Latin American Private Capital Update July 11, 2017
July 11, 2017
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LAVCA Private Capital Update
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.

Latest Industry Headlines

Private Equity News
Private Equity News

Advent to Purchase Mexico-based Grupo Farmacéutico SOMAR...

Venture Capital News
Venture Capital News

Monashees and Mindset Ventures Lead US$8.5m Investment in WorkCapital ...

Real Estate News
Real Estate News

Gava Capital Raises MXN$2.1b Through CKD for Real Estate Projects...


MEMBER PROFILE: Dirk Donath, L Catterton


LAVCA spoke with Dirk Donath, Managing Partner, Latin America for L Catterton about the mid-market consumer sector opportunity in Latin America and the appetite from global LPs for a pan-regional fund.

Earlier in 2017, L Catterton Latin America successfully closed on US$400+ million of commitments towards its Fund, LCLA II.

quotation-mark…we found strong interest and appetite from leading institutional investors, including endowments, pension funds, financial institutions and family offices across the globe.

Donath also discusses the evolution of strategic acquirers targeting the region from US and European multinational corporations to regional Latin American champions and more recently Asian players seeking to establish their presence in emerging growth markets.




Since the publication of the last edition of the bi-annual LAVCA Scorecard, Latin America has seen major shifts in political leadership and the macroeconomic environment.

Produced in collaboration with the Economist Intelligence Unit and with the support of FOMIN and Baker McKenzie, the Scorecard ranks 14 countries based on indicators including taxation, minority shareholder rights, restrictions on institutional investors, capital markets development, perceived corruption, entrepreneurship, among others (13 criteria in total).

As in past editions of the Scorecard, both Chile (71) and Brazil (69) lead the regional ranking, despite downgrades on the indicator for restrictions on local institutional investors. Other major markets including Mexico (67), Colombia (64), Peru (54), and Argentina (51) all received score increases.




MEMBER REGISTRATION NOW OPEN for LAVCA WEEK, September 25 - 28, 2017 in New York City.

The LAVCA Summit & Investor Roundtable (PE program) will be held at the Metropolitan Club. The LAVCA Venture Investors Annual Meeting will take place at Tribeca 360.

Download the LAVCA Summit HIGHLIGHTS Book to learn more about last year's PE program.

To view the LAVCA 2017 program calendar, click here. (Additional programs to be announced)



Startup Directory

Over the last five years Latin America has produced a new generation of startups backed by the region’s tech investors. VC funding from local and international investors drove venture deals in Latin America to a record high in 2016 – increasing from 182 in 2015 to 197 in 2016 – according to LAVCA data. More companies had access to capital than ever before.

The 2017 Latin American Startup Directory includes early stage companies that have received US$1m+ in funding via a minimum of 2 rounds of investment and are still in operation, as tracked by LAVCA. The no. of companies has grown by 44 since the inaugural list was published in April 2016.

The Latin American Startup Directory includes actively funded startups but not companies that have been acquired or realized an IPO. Click here for a separate list of highlighted companies that have raised US$1m+ via 2+ rounds and were acquired/listed.


Latest Industry News

Private Equity News
Private Equity News

Advent to Purchase Mexico-based Grupo Farmacéutico SOMAR

(Press Release) Advent International has agreed to purchase Mexican pharmaceutical company Grupo Farmacéutico SOMAR from Endo International for approximately US$124m. The transaction is expected to close in the second half of 2017, subject to customary conditions, including the approval of the Mexican Competition Commission. Read more

Victoria Acquires Controlling Stake in Oncólogos del Occidente

(Press Release) Victoria Capital Partners acquired a controlling stake in Oncólogos del Occidente, Colombia’s largest privately-held provider of comprehensive cancer treatment. Terms of the transaction were not disclosed. Read more

Vinci Sells 5% Stake in Burger King Brasil for over R$100m (em português)

(Valor Econômico) Vinci Partners sold a 5% stake in Burger King Brasil to an undisclosed American family office for over R$100m Read more

