market makers to establish a consortium of up to ten partners. This consortium will provide liquidity for a new stock exchange in Rio de Janeiro, known as the Base Exchange, according to two sources familiar with the discussions.

As part of this arrangement, the partners would receive equity in the new exchange, which would slightly reduce Mubadala’s current 73% ownership stake. However, Mubadala is expected to maintain its position as the controlling investor in the venture. The fund has been collaborating with independent advisory firm Olimpia Partners for several months to shape the details of the deal, although no contract has been finalized yet.

The planned exchange aims to become Brazil’s second stock exchange, pending regulatory approval expected by the end of this year. The launch is anticipated to take place in early 2026, with the goal of competing against the established São Paulo-based B3. The initiative has garnered support from Rio de Janeiro’s Mayor, Eduardo Paes, who has enacted a law reducing the service tax on stock exchange activities from 5% to 2%.