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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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LAVCA is seeking deal submissions for the sixth edition of The Latin American Private Equity Deal Book & ESG Cases. Access past editions here.
Open exclusively to LAVCA Members, firms can nominate investment cases for consideration for the deal book and the Latin American Private Equity Awards. Congratulations again to the 2018 winners Riverwood Capital, Aqua Capital, Linzor Capital Partners, and ACON Investments.
Complete the online submission form. A PDF submission form can be sent to fund managers upon request.
LPs and service providers can also nominate deals using this SHORT FORM.
Questions can be directed to Natalia Valencia.
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🦄 Tech UNICORNS are a more recent phenomenon in Latin America, as the size of an investment round that would normally generate a unicorn valuation has become available in a markedly increased capacity since 2017.
To track the emergence of these unicorns, LAVCA has created a Latin American Unicorn Leaderboard, current as of July 2019, and based on information reported by secondary sources linked to where possible.
For the purposes of the leaderboard, LAVCA defines unicorns as privately held tech companies with post-money valuations of US$1b+ based on their last disclosed valuation event.
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Please note the following program content and times for the 2019 LAVCA Summit & Investor Roundtable (September 23-25) in New York:
September 23 | 6:00pm – 8:00pm: LAVCA Member & LP Reception (hosted by Advent International)
September 24 | 8:45am – 6:30pm: Full Day PE Program, Including Brazil Keynote Breakfast
September 25 | 8:45am – 3:15pm UPDATED TIMING & CONTENT:
7.30am: ILPA Breakfast (qualified institutional investors only)
8.45am – 10:00am: Mexico Keynote Breakfast
10.30am – 12.30pm: NEW Real Assets Program
12.30pm – 3.15pm: NEW LP Keynote Luncheon & Institutional Investor Program
3.15pm: Program Concludes
Will Kohler, Partner at Lightspeed Ventures Partners, is confirmed for the Venture Investors Annual Meeting (September 26).
Access the VC/tech program agenda here. LAVCA Members can request the PE program agenda by emailing Kaela Kennedy (kkennedy@lavca.org). REGISTER HERE.
The 2019 program also includes a separate program exclusive to family offices (September 23); an ILPA Institute Pension Fund Training (September 23); a VC/tech VIP welcome cocktail hosted by Silicon Valley Bank and the Tech Growth Coalition (September 25), and a VC/tech closing reception hosted by Riverwood Capital (September 26).
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IDB Lab, the innovation laboratory of the Inter-American Development Bank, is supporting the creation of an LAC-Korea Startup Fund that will provide early stage financing to two categories of startups/scaleups: LAC companies expanding within and beyond LAC (in particular Korea/Asia), and to Korean companies operating in or expanding to LAC.
IDB Lab is seeking a dedicated General Partner (GP) from both Korea and LAC regions who will be responsible for making all financial decisions for the proposed Fund.
SUBMIT an Expression of Interest by September 23, 2019.
The selection will be made IDB Lab and independent experts.
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Private Equity News
Vinci Partners Increases Stake in OnTime Log (em português)
(Estadão) In a follow on investment, Vinci Partners increased its 15% stake in Brazilian logistics and distribution company OnTime Log to a 91% stake. The financial terms of the transaction were undisclosed. Read more
Blue Water Exits Peruvian Electricity Provider Electro Dunas Energía
(Press Release) Private equity firm Blue Water Advisors fully exited Peruvian electricity provider Electro Dunas Energía through a public tender offer on the Lima Stock Exchange. Grupo Energía Bogotá purchased 100% of the shares. Financial terms of the transaction were undisclosed. Read more
Ameris Capital Acquires a 37% Stake in GNL Mejillones for US$193.5m (en español)
(DC) Ameris Capital acquired a 37% stake in GNL Mejillones for US$193.5m. GNL Mejillones operates a liquefied natural gas terminal in northern Chile. French Energy company Engie controls the remaining 63% stake in GNL Mejillones. Read more
One Equity Partners Exits Unicoba Baterias Through a Sale to Confrapar and GEF (em português)
(Valor Econômico) One Equity Partners exited Unicoba Baterias through a sale to fellow private equity managers Confrapar and GEF Brazil. The two fund managers invested R$100m for a 49% stake in Unicoba, a technology and electrical components company based in São Paulo. Read more
Triunfo Sells Three Electric Power Subsidiaries to BlackRock for R$169.5m (em português)
(Istoé Dinheiro) Triunfo sold three of its electric power subsidiaries in Brazil, including the Três Irmãos hydroelectric plant, to BlackRock for R$169.5m. Read more
