According to a Venture Wire article found on Redpoint's website, the firm will invest out of existing funds of Redpoint and eVentures, and will make early-stage investments in consumer internet, e-commerce, mobile, media and cloud service companies. Here's a link to the Venture Wire article (.pdf from Redpoint's website): http://redpoint.com/files/news/venture_wire_-_brazil.pdf
Investing in Brazil has garnered lots of attention lately. Here are links to prior posts on Brazil:
http://www.allenlatta.com/1/post/2012/02/atomicos-brazil-foray-ny-times-dealbook.html
http://www.allenlatta.com/1/post/2012/02/entrepreneurship-in-brazil.html
http://www.allenlatta.com/1/post/2011/11/jim-breyer-interview-on-techcrunch.html