Darby Partners with Servtec to Invest in Renewable Energy in Brazil (em português)

(Press Release) Darby Private Equity launched a joint venture with Brazilian energy company Servtec to target investment opportunities in Brazil’s renewable energy sector. Read more

Lone Star Funds Acquires Brazilian Apoema Capital Partners (en español)

(Press Release) US private equity firm Lone Star Funds has made its debut deal in Brazil by acquiring distressed asset investor Apoema Capital Partners for an undisclosed amount. Read more

Blackstone and Fisterra Energy Announce Financial Closing of Mexican Power Plant

(Press Release) Blackstone’s Fisterra Energy announced the financial closing for the Tierra Mojada combined-cycle gas turbine (CCGT) power plant in Guadalajara, Mexico. The power plant will sell exclusively into the new wholesale electricity market created by Mexico’s energy reform. Read more

Thermion to Invest US$2b in Renewable Energy Projects in Mexico (en español)

(El Financiero) Renewable energy project developer Thermion Energy will invest US$2b in 10 wind and solar power plants over the next 5 years. Read more

Supply Capital Launches First Private Equity Fund (en español)

(El Economista) Mexico-based Supply Capital launched its debut private equity fund targeting quasi-equity financing for SMEs which are service providers for federal and state governments. The fund will start with an initial amount of MXN$150m. Read more

Portland Private Equity to Acquire 22% Stake in PBS

(The Gleaner) Portland Private Equity will acquire a 22% stake in Caribbean-based Xerox distributor Productive Business Solutions Limited (PBS). The total shares are valued at US$15m and represents the seventh investment for Portland’s Caribbean Fund II. Read more

Riverstone and Miguel Galuccio to Raise US$500m on Mexican BMV (en español)

(Reuters) Riverstone Holdings and Miguel Galuccio, the former head of Argentina’s state oil company YPF, plan to raise US$500m on the Mexican Stock Exchange through a new vehicle designed to buy companies. Read more

Fibra Infrastructure Mexico Seeks to Raise MXN$50b via CKD (en español)

(El Economista) Fibra Infrastructura Mexico will seek to raise up to MXN$50b for a new Fibra E vehicle to be listed on the Mexican Stock Exchange (BMV). Read more

SCL Energía Acquires 2 Chilean Solar Power Plants

(Global Legal Chronicle) Chilean private equity firm SCL Energía Activa acquired two solar power plants in Coquimbo, Chile. The terms of the deal were not disclosed. Read more

Northgate Completes MXN$250m Investment in Mexico’s Natgas (en español)

(Press Release) Northgate Capital México completed an investment of MXN$250m in Natgas Querétaro, a company that promotes the use of natural gas for cars. Read more

Proterra Brazil Closes US$100m Fund

(Agri Investor) Proterra Investment Partners held a US$100m first close for its debut Brazil-focused private equity fund, which will seek to purchase farmland in the country. The fund is targeting US$500m in capital commitments. Read more

Blackrock Launches US$280m Fund to Invest in Colombia Infrastructure

(BNAmericas) Blackrock announced the launch of a US$280m infrastructure debt fund to focus on highway and infrastructure projects in Colombia. Read more

Venture Capital News Venture Capital News

Monashees and Mindset Ventures Lead US$8.5m Investment in Brazil’s WorkCapital (em português)

(Fator Brazil) Monashees and Mindset Ventures led a US$8.5m investment in WorkCapital, a Brazilian fintech developer. FJ Labs also participated in the round. Read more

Axon Partners Invests in Tire e-commerce Platform Neumarket

(Press Release) Axon Partners made an undisclosed investment in Neumarket, a tire e-commerce platform operating in Mexico and Colombia. Read more

Bossa Nova and Gouvêa de Souza Launch Fund for Retail Startups

(Press Release) Bossa Nova announced a partnership with Brazilian retail specialist Gouvêa de Souza to launch a fund aimed at investing in local retail startups. Read more