Mexico Infrastructure Partners Acquires Colombia’s Oriente Airport Concession (en español)
(América Economía) Mexico Infrastructure Partners, through three funds it administers including two CerPIs, acquired a 100% stake in the Oriente Airport concession which controls six airports in Colombia. Financial terms of the transaction were undisclosed. Read more
Principia Capital Partners Exits Brazilian Student Loan Provider Pravaler (em português)
(Valor Econômico) Principia Capital Partners fully exited Brazilian student loan provider Pravaler. Principia sold its stake to Pravaler’s founders and Itaú Unibanco which increased its stake in the company. Financial terms of the transaction were undisclosed. Read more
Advent Invests in CI&T
(Press Release) Advent International will invest an undisclosed amount in Campinas, Brazil-based CI&T for a minority stake to accelerate its global growth in North America, Europe and the Asia-Pacific region. As part of the transaction, Advent will acquire the Brazilian development bank BNDESPAR’s existing 30% stake in CI&T. Read more
Crescera Investimentos and Bradesco Acquires a Minority Stake in Semantix (em português)
(Baguete) Crescera (via its Growth FIP fund) and Bradesco (via FIP Inovabra) acquired a minority stake in Semantix, a Brazilian provider of big data solutions. Read more
Jamaican Government Proposes Changes to Pension Funds Investment Regime
(Loop) The government of Jamaica announced that pension plans will now be permitted to invest in private equity and venture capital for the first time. In aggregate, these amounts should not exceed a maximum of 5% of the assets of the pension fund. Read more
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 Venture Capital News
KaszeK Ventures and SoftBank Invest R$70m in Volanty
(Reuters) KaszeK Ventures and SoftBank led a R$70m (US$17.6m) round in Brazilian digital used car portal Volanty with participation from existing investors monashees and Canary. Monashees and Canary previously invested R$19m in 2018. Read more
Bradesco’s Inovabra Fund and Positivo’s Corporate Venture Leads R$22m Series A Investment in Agrosmart (em português)
(Brazil Journal) Bradesco’s Inovabra fund and Positivo’s corporate venture arm led a R$22m Series A investment in Brazilian agtech Agrosmart. Previous investors include SP Ventures, São Paulo innovation fund Desenvolve SP, Baita, Embrapa, and Credro Capital. Read more
Adobe Capital Closes its Mezzanine Fund II with US$30.3m (en español)
(Press Release) Adobe Capital closed its Adobe Mezzanine Fund II with US$30.3m in capital commitments, entirely comprised of institutional investors. Fund I was a US$20m vehicle raised in 2012. Read more
Aurus Capital Leads a Series A Investment in Aguamarina
(Aurus Capital) Aurus Capital led an undisclosed Series A investment in Aguamarina, a Chilean industrial biotech company focused on sustainable solutions for the mining industry, with participation from Khosla Ventures and Endeavor Catalyst. Read more
Goodwater Capital Invests US$3m in Youper (em português)
(Baguete) Youper, an app for supporting people with social anxiety, raised US$3m from Goodwater Capital. Youper was founded by Brazilian psychologist José Hamilton Vargas and engineer Diego Dotta, and relocated to California in 2017. Read more
ALLVP Exits WeexMobile Through a Sale to Yonder Media Mobile
(Press Release) ALLVP exited WeexMobile, a Mexican MVNO targeting millennials, through a sale to Yonder Media Mobile. Read more
NXTP Labs, ArFintech and Rosental Inversores Invest US$1.1m in Alquilando
(Alquilando) NXTP Labs, ArFintech, and Rosental Inversores made a US$1.1m investment in Alquilando, an Argentine proptech platform for residential rentals. Buenos Aires seed fund Troopa and Alpha4Ventures invested previously. CEO Mauro Ayala founded Alquilando in 2017. Read more
Adobe Capital Invests US$1m in Universidad Kuepa
(Press Release) Adobe Capital invested US$1m in Universidad Kuepa, a Mexican online university offering bachelors and masters degrees to its student base in Mexico and the U.S. hispanics market. Read more
Wayra Invests R$500k in IoTag (em português)
(ti Inside) Wayra invested R$500k in Brazilian agtech startup IoTag. Read more
Bossa Nova Invests in Juristas (em português)
(Juristas) Bossa Nova Investimentos made a seed investment in Brazilian legaltech Juristas. Read more
Primatec Invests in Target and Autaza (em português)
(Baguete) Primatec, managed by Antera Gestão de Recursos, made undisclosed investments in Brazilian startups Target Solutions (telco ops management) and Autaza (autotech). Read more
Eurofarma Launches Axon Ventures- R$45m CVC Fund (em português)
(Baguete) Brazilian pharmaceutical company Eurofarma launched Axon Ventures, a R$45m early-stage CVC fund. Read more
Mexico Ventures Invests in CerraCap Ventures
(Yahoo Finance) Mexico Ventures invested in CerraCap Ventures, a California-based early-stage venture capital firm focused on cyber security, analytics and healthtech. Mexico Ventures is co-managed by Fondo de Fondos (Mexico City) and Sun Mountain Capital (New Mexico). Read more
