Tenda was a publicly traded Brazilian homebuilder headquartered in São Paulo, focused on the affordable and entry-level segment in Brazil. In March 2009, EI acquired a block of shares from the founding shareholders. In February 2010, Gafisa, the Brazilian homebuilder, completed the acquisition of 100% of Tenda’s shares to expand its activities in the affordable housing sector. As a result, ZEI Fund IV’s interest in Tenda was converted into Gafisa common shares. EI monetized its investment in Gafisa through a series of public transactions.