Redpoint and Global Founders Capital Invest in Brazilian Escale

(Press Release) Redpoint eventures and Global Founders Capital made an undisclosed investment in Escale, a Brazilian digital marketing agency and call center operator. Read more

Pacific Alliance to Invest US$120m in Entrepreneurial Projects (en español)

The Pacific Alliance (Chile, Colombia, Mexico, and Peru) aims to invest a total of US$120m in local entrepreneurial projects with the assistance of local funds. Read more

KaszeK Exits NubeliU with Sale to Logicalis

(Press Release) Kaszek Ventures exited Brazil-based OpenStack cloud computing company NubeliU with sale to to Logicalis. Read more

DGF Invests R$5m in Brazilian Intellibrand

(Press Release) DGF Ventures made a R$5m investment in Intellibrand, a Brazilian digital trade marketing platform, to fund its international expansion. Read more

Sancor Seguros to Invest ARS$750m in Fund for Entrepreneurship (en español)

(iProfesional) Sancor Seguros will invest ARS$750m in a fund for entrepreneurship and the construction of an education-technology center. Read more

Naspers and Innova Capital Invest US$53m in Movile

(Press Release) Naspers and Innova Capital invested a total of US$53m in Brazilian mobile marketplace Movile. Read more

Bozano and Triaxis Capital to Invest up to R$10m in ERP Bling (em português)

(AMANHÃ) Criatec 2, a VC fund managed by Bozano Investimentos and Triaxis Capital, will invest up to R$10m in ERP Bling, a Brazilian SME management platform. Read more

Finep Startup to Invest R$400m in Startups Over Next Four Years (em português)

(Baguete) Finep Startup (formerly Startup Brasil) announced it will invest R$400m in startups over the next four years. Read more

IGNIA Invests in Mexico’s KarmaPulse

(IGNIA) Mexican VC firm IGNIA made an undisclosed investment in KarmaPulse, a Mexico-based social analystics company. Read more

LEAP Global Partners Launches Cross-Border Early Stage Fund

(Press Release) LEAP Global Partners announced the launch of its first early stage venture capital fund, LEAP Partners I. Read more

Fondo Pitanga and Tencent Invest US$27m Series B in Satellogic

(TechCrunch) Fondo Pitanga and Tencent Holdings Limited made a US$27m Series B in spacetech startup Satellogic. Read more

Vox and Fiinlab Invest R$38.6m in Avante (em português)

(Fusões & Aquisições) Vox Capital Partners and Fiinlab have completed a R$38.6m investment in Avante, a Brazilian microcredit startup. Read more

QED Leads Series A in Mexico’s

(Term Sheet), a Mexico-based financial management platform for insurance and banking products, received US$7m in Series A funding. Read more

Kick Ventures Invests in Brazilian Portal do Médico (em português)

(StartSe) Kick Ventures made an undisclosed investment in Brazilian healthtech startup Portal do Médico. Read more

Y Combinator Invests in Colombian Startup Tpaga (en español)

(Dinero) Y Combinator will invest more than US$100k in Colombia-based mobile payment platform Tpaga. Read more

Canary Invests US$256k in Brazil’s Terramagna

(Global Legal Chronicle) Canary made a US$256k investment in the Brazilian technology startup Terramagna. Read more

StartUp Perú to Fund More than 350 Startups by 2018 (en español)

(AmericaEconomia) The government sponsored Peruvian startup competition StartUp Perú announced plans to provide funding to more than 350 local startups by the end of 2018. Read more

Real Estate News Real Estate News

Gava Capital Raises MXN$2.1b Through CKD for Real Estate Projects (en español)

(IREI) Gava Capital has raised MXN$2.1b through the issuance of its first CKD on the Mexican Stock Exchange. It will use the resources to invest in middle-income residential housing as well as mixed-use projects in Mexico. Read more

Prologis to Acquire Stake in Brazil Portfolio

(Press Release) Logistics-focused global real estate investor Prologis will acquire its partner’s stake in its Brazil portfolio for US$362m. Upon close of the transaction, Prologis will own 100% of Prologis CCP and rename the business to Prologis Brazil. Prologis CCP is a joint venture between Prologis and Cyrela Commercial Properties. Read more

