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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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Driven by increased VC and mid-market activity, Latin America saw a record number of deals in 2017, according to recently released LAVCA Industry Data.
PE/VC investors executed 424 transactions (up from 352 in 2016, 310 in 2015, 306 in 2014, and 233 in 2013), representing the fourth consecutive year with a record number of deals in the region.
Deals totaled US$8.4b, the second largest amount on record only behind the US$8.9b deployed in the region in 2013.
Information technology was the dominant sector in 2017 with US$1.3b committed through 218 transactions. The telecommunications sector ranked second by capital invested due to a handful of large-cap deals, followed by renewable energy. Consumer/retail deals ranked second by deal count and fourth by amount invested.
 Investors were driven by sector-specific opportunities in Latin America, notably in technology, renewable energy, and infrastructure, as well as entry multiples that are compelling in the context of global PE/VC markets. There is significant dry powder available as the region’s economies return to growth, but it is likely that PE firms will be highly disciplined in deploying capital in 2018 in the lead up to presidential elections in Colombia, Mexico, and Brazil." -Cate Ambrose, President, LAVCA
Access a breakdown of the data in the press release, including country-level investment data for Brazil, Mexico, Colombia, Chile, and Argentina, as well as fundraising and exit figures for 2017.
The full report will be made available to LAVCA Members in March. At that time, non-members will be able to purchase the report here.
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The Latin American Private Equity Deal Book & ESG Cases, published with the support of BID Invest, details 16 PE investments across stages, countries, and sectors including consumer/retail, agribusiness, renewable energy, financial services, real estate, oil & gas, and more.
These deals and others submitted directly to LAVCA are also in consideration for a PE/ESG award. LAVCA will announce award winners at the PEI/PRI Responsible Investment Forum in New York on March 20.
LAST CHANCE TO RSVP: LAVCA Member general partners and qualified institutional investors are invited to the award luncheon. RSVP to lgalamba@lavca.org for a complimentary pass to the lunch (attendance is limited to 1 person per firm).
Members interested in attending the full 2-day PEI/PRI Responsible Investment Forum receive a 15% LAVCA Member discount. Contact cmitchell@lavca.org for details.
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LAVCA and ANDE are partnering on a Latin American impact investing survey in order to collect fundraising, investment, and exits data from the region's impact investors.
Relevant fund managers, foundations, and other investors are invited to PARTICIPATE IN THE ONLINE SURVEY.
The deadline to participate is Friday, March 23, 2018. All respondents will receive a copy of the survey findings. Information collected will be treated as confidential and will only be used to publish aggregated data.
Access LAVCA/ANDE's past impact report. For more information on LAVCA data, visit: lavca.org/industry-data.
Please contact Natalia Valencia with any questions.
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Private Equity News
EIG Global Acquires Brazilian Logistics Company Prumo
(Reuters) EIG Global Energy Partners bought out Brazilian logistics company Prumo Logistica. The transaction was valued at ~US$166m. Read more
SouthRock Capital Set to Take Control of Starbucks’ Brazilian Operations
(Reuters) São Paulo-based private equity firm SouthRock Capital has reached an agreement with Starbucks Corp that gives it the right to develop and operate branches of the coffee shop in Brazil. Read more
CADE Approves CPPIB & Votorantim’s Purchase of Ventos do Araripe Wind Complex
(Renewables Now) Brazil’s antitrust authority CADE has given approval to the Canadian Pension Plan Investment Board and local firm Votorantim Geracao de Energia to acquire the 359MW Ventos do Araripe III wind complex. Under the deal, CPPIB and Votorantim will create a joint venture to control and manage the asset. Read more
Ainda Energía Launches CKD for Energy & Infrastructure Projects in Mexico (en español)
(El Economista) Ainda Energía & Infraestructura has listed a MXN$4.4b (US$236m) CKD vehicle on the Mexican Stock Exchange (BMV) with the intent of funding energy and infrastructure projects in Mexico. Read more
McCain Acquires 49% Stake in Brazil’s Forno de Minas (em português)
(Valor Econômico) Brazilian food producer McCain has acquired a 49% stake in Forno de Minas Alimentos, a Bozano Investimentos portfolio company, for an undisclosed amount. Read more
