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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 new member firms and increased deal activity in Latin America, LAVCA has been growing its footprint in Impact Investing, particularly where impact converges with traditional private equity and venture capital.
Not to be confused with broad definitions of ESG or responsible investing, LAVCA defines impact as funds raised or investments realized with specific intentionality for measurable social or environmental returns, in line with the recent guidelines issued by the IFC. Current member firms in this space include Omidyar Network, Elevar Equity, LGT, Adobe Capital, and the TPG Rise Fund.
LAVCA’s second collaboration with the Aspen Network of Development Entrepreneurs (ANDE) on impact data and a dedicated report was published earlier this month, The Impact Investing Landscape in Latin America. And this week we are launching another output from that effort, leveraging additional LAVCA research, that maps the intersection of impact and PE/VC/Tech (read more below)⬇️.
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Increasingly private equity and venture capital managers active in Latin America are raising dedicated impact funds to manage alongside traditional PE/VC structures. Others are co-investing with impact fund managers in IT startups that address financial inclusion, healthcare, agriculture, and education.
Using LAVCA industry data and data collected by LAVCA and the Aspen Network of Development Entrepreneurs (ANDE) for The Impact Investing Landscape in Latin America, LAVCA published a second report on Impact+Tech/VC Investing. The breakout drills down into the intersection of impact and tech, including:
- Highlighted Impact Investors (PE/VC Funds & Tech Investors)
- US$4.7b in Capital Allocated to Impact Investing in Latin America
- Where VC+Impact Meet (Highlighted Co-Investments)
- Where Impact+Tech Meet (Highlighted Tech Deals from Impact Investors)
ACCESS THE REPORT HERE.
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LAVCA's Pan-regional itinerary
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Following LAVCA Week 2018 in September, LAVCA staff are travelling in the US, Latin America, and to Europe to support our partners and the industry. Programs and events in October/November include:
Access a list of our partner events to keep abreast of the most relevant programs for private capital investors.
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Private Equity News
Darby Closes US$300m Latin American Debt Fund
(Press Release) Darby Overseas Investments announced the final close of its Darby Latin American Private Debt Fund III (“DLAPDF III”), following the fund being oversubscribed, hitting its hard cap of US$300m. DLAPDF III is a regional Latin American private debt strategy that invests in middle market companies. Read more
CPPIB & Votorantim Energia Invest R$1.7b in Brazilian Hydropower Company CESP
(Press Release) The Canada Pension Plan Investment Board (CPPIB) and Votorantim Energia expanded their joint venture with the R$1.7b acquisition of Brazilian hydropower company CESP. Read more
CPPIB Invests US$85m in Brazilian Tech Platform Mutant (em português)
(Valor Econômico) CPPIB increased its exposure to Brazilian tech with a US$85m investment in Mutant, a contact center technology software platform, with participation from debt investor Adams Street. Mutant spun out of Genesys Prime, the Brazilian operation of Genesys, which was acquired by British PE firm Permira in 2011. Permira and US VC firm Technology Crossover Ventures made their first Brazilian direct investment in Mutant in 2016. Mutant’s acquisitions since 2016 include Dextra, TSA, CCM7, and U-Near. Read more
Axxon Group Acquires Home Decorating e-Commerce Company Westwing (em português)
(Valor Econômico) Axxon Group acquired a majority stake in the Brazilian operations of Westwing, a home furnishings/electronics retailer previously backed by Rocket Internet. Read more
Bozano Investimentos’ Hospital Care Acquires Orthopedics and Plastic Surgery Hospital (em português)
(Valor Econômico) Bozano's portfolio company, Hospital Care, bought control of Herp, a hospital specialized in orthopedics and plastic surgery, in Ribeirão Preto. Read more
Capital Índigo Raises MXN$1.6b via BIVA (en español)
(El Financiero) Capital Índigo, a Mexican fund manager focused on private debt and venture capital investments in high-growth Mexican medium-sized companies, will be able to finance up to 20 companies in the next two and a half years, supported by resources raised by four investors via a MXN$1.6b CKD on the new Mexican stock exchange BIVA. Read more
Lucens Capital Acquires Argentinean Specialty Chemicals Producer Diransa San Luis
(Press Release) Lucens Capital acquired a controlling stake in Diransa San Luis, an emulsion-based polymers and chemical specialty producer in Argentina. Read more
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 Venture Capital News
Mexican E-Scooter Startup Grin Raises US$45.7m Series A and Merges with Ride
(TechCrunch) Mexican e-scooter startup Grin raised a US$45.7m Series A and merged with Ride in Brazil. Lukasz Gadowski, Founder of Delivery Hero, led Grin’s Series A, with participation from existing investors Shasta Ventures, DCM, SV Angel, Trinity Ventures, monashees, and Base10 Partners. Read more
Innova Capital Leads R$22m Series A Round in Bom Pra Crédito (em português)
(Press Release) Innova Capital led a R$22m Series A investment in Bom Pra Crédito, a Brazilian consumer lending platform, with participation from Astella Investimentos. Read more
Anjos do Brasil Invests R$525k in Brazilian Healthtech Manipulaê (em português)
