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CSU is Brazil's leading independent credit card administrator.

Its floatation on the São Paulo Stock Exchange in May 2006 underscored the company's success and raised $45 million in net proceeds to help fund its continued growth. The IPO gave the group a market capitalization of $414 million.

CSU was founded in 1992 to provide credit card administration and other electronic payment services to card issuers, primarily financial institutions. Since our investment in July 1997, the company has taken advantage of its substantial sector expertise and the growing trend for customers to outsource non-core activities to expand into three complementary businesses: call center services, collection and credit services, and marketing and loyalty programs. In 2004 and 2005, CSU was the market leader in each of its business segments.

The successful entry into these new areas, coupled with strong organic growth in the core business, has fueled significant expansion. Since its inception, CSU’s card base has grown 365-fold to 12.8 million as of December 2005, while net service revenue and EBITDA have both increased 76% over the past two years to R$314 million and R$60 million, respectively.



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