Hines Reevaluates Real Estate Opportunities in Brazil (em português)

(Valor Econômico) Global real estate investment, development and management firm Hines affirmed that now is an opportune time to invest in the Brazilian real estate sector and to re-evaluate opportunities in the residential and commercial segments. Read more

Paladin Realty Partners Expands its Latin American Management Team

(Press Release) Latin America-focused private equity real estate firm Paladin Realty Partners brought on two new hires to help expand its management team. Evan Pickering was hired as Vice President of Investor Relations along with Josefina Anaya who will serve as a Senior Construction and Engineering Manager. Read more

RB Capital and Macquarie Capital Announce Plans to Form New Brazil Industrial and Logistics Real Estate Platform

(Press Release) RB Capital and Macquarie Capital announced an agreement to form an industrial real estate platform to acquire and develop industrial real estate in Brazil. Read more

Grupo IGS Raises MXN$540m via CKD for Real Estate Projects (en español)

(Inmobiliare) Mexican real estate developer and fund manager Grupo IGS has raised up to MXN$2.7b for its second CKD vehicle. Approximately 60% of the funds will be allocated to the industrial sector and the rest will be committed to purchasing land for housing developments. Read more

TC Latin America Partners and Grupo Caral Present Third Real Estate Project (en español)

(Perú Construye) Private real estate fund manager TC Latin America Partners and Peruvian developer Grupo Caral are investing in Valente, a 119-unit apartment complex located in San Miguel, Peru. Read more

Investors Continue to Show Interest in Brazilian Real Estate (em português)

(Valor Econômico) Despite recent political developments, real estate investors continue to invest in office, industrial, and residential projects in Brazil. Read more

Alignmex Launches MXN$2b CKD to Invest in Rental Housing Projects (en español)

(Obrasweb) Alginmex Real Estate Capital launched a MXN$2b CKD to finance rental housing projects. Read more

Alsis Seeks to Launch CKD to Invest in SMEs (en español)

(El Economista) Miami-based private equity firm Alsis Funds will seek to raise up to MXN$4b for its debut CKD vehicle, which will make asset-backed mezzanine investments in Mexican SMEs in various sectors, including housing, financial services, and energy. Read more

OPIC Approves US$50m to Invest in Avenida Colombia Real Estate Fund

(Press Release) OPIC will provide up to US$50m in financing for the Avenida Colombia Real Estate Fund II LP, a private equity fund that invests in real estate projects for Colombia’s low and middle income populations. Read more

Walton Purchases Hotel Project in Nayarit, Mexico (en español)

(Sentido Común) Private equity firm Walton Street Equity completed the purchase of a hotel complex located in Nayarit, Mexico. Read more

Hines to Invest R$100m in Brazilian Outlets (em português)

(Press Release) American private real estate firm Hines will invest R$100m to enter the Brazilian outlets market. Read more

LAVCA & Industry Events
Add to Calendar
Hosted by Finnovista | September 19-20, 2017 | Mexico City, Mexico
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LAVCA Week: Summit & Investor RoundtableLAVCA-Icon
Hosted by LAVCA | September 26-27, 2017 | New York, NY
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LAVCA Week: Venture Investors Annual MeetingLAVCA-Icon
Hosted by LAVCA | September 28, 2017 | New York, NY
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Sustainable Investing in Emerging Markets
Hosted by FT and EMPEA | October 17, 2017 | London
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9th Annual Women’s Alternative Investment Summit
Hosted by Falk Marques Group | November 2-3, 2017 | New York, NY
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Expo Negocios Inmobiliarios 2017
Hosted by Inmobiliare | November 8-9, 2017 | Mexico City
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LAVCA Wharton Private Equity Professional Development ProgramLAVCA-Icon
Hosted by LAVCA | November 13-16, 2017 | Miami, FL
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

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