Brazilian bank BTG Pactual’s private equity funds have invested US$1 billion as part of a BRL5.4 billion (approximately US$2.7 billion) investment in Sete Brasil Participações, a Brazilian offshore oil rig operator. Also participating in the deal was U.S.-based investment firm EIG Global Energy Partners. Following the transaction, BTG Pactual reportedly owns over 30 percent of Sete Brasil. Existing investors in the company include Brazilian banks Banco Santander Brasil, Banco Bradesco, Brazilian pension funds Petros, Funcef, Valia and Previ, and state-owned oil company Petrobras.