Genesis Group Acquires Brazilian Food Solutions Company PariPassu (en español)
(LexLatin) Genesis Group, an Actis portfolio company, has completed the acquisition of a 100% stake in Brazilian food solutions company PariPassu. Read more
LIV Capital Makes Follow-on Investment in Mexican Logistics Company Logyt (en español)
(Grupo BMV) LIV Capital has made an undisclosed follow-on investment in Mexican logistics company Logyt. Read more
Credit Suisse Invests in Mexico's CMR (en español)
(Investing.com) Credit Suisse Mexico, through a CKD vehicle, acquired a minority stake in Mexican restaurant operator CMR. Read more
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Venture Capital News
Brazil’s Nubank Raises US$150m in Series E Round Led by DST Global
(Press Release) DST Global led a US$150m investment in Brazilian fintech Nubank, with participation from Thrive Capital and Dragoneer Investment Group, and existing investors Founders Fund, Redpoint Ventures, Ribbit Capital, and QED Investors. Read more
Exceed Capital Partners Leads Series B in Yogome
(Press Release) Mexican edtech startup Yogome, a provider of digital learning and children’s education, has raised US$26.9m in Series B funding. Exceed Capital Partners led the round with participation from Seaya Ventures, Insight Venture Partners, and Variv Capital. Read more
Dadneo Launches US$18m Fund for Emerging Projects (en español)
(Economía & Negocios) Chilean investment firm Dadneo launched a US$18m fund, Vulcano, to invest in emerging projects in the phase of international expansion. Read more
Medici Ventures Makes Follow-On Investment in Bitt
(Press Release) Medici Ventures made a US$3m follow-on investment in Bitt, a blockchain-based digital payment provider based in Barbados, following a US$4m investment in 2016. Read more
SP Ventures, Syngenta, Bunge, & Endeavor Lead Series A Investment in Agrofy
(Press Release) SP Ventures, Syngenta Ventures, Bunge Ventures, and Endeavor Catalyst made a US$6m Series A investment in Argentine agribusiness marketplace Agrofy, with participation from current investor farming conglomerate Cresud. Cresud and NXTP Labs invested previously. Read more
Brazilian Accelerator WOW Raises Third Fund for Startups (em português)
(Baguete) Brazilian accelerator WOW raised its third fund to accelerate startups. WOW has invested R$8m+ in 45 startups to date, and R$19m in new funds to invest. Read more
Morro Ventures Launches New Fund to Invest in Tech Startups (en español)
(El Nuevo Dia) Puerto Rican investors Allison Kern and Cyril Meduña have launched Morro Ventures, an institutional investment fund which will focus on early-stage technology companies. Read more
Canary.vc Raises R$160m Fund (em português)
(Estadão) Canary.vc raised R$160m for its first fund. Investments include fintech SmartMEI, HR platform Gupy, IT startup Terramagna, used car marketplace Volanty, online factoring platform Rapidoo, and IDwall, a validation and identification services startup. Read more
KICK Ventures Purchases Stake in Brazil’s Hitech Eletric (em português)
(StartSe) Brazilian early stage investor KICK Ventures made an undisclosed investment in Hitech Eletric, a maker of smart electric cars. Read more
ANDE & Metlife Foundation Announce Grant Investment Winners
(Press Release) The Aspen Network of Development Entrepreneurs (ANDE) and MetLife Foundation announced US$183k in grant investments in ARTEMISIA, New Ventures, Village Capital, and World Vision Canada as part of ANDE’s Catalyst Fund. Read more
Monashees+ & Canary.vc Make Series A Investment in Brazil’s IDwall (en español)
(LexLatin) monashees+ and Canary.vc made an undisclosed Series A investment in IDwall, a Brazilian validation and identification services startup, following a R$2m investment in 2017. 500 Startups previously invested R$500k. Read more
Cedro Capital Invests in Brazil’s Escola em Movimento (em português)
(StartSe) Cedro Capital led a R$2m investment in Escola em Movimento, a Brazilian edtech communications platform. Read more
Invus Opportunities Invests in Brazilian Edtech Platform Descomplica (em português)
(Press Release) Invus Opportunities made a R$54m investment in Brazilian edtech Descomplica, with participation from previous investors Valor Capital, Amadeus Capital, and Social Capital. Read more
Accion & Metlife Foundation Announce Partnership to Advance Financial Inclusion in Latin America
(Press Release) The MetLife Foundation provided US$3.9m for Accion to leverage digital solutions and customer-centered design to empower underserved consumers in Argentina, Chile, and Mexico—and disseminate learnings throughout the region. Read more
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Real Estate News
GIC, CIM Group, & Compass Enter into Joint Real Estate Venture in Mexico