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 Real Estate News
BTG Pactual Agrees to Acquire Seven BR Malls for US$184m
(Yahoo Finance) BR Malls, Brazil’s largest mall operator, has signed an agreement to sell seven of its malls to a real estate fund controlled by BTG Pactual for US$184m. Read more
BR Malls Acquires Additional 25.5% Stake in Shopping Iguatemi Caxias do Sul (em português)
(Money Times) BR Malls acquired an additional 25.5% stake in Shopping Iguatemi Caxias do Sul, a shopping mall in Rio Grande do Sul. BR Malls now has a 71% stake in the shopping center. The financial terms of the transaction were undisclosed. Read more
Abu Dhabi Investment Authority (ADIA) to Invest in Latin America
(Deal Streets Asia) Abu Dhabi Investment Authority (ADIA)’s real estate team stated that it will continue to seek out opportunities in Latin America. Middle Eastern sovereign wealth funds have been seen to be expanding real estate portfolios across the region. Read more
Paladin Realty Partners To List a CERPI For MXN$4b on the BMV (en español)
(El Economista) Real Estate investor Paladin Realty Partners is preparing to list a CERPI for MXN$4b on the BMV. The proceeds will be invested in housing projects, offices, hospitals, and shopping centers in Brazil, Colombia, Mexico, and Peru. Read more
Yellowstone Capital Partners Closes US$300m for Colombia Real Estate Fund II
(Press Release) Colombian private equity real estate firm Yellowstone Capital Partners has reached a hard cap of US$300m for Yellowstone Real Estate Opportunity Fund II, securing commitments from pension funds, insurance companies, endowments, and family offices, including a 5% GP commitment. Yellowstone’s previous Colombia-focused real estate fund, YCP I, closed with US$95m in commitments in 2016 and is fully invested in a diversified real estate portfolio. Read more
Ivanhoé Cambridge and Citibanamex Afore Invest US$313m in Gran Ciudad
(Press Release) Gran Ciudad closed a Real Estate Fund of US$313m with commitments from Ivanhoé Cambridge the real estate investment arm of Canadian Pension Fund CDPQ and from Citibanamex Afore, the second largest pension fund manager in Mexico. Gran Ciudad will invest in multifamily rental housing properties in urban markets within Mexico. Read more
Hemisfério Sul Investimentos Buys Icon Realty I Real Estate Investment Fund for R$620m (en español)
(Lex Latin) Brazilian real estate investment firm Hemisfério Sul Investimentos (HSI) purchased the entire portfolio of the Icon Realty I Real Estate Investment Fund administered by BTG Pactual. HSI paid R$620m for the portfolio which consists of 32 real estate properties in Brazil. Read more
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6ª Conferência Brasileira de Venture Capital - Florianópolis
Hosted by ABVCAP | August 12-13, 2019 | Florianópolis
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BlastU 2019
Hosted by BlastU | August 13-14, 2019 | São Paulo
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BayBrazil Annual Conference
Hosted by BayBrazil | August 22, 2019 | Menlo Park, CA
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LAVCA Week
Hosted by LAVCA | September 23-26, 2019 | New York, NY
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GIIN Investor Forum
Hosted by GIIN | October 2-3, 2019 | Amsterdam, Netherlands
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Sustainable Investing in Emerging Markets Summit/ EMPEA Private Equity Masterclass
Hosted by EMPEA | October 8-10, 2019 | London, England
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Peru Venture Capital Conference
Hosted by COFIDE | October 16-17, 2019 | Lima
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PERE America
Hosted by PEI | October 29-30, 2019 | New York, NY
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Cambridge´s Latin American Business Summit (LABS)
Hosted by University of Cambridge | November 3-8, 2019 | Santiago, Chile
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Scotiabank's Latin America Innovation & Disruption Forum
Hosted by Scotiabank | November 12-13, 2019 | Mexico City, MX
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WeXchange
Hosted by IDB Lab | November 13-14, 2019 | Asunción, Paraguay
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FLII CA&C
Hosted by Alterna and New Ventures | November 13-14, 2019 | Antigua, Guatemala
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The Global Steering Group for Impact Investment Impact Summit
Hosted by GSG | November 18-20, 2019 | Santiago, Chile
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LAVCA | MIT Inside PE: Dealmaking in Latin America
Hosted by LAVCA & MIT | November 20-23, 2019 | Miami, FL
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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
Contact Us
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