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| The LAVCA Private Capital Update is a bi-weekly email featuring industry news, research, events, and updates on investors from private equity, venture capital, real estate, infrastructure, and family offices in Latin America.
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Female investors in early-stage tech are underrepresented in Latin America as they are globally. Among entrepreneurs, only 17% of venture-backed startups have a female co-founder, and they capture disproportionately less VC funding.
In an effort to raise the visibility of female investors in early-stage technology in Latin America, LAVCA has published an updated list of the Top Women Investing in Latin American Tech, as well as an inaugural list of ⭐Emerging Women Investors in Latin American Tech.
- In November 2016, LAVCA created the inaugural, peer-nominated list, with 37 investors represented.
- The second edition, published in November 2017, added eight new women for a total of 45 investors.
- In November 2018, LAVCA’s research team reviewed and verified the investment teams of every known Latin American venture capital fund, producing a list of 82 senior-level investment professionals and 47 emerging investment professionals shaping the tech ecosystem in the region.
LAVCA’s gender diversity content is made possible with support from the Multilateral Investment Fund (MIF) and BID Invest, Members of the IDB Group.
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Congratulations to IDB Lab for another successful WeXchange last week in Lima, Peru. Hosted at the Universidad del Pacifico, the program brought together female entrepreneurs and investors for two days of discussion and mentoring.
Laura Mendoza of Unima, a Mexican healthtech with seed investment from US-based FJ Labs and a Y Combinator winter 2016 batch startup, was the winner of the annual pitch competition organized by Angel Ventures.
For a deeper dive on #womenSTEMpreneurs, checkout LAVCA's interview with WISE creators Susana Garcia-Robles, Chief Financial Operations and Gender Coordinator for IDB Lab, WISE Executive Director Adriana Cortes, and Silvia Carbonell, the Director of the Entrepreneurship Center for IAE Business School. WISE was launched in 2018 to train over 1,500 STEM entrepreneurs in the region over the next few years.
"I see the end of the gender divide and the rise of a gender dividend" -Garcia-Robles
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The International Private Equity and Venture Capital Valuation Guidelines Board has published draft amendments to the International Private Equity and Venture Capital Valuation Guidelines for consultation.
The IPEV Valuation Guidelines are reviewed periodically by the IPEV Board to ensure they continue to promote best practice when valuing investments and to incorporate changes to accounting standards. The Valuation Guidelines were last updated in 2015 and this year’s update reflects the following key enhancements:
- Price of a Recent Investment removed as a Valuation Technique to reinforce the premise that Fair Value must be estimated at each Measurement Date.
- Valuation considerations for early-stage Investments expanded.
- Valuing Debt as an Investment expanded.
- To prevent misunderstanding and highlight applicability to various types of private Investments in Debt and Equity by various types of Investment Companies/Entities the term “private equity” was replaced with the term “Private Capital."
REQUEST FOR COMMENT: The Board would like input from investors. ACCESS the draft amendments. Comments and general feedback are requested by November 27, 2018. Please send your response to contact@privateequityvaluation.com.
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Private Equity News
Advent Exits Alianza Fiduciaria and Alianza Valores in Sale to Australis
(Press Release) Australis Partners announced it reached an agreement to acquire a 50% stake in Colombia's Alianza Fiduciaria and Alianza Valores from Advent International. Read more
LIV Capital Makes MXN$350m Capital Injection in BIVA (en español)
(Expansión) LIV Capital will invest MXN$350m in Central de Corretajes (Cencor) to financially strengthen the new Mexican stock exchange BIVA. Read more
I Squared Capital Invests US$341m in Peruvian Power Generators Kallpa & Salmay
(Latin Finance) I Squared Capital invested US$341m for a 25% stake in Peruvian power generators Kallpa Generación and Samay I, previously owned by Energia del Pacifico. Read more
Real Infrastructure Capital Partners Invests Undisclosed Amount in Engie Solar (en español)
(LexLatin) Real Infrastructure Capital Partners acquired Engie Solar’s PanamaSolar2, for an undisclosed amount via its Latin Renewables Infrastructure Fund. PanamaSolar2 operates a 16 MW plant in Pocrí, Panama. Read more
Linzor Capital Exits Mexican Edtech UTEL in US$20m Sale to Seek (en español)
(LexLatin) Linzor Capital Partners partially exited Universidad Tecnológica Latinoamericana (UTEL), an online university in Mexico, in a US$20m sale to Seek, an Australian online training and employment services corporation. Linzor had previously invested in UTEL in May 2018. Read more
Alta Growth Capital Co-Invests with Nexxus Capital in Mexico-Focused Retail Operator
(Press Release) Alta Growth Capital and Nexxus Capital co-invested in Grupo Turistore, a retail operator focused on international tourists with fifty-six stores at beach destinations in Mexico. This is Alta’s first investment from its third fund and its first co-investment with Nexxus Capital. Read more
Alta Growth Capital Makes Undisclosed Investment in Mexican Independent Leasing Company
(Press Release) Alta Growth Capital made an undisclosed investment to acquire an equity interest in Docuformas, an independent leasing company in Mexico. As part of the transaction, Docuformas will receive a primary investment capitalization to continue its growth in the financial sector. Read more
MAS Equity Partners Exits Promotora Médica Las Américas (en español)
(Press Release) MAS Equity Partners, through its private equity fund MAS Colombia LATAM, exited Promotora Médica Las Américas in a sale to Peruvian health services provider Grupo Aúna. Read more