(Press Release) CCLA, a partnership between CIM Group and Compass Group, and GIC, Singapore’s sovereign wealth fund, announced today that they have entered into a MX$5.5B (US$300M) joint venture to develop and operate purpose-built, for-rent multi-family buildings across Mexico’s largest cities including Mexico City, Guadalajara, and Monterrey. Read more
Paladin Realty Opens New Regional Office in Lima, Peru
(Press Release) Real estate investment fund manager Paladin Realty Partners has opened its fourth regional office in Lima, Peru. The office will be headed by Andrés Bautista, Investment Director. Read more
VBI Real Estate Sees Potential in Student Housing (em português)
(Valor Econômico) Brazilian real estate fund manager VBI Real Estate is looking to increase investments in the student housing, office, and logistics sectors. Read more
Paladin Realty to Launch New Real Estate Projects in Latin America in 2018
(IREI) Institutional real estate fund manager Paladin Realty Partners plans to launch nearly a dozen residential and mixed-use development projects across Latin America in 2018. Read more
Brazil’s HSI Partners with AccorHotels & Atrio Hotéis (em português)
(Valor Econômico) Brazilian private equity firm Hemisfério Sul Investimentos (HSI) has agreed to partner with AccorHotels and Atrio Hotéis, resuming its investment activity in the hospitality sector after three years of hiatus. Read more
Be Grand Launches CKD for New Residential Housing Projects (en español)
(Expansión) Mexican housing developer Be Grand will launch a CKD vehicle on the Mexican Stock Exchange (BMV) that seeks to raise up to MXN$1.5b with the intent of funding seven to eight new residential projects. Read more
Bradesco Acquires Tishman Speyer Building in Porto Maravilha (em português)
(Valor Econômico) Bradesco Seguros has acquired the Port Corporate Tower located in Brazil’s Porto Maravilha for an undisclosed amount. The building was developed by real estate firm Tishman Speyer. Read more
Thor Urbana Raises MXN$5b Through CKD & International Investors
(Expansión) Mexican real estate investment and development company Thor Urbana, a partner company of Thor Equities, recently raised an aggregate MXN $5b through a CKD vehicle listed on the Mexican Stock Exchange (BMV) and from international institutional investors. Thor Urbana will use the capital raised to develop 5 to 8 new commercial real estate projects in Mexico. Read more
Grupo Amistad Launches CKD for Industrial Assets in Mexico (en español)
(El Economista) Mexican real estate developer Grupo Amistad has launched a CKD vehicle on the Mexican Stock Exchange (BMV) for a total of MXN$2.5b. The firm plans to deploy the capital in industrial buildings throughout Mexico. Read more
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Stanford/NVCA Venture Capital Symposium
Hosted by Stanford & NVCA |
March 13–14, 2018 |
Stanford, CA
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13° Summit de Capital Privado
Hosted by AMEXCAP |
March 13–15, 2018 |
Mexico City, MX
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Latin American PE ESG Awards Luncheon 
Hosted by PEI-UNPRI |
March 20, 2018 |
New York, NY
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2018 Responsible Investment Forum New York
Hosted by PEI-UNPRI |
March 20–21, 2018 |
New York, NY
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Wharton Latin America Conference
Hosted by Wharton |
March 22–24, 2018 |
Philadelphia, PA
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Finnosummit Colombia
Hosted by Finnovista |
March 22, 2018 |
Bogotá, Colombia
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Latin America GRI
Hosted by GRI Real Estate Club |
April 11-12, 2018 |
New York, NY
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2018 Chicago Booth Emerging Markets Summit
Hosted by The University of Chicago Booth School of Business |
April 14, 2018 |
Chicago, IL
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PERE Investor Forum Los Angeles 2018
Hosted by PERE |
April 18-19, 2018 |
Los Angeles, CA
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VC in São Paulo
Hosted by LAVCA |
May 8, 2018 |
São Paulo, Brazil
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20th Annual IFC/EMPEA Global Private Equity Conference
Hosted by IFC & EMPEA |
May 15-16, 2018 |
Washington, D.C.
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2018 ABVCAP Coference
Hosted by ABVCAP |
June 4-5, 2018 |
São Paulo, Brazil
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| LAVCA Members receive a discount on select events. For information on member discounts, contact Caitlin Mitchell. |
Latin American Venture Capital Association
589 8th Avenue, 18th Floor
New York, NY 10018
Contact Us
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