(DCI) Anjos do Brasil invested R$525k in Manipulaê, a Brazilian healthtech platform connecting patients to compounding pharmacies. Read more
Patrimonio Autónomo Invests US$300k in FitPal (en español)
(La República) Colombian gym network FitPal raised ~US$300k from investor group Patrimonio Autónomo, Cóndor, and startup incubator Inqlab. Read more
GINgroup Launches Seed Fund to Invest MXN$2-10m in Mexican Startups (en español)
(El Economista) Mexican management consultant GINgroup launched a seed-stage fund called GINCapital, which plans to invest MXN$2-10m in six to nine startups over the next 18 months. Read more
Visa Makes First Brazil Investment in Payments Processing Platform Conductor
(Press Release) Visa made its first investment in Brazil in Conductor, a payments processing platform backed by Riverwood Capital. Read more
NXTP Labs Leads US$1.5m Investment in RetailAppo
(Press Release) NXTP Labs led a US$1.5m investment in RetailApp, a Miami-based retail analytics platform, with participation from Indicator Capital, Alpha4 Ventures, and others. Read more
QED Investors Seeks to Raise US$25m for QED Latam Fund II
(SEC) QED Investors is seeking to raise US$25m for its second LatAm-focused fund, QED Latam Fund II, according to an SEC filing. Read more
Valid Invests R$6.5m in Brazilian Agtech Startup Agrotopus (em português)
(Finance News) Valid announced the acquisition of 51.8% of Agrotopus for R$ 6.5m. Agrotopus is a startup focused on corporate solutions for agribusiness, whose customer base is coffee cooperatives that account for 12% of the Brazilian market. Read more
Family Office Leads R$5m Investment in Brazilian E-Commerce Locker Startup Alfred (em português)
(Istoé Dinhero) The Gontijo family office led a R$5m investment in Alfred, a Brazilian startup building e-commerce locker facilities in São Paulo and Rio de Janeiro. Alfred also formed exchanged equity shares with Pakpobox, a Chinese locker pioneer partnered with Alibaba, through a strategic partnership. Read more
Village Capital Invests US$75k Each in Fintechs Vexi and Siembro (en español)
(Quadratin) Village Capital invested US$75k each in the winners of its 2018 Fintech Latam Program: Vexi, a Mexican credit card app for millennials, and Siembro, an Argentine fintech platform for agrobusiness. Read more
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 Real Estate News
Jaguar's LatAm Logistic Properties Raises US$77m
(Press Release) Latam Logistic Properties, a portfolio company of Jaguar Growth Partners, raised US$77m to further expand operations by offering Class-A warehousing and logistics products in Latin America. The new capital will seek to allow LLP to build or acquire up to 5 million square feet (465,000 square meters) of GLA in Latin America. The investment was structured as a co-investment from new and existing investors. Read more
Thor Urbana and Inmobilia’s MXN$1.4b Shopping Center Opens in Mexico (en español)
(El Financiero) Harbor Mérida, the largest shopping center in southeastern Mexico, opened its doors to consumers in the Yucatan Peninsula. Built in partnership between Thor Urbana and Inmobilia with an investment of MXN$1.4b, the project seeks to attract tourism, business, and residential development to the Mérida area. Read more
Paladin Exits Viver in Sale to Jive (em português)
(Valor Econômico) Viver Incorporadora will restructure to shift its focus from real estate development to real estate asset management services through the ServRE business unit. Jive Asset Gestão de Recursos becomes its main shareholder, a position previously occupied by the Paladin Prime Residential Investors fund since 2009. Read more
Paladin Realty Certified by IFC for Mexico City Affordable Green Housing Development
(Institutional Real Estate) Paladin Realty's Villas del Fresno project in Mexico City has been certified by the IFC’s Excellence in Design for Greater Efficiencies program. The project is being developed in partnership with local Mexican developer, Casas Krea, which focuses exclusively on low-income housing in and around Mexico City. Read more
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Latin American Ventures Summit
Hosted by Corporación Ventures | October 30-31, 2018 | Cartagena, Colombia
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GIIN Investor Forum
Hosted by GIIN & PEI | October 30-31, 2018 | Paris, France
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Foro Argentino de Inversiones 2018
Hosted by ARCAP | November 1, 2018 | Buenos Aires, Argentina
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WeXchange
Hosted by FOMIN | November 6-7, 2018 | Lima,Peru
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Brazil Renewable Energy Meeting
Hosted by CERNE | November 6-7, 2018 | New York,NY
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FLII Central America and the Caribbean
Hosted by Alterna & New Ventures | November 7-8, 2018 | Antigua,Guatemala
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PERE America
Hosted by PERE | November 7-8, 2018 | New York, NY
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Women's Alternative Investment Summit
Hosted by Falk Marques | November 8-9, 2018 | New York,NY
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Inside Private Equity: Dealmaking in Latin America
Hosted by LAVCA & MIT | November 12-15, 2018 | Miami, Florida
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5th International Investment Forum Chile 2019
Hosted by InvestChile | January 15-17, 2019 | Santiago, Chile
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PERE Investor Forum: Los Angeles
Hosted by PERE | April 17-18, 2019 | Los Angeles, CA
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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
589 8th Avenue, 18th Floor
New York, NY 10018
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