On June 18, 2026, BNDESPAR and Finep opened a public call to select the manager of the FIP Conexoes Startups, a private-equity fund with a target capital of R$250 million (minimum R$160 million). BNDESPAR will contribute R$40M to R$100M (capped at 25% of committed capital) and Finep up to R$50M via the FNDCT; the manager-submission window ran through August 12, 2026, with in-person proposal presentations set for October 19 to 23, 2026. The fund is explicitly aimed at startups that already went through public innovation programs such as BNDES Garagem, Centelha, Mais Inovacao and Subvencao Economica.
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BNDES and Finep launch FIP Conexoes Startups fund targeting up to R$250M
Why this matters for founders
Founders should get into the feeder programs now (BNDES Garagem, Centelha, Finep Subvencao, acceleration) because this fund is designed to channel growth-stage capital specifically into startups coming out of those public pipelines. Build an investment-ready track record in a supported program to sit in this fund's priority deal flow once its manager is picked.
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