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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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The sudden and wide-ranging impact of COVID-19 has resulted in companies facing unprecedented circumstances and challenges. Portfolio companies backed by private equity are no exception and the pressure on such firms and their boards of directors to respond to the crisis is high.
While the nature of a director’s fiduciary duties in Latin America has not changed as a result of COVID-19, Thais Garcia, Partner at Clifford Chance, outlines some best practices for private equity appointed directors to comply with their fiduciary duties that align with helping their portfolio companies navigate this challenging environment.
Directors should be aware of any specific regulations that may apply to the company, for example, to publicly held companies or companies in regulated sectors such as financial services, telecommunication, infrastructure, energy, pharmaceuticals, and insurance. There may be a need to involve regulators in decisions or to keep them informed and consulted.
A recent example of the benefits of early engagement with regulators was seen in the utilities sector in Chile. Due to the major business disruptions caused by the COVID-19 pandemic, public opinion put pressure on both Chilean utilities companies and the government to provide relief to households in connection with the payment of utility bills. Rather than waiting for the enactment of potentially more stringent and onerous regulation by the Chilean Parliament, utility companies decided to engage in discussions with the government to reach an agreement on a relief plan, which was ultimately successful.
READ the article here.
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LAVCA, in collaboration with Latin American Tech Growth Coalition member Silicon Valley Bank, invite you to participate in a virtual discussion and data insights: LatAm VC/Tech: Update on Data & Trends.
WHEN: Wednesday, May 6, 2020
TIME: 1:00PM EDT (10:00AM PDT)
WHERE: Webcast
The discussion is hosted by SVB’s Director of LatAm Julia Figueiredo and moderated by LAVCA’s Executive Advisor, Susana Garcia-Robles.
Panelists include:
> Andy Tsao, Managing Director, Global Gateway, SVB
> Francisco Alvarez-Demalde, Co-Founder and Managing Partner, Riverwood Capital
> Julio Vasconcellos, Founding Partner, Canary and Managing Partner, Atlantico
LAVCA's Director of Venture Capital Julie Ruvolo will also present findings from LAVCA’s Annual VC/Tech Report, with new insights on year-end 2019 VC investment data, highlighted transactions, sector and country trends, and more.
QUESTIONS? Please contact Julia Figueiredo.
ACCESS past editions of LAVCA VC/tech reports.
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LAVCA continues to gather relevant resources and updates for private capital investors active in Latin America in light of how the spread of COVID-19 might affect portfolio companies, investor relations, pipeline building, and more.
Access resources on our website here, including:
• Insights from LAVCA member firms and the most active private capital investors in Latin America.
• Analysis, guidelines, and best practices on portfolio company valuation, fiduciary duties, and more.
• Relevant funding programs and initiatives for Latin American managers and portfolio companies.
Have relevant information you would like to share? Please email editor@lavca.org.
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Private Equity News
Evolvere Capital Acquires Dental Clinic Network Dentix Colombia (en español)
(La República) Private equity firm Evolvere Capital has acquired Colombia-based dental clinic network Dentix Colombia for an undisclosed amount. Read more
H.I.G. Capital Leads US$65m Investment in Modern Logistics
(Press Release) H.I.G. Capital led a US$65m investment in Brazil-based full service logistics firm Modern Logistics through a convertible debt with participation from other investors and unnamed family offices. Modern Logistics is also backed by Brazilian fund manager DXA Investments. Read more
Alta Growth Capital Sells Stakes in Three Mexican Hospitals to RAG Capital Partners for US$6.2m
(Jones Day) Mexican private equity fund manager Alta Growth Capital has sold 50% of its interest in three Mexican hospitals to RAG Capital Partners for MXN$150m (approximately US$6.2m). Read more
Aqua Capital’s Ultracheese Acquires Búfalo Dourado
(Press Release) Ultracheese company, controlled by Latin American agribusiness private equity fund manager Aqua Capital, has acquired Brazil-based buffalo milk cheese manufacturer Búfalo Dourado. The amount of the transaction was undisclosed. Read more
Ore Investments Raises US$46m to Invest in Mining Projects in Brazil (en español)
(BNamericas) Private equity fund manager Ore Investments raised a US$46m first close for its mining-focused fund Ore Mining Private Equity I FIP. The company is targeting a total of US$80m. Read more
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 Venture Capital News
ALLVP and NFX Lead a US$5.3m Invesment in Nuvocargo
(Press Release) ALLVP and NFX led a US$5.3m seed round in Nuvocargo, a Mexican managed freight transportation marketplace for Mexico-US routes, with participation from Maya Capital, Magma Partners, One Way Ventures, and angels. Read more
DNA Capital Leads a US$4.5m Series B Investment in Memed & An Undisclosed Follow-on in Brazil's Feegow (em português)
(Valor Econômico) DNA Capital led a US$4.5m Series B in Memed, a Brazilian provider of digital drug prescriptions, and followed on in Feegow, a Brazilian medical clinic software provider. Read more
Angel Ventures, Artistan Venture Capital, 500 Startups, and Claure Group Invest US$1.6m in Aprende Institute
(Press Release) Mexican vocational training platform Aprende Institute raised a US$1.6m seed round with participation from Angel Ventures, Artisan Venture Capital, 500 Startups, and Claure Group. Read more
Avista Raises US$75m Credit Line To Support Under-Banked Colombians
(Press Release) Colombian credit placement platform Avista raised a US$75m credit line led by undisclosed financial institutions. Avista was founded in 2019 and previously raised US$2m in seed funding. Read more
Valor Capital and DNA Capital Lead a US$11m Series B in Sanar
(Press Release) Valor Capital and DNA Capital led a US$11m Series B in Sanar, a Brazilian edtech platform designing customized online training for careers in healthcare, with follow-on from e.bricks Ventures and Vox Capital. Read more
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 Real Asset News
Ardian Acquires 49% Stake in Tacna Solar & Panamericana Solar (en español)
(SolarPack) Ardian Infrastructure acquired a 49% stake in two Peruvian solar power plants, namely Tacna Solar and Panamericana Solar, from Spanish renewable energy company SolarPack, which retains a controlling stake. Read more
TPG-Controlled Evoltz to Acquire Eletrobras for R$232m (em português)
(Valor Econômico) Evoltz, controlled by TPG Capital, agreed to acquire a 49.5% stake for R$232m in Electrobras transmission lines in the north of Brazil. The transaction is pending approval by CADE and Aneel. Read more
CPPIB and OTPP Finalize Purchase of 40% Stake in Mexican Infrastructure Operator IDEAL
(Press Release) Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan Board (OTPP) have finalized the purchase of 40% of the shares of Mexican infrastructure operator Impulsora del Desarrollo y el Empleo en América Latina (IDEAL). Read more
Digital Colony Management Acquires Brazil's UD Tecnologia
(Press Release) Colony Capital, through its global infrastructure investment platform Digital Colony, has acquired Brazil-based digital infrastructure company UD Tecnologia for reportedly R$1.5b. Read more
MIRA Fund Acquires Plot of Land in Mexico City for ~US$100m (en español)
(Investing.com) Real assets investment fund MIRA acquired a commercial and residential development for ~US$100m in Polanco, Mexico City. Read more
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| LAVCA Members receive a discount on select events. For information on member discounts, contact Catalina Santos. |
The Association for Private Capital
Investment in Latin America
589 8th Avenue, 18th Floor
New York, NY 10018
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