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 Venture Capital News
Naspers, Innova and Movile Invest US$500m in iFood (em português)
(Brazil Journal) Naspers, Innova Capital, and parent company Movile will invest US$500m in Brazil’s iFood. Current investors Naspers and Innova are injecting US$400m, while Movile is providing the additional US$100m. Movile’s contribution is coming from a US$124m investment announced by the same shareholders in July. This is the largest known investment round in a LatAm startup. Read more
monashees Closes US$150m in New Funds for Investment in Latin America
(Press Release) monashees closed its seventh VC fund, a US$150m vehicle, with participation from international endowments, foundations, family offices, funds, and entrepreneurs. Monashees has raised US$430m to date with 55 active portfolio companies, including Loggi, Rappi, Yellow, Grin, Neon, Mandaê, and others. Read more
ALLVP Raises US$73m in First Round for New Fund
(TechCrunch) ALL VP has held a first close of US$73m for its latest investment vehicle. The Mexico-city based, early-stage tech investor firm launched its first US$6m investment vehicle in 2012, according to CrunchBase. Read more
Oikocredit & IDB Lab Invest US$5.7m in Colombian Fintech Sempli
(Press Release) Social impact investor Oikocredit and the IDB Lab invested US$5.7m in Sempli, a Colombian fintech providing loans to SMEs. In 2017, Sempli raised a US$3.6m seed round from Velum Ventures, FOMIN, XTP1, Grupo Generaciones, and DGGF (Dutch Good Growth Fund). Read more
Scale Capital Leads US$5m Investment in Chilean Edtech U-Planner
(Press Release) Scale Capital led a US$5m investment in U-Planner, a Chilean edtech platform for higher education. Read more
Pecunio Venture Capital Invests US$3m in Advertising & Cryptocurrency Startup Woonkly (en español)
(Expansión) Pecunio Venture Capital invested US$3m in Woonkly, an advertising startup based in Jalisco that created its own 'woonk' cryptocurrency. Read more
Spectrum 2B Capital Leads US$2m Investment in Colombian Edtech Ubits (en español)
(Portafolio) UBits, a Colombian edtech platform for corporate training, raised US$2m led by Spectrum 2B Capital, a San Francisco VC firm. UBits participated in Y Combinator in Spring 2018. The founders say they plan to expand to Mexico next. Read more
Vostok New Ventures Invests US$2m in Startup Agente Imóvel (em português)
(Startupi) Vostok New Ventures invested US$2m in Agente Imóvel, a Brazilian real estate advertising and data analysis platform. Read more
Sequoia Capital Invests US$2.25m in Mexican Startup Rever (en español)
(Entrepreneur) Sequoia Capital and Zetta Venture Partners invested US$2.25m in Rever, a Mexican employee innovation management platform. This is Sequoia’s first known investment in a Mexican startup. Sequoia’s other investments in the region include Nubank and Rappi. Read more
Acccestage Invests R$2m in Data Analysis Platform IN10 (em português)
(Baguete) Accesstage invested R$2m for an undisclosed stake in IN10, a Brazil-based data analysis and business intelligence company. Read more
Omni Invests Undisclosed Amount In SME Credit Fintech Ergoncredit (em português)
(Brazil Journal) Omni invested an undisclosed amount in Ergoncredit, a Brazilian credit fintech for small and medium-sized businesses. As part of the agreement, the controlling shareholder of the Omni Group, Erico Ferreira, acquired 25% of Ergon. Read more
Brazil Eases Foreign Investment into Credit-Related Fintechs (em português)
(Valor Econômico) A presidential decree in Brazil will ease foreign investment into credit-related fintechs. Previously, financial services companies with foreign capital could only operate in Brazil by presidential decree. Now, for companies with foreign capital that are working on credit and lending, such a decree is no longer needed. Read more
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 Real Estate News
CDPQ’s Ivanhoé Cambridge Forms US$890m Joint Logistics Real Estate Venture with Prologis
(IPE) The real estate investment arm of Quebec's sovereign fund CDPQ, Ivanhoé Cambridge, has agreed with Prologis to form Prologis Brazil Logistics Venture. The partnership will develop and operate logistics real estate in Brazil, specifically in São Paulo and Rio de Janeiro. Ivanhoé Cambridge will hold an 80% stake in the partnership. Read more
Jaguar Invests in Brazilian Industrial Real Estate Company Bresco
(Press Release) Jaguar invested an undisclosed amount in Bresco, a Brazilian industrial real estate company. The investment was made through Jaguar's second Latin American fund, which focuses on investing in real estate-related platforms and companies in key markets. Read more
Thor Equities Group Completes 4 New Projects in Mexico
(IREI) Thor Equities Group and Thor Urbana are launching four new projects in Mexico totaling 6m buildable square feet in October and November. The company is continuing to develop, acquire, reposition, and operate commercial, hotel and mixed-use projects in major cities and tourist destinations in Latin America, including the recently acquired Marina Town Center in Puerto Cancún, and the Four Seasons Resort and Residences Caye Chapel, Belize debuting in 2021. Read more
Jive Invests R$297m in Viver in Final Renegotiations (en español)
(LexLatin) Viver finalized a renegotiation with Jive, with Jive obtaining 33.8% of the Brazilian real estate company for R$297m. As part of the transaction, Kirton Bank also acquired approximately 6% of Viver. Read more
Paladin Realty Exits Brazilian Residential Real Estate Developer YOU Inc. (em português)
(Valor Econômico) Paladin Realty exited Brazilian residential real estate developer YOU Inc., selling its 20% stake to YOU Inc. founder Abrão Muszkat for an undisclosed amount. Paladin Realty had previously invested US$40m in 2012. Read more
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| LAVCA Members receive a discount on select events. For information on member discounts, contact Caitlin Mitchell. |
The Association for Private Capital
Investment in Latin America
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New York, NY 10018
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