Latin American Private Capital Update - May 08, 2018 Latin American Private Capital Update December 18, 2018
December 18, 2018
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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

L Catterton to Acquire Cholula...

Venture Capital News
Venture Capital News

IGNIA & Dalus Lead US$6.5m in UnDosTres...

Real Estate News
Real Estate News

HSI Exits Brazil's GoodStorage...




LAVCA, Public Policy Council Members, and LAVCA's Legal Committee developed a summary of rules and regulations affecting private capital investors

Overviews are organized by country for Brazil, Chile, Colombia, Mexico, and Peru and cover:

✔️ Fund Formation
✔️ Fundraising
✔️ Investing
✔️ Management

The summaries are relevant for investors interested in or currently investing or raising capital in the region.



Airplane in flight. Photo by Liz Daza
2018 Summit Highlights

Following the largest investor meeting for Latin America to date in September 2018, we encourage LAVCA members to SAVE THE DATE for LAVCA Week 2019, September 23-26 in New York, NY.

For information about the 2018 program, access:

✔️ The LAVCA Summit & Investor Roundtable (PE and RE) HIGHLIGHTS BOOK, created with support from KPMG.
✔️ A RECAP of the 2018 Venture Investors Annual Meeting.

Registration will open in June/July. In the meantime, stay tuned for an updated calendar of LAVCA activities to be announced in early 2019.

We look forward to seeing you next year!




This is the final edition of the Private Capital Update in 2018. This year marked some incredible milestones and records for LAVCA and the Industry, including:

✔️ A record number of LAVCA member firms active in the association (190+).

✔️ Record participation at our annual investor meeting in New York with 500+ attendees, including sessions on private equity, venture capital, family offices, and real estate, as well as a training for Latin American pension funds and insurance companies. 

✔️ Record VC/tech deal activity and startups raising an unprecedented number of US$100m+ financing rounds, with participation from notable global players, generating a new class of unicorns. READ more here.

We will resume bi-weekly frequency after a brief break over the holidays. Thank you, as always, to our members and partners for your continued interest and support and we look forward to an exciting 2019!


Latest Industry News

Private Equity News
Private Equity News

L Catterton to Acquire Cholula

(Press Release) L Catterton announced that it has entered into a definitive agreement to acquire Mexico-based hot sauce producer and distributor Cholula. Read more

Bain Capital Partially Exits Brazil's Intermedica (em português)

(Valor Econômico) Bain Capital partially exited Brazilian healthcare provider Intermedica with the sale of a R$2.4b stake via a follow-on offering. Read more

Centerbridge Partners Acquires Sul Real XXXII Participações (en español)

(LexLatin) Centerbridge Partners invested an undisclosed amount in Sul Real XXXII Participações, a Brazilian company owning the rights of a gold mine exploration project in Mato Grosso. Read more

Aqua Capital Invests R$400m & Closes Six Investments in 2H2018 (em português)

(Valor Econômico) Aqua Capital invested R$400m during the second half of 2018, including two companies distributing agricultural supplies (Grão de Ouro and AgroFerrari), a distributor of agricultural parts (Rech Agricola), a distributor of veterinary products (Alfa Distribuidora), and a cheese producer (Cruzilia) acquired by Lac Lélo from Catarina, whose control was transferred to Aqua Capital earlier this year. Read more

ACON Sells Mexican Home Organization & Houseware Business Betterware

(Press Release) ACON Investments announced that its fourth Latin America-focused private equity fund, ACON Latin America Opportunities Fund IV L.P, completed the sale of its portfolio company Betterware to a group of Mexican investors. Read more

Riverstone Holdings, Encap Investments & BlackRock Exit Mexico's Sierra Oil & Gas

(Press Release) Riverstone Holdings, Encap Investments, and BlackRock exited Sierra Oil & Gas, a Mexican exploration and production company, in a sale to Deutsche Erdoel AG, an international independent exploration and production company headquartered in Germany. Read more

Sigma Safi Sells US$250m Bond to Refinance & Fully Acquire Two Peruvian Wind Farms

(Press Release) Sigma Safi sold a US$250m bond through co-issuers Parque Eólico Marcona and Parque Eólico Tres Hermanas to AllianzGI. Sigma used part of the proceeds to fund the acquisition of the remaining 51% stake of the wind farms. Read more

Discovery Americas Invests in Mexican Air Freight Service Company Mas Air

(Press Release) Mexican private equity firm Discovery Americas has signed an agreement to invest in Mas Air, an airline specialized in the shipment of air freight in Latin America and the US. Read more

L Catterton Buys Majority Stake in Brazil-Based Laboratories Femme (em português)

(Fusões & Aquisições) L Catterton acquired a 60.5% stake in Femme, Brazilian analysis laboratories dedicated to women’s’ health in São Paulo. Read more

Aqua Capital Invests in New Agriculture Platform Via a Merger of Brazil's Total Biotecnologia and Biotrop

(Press Release) Aqua Capital announced the investment and creation of a platform for the production and trading of biologicals for crop development, nutrition, and protection. The new platform was created through a merger of Total Biotecnologia, a Brazilian company focused on the biological fertility sector, and Biotrop which develops and commercializes biological products and plant extracts in the Brazilian market. Read more

Oria Capital Exits Brazilian Digital Security Company Cipher (em português)

(Valor Econômico) Oria Capital has exited Brazilian digital security company Cipher with a sale to Spanish security company Prosegur. The terms of the transaction were not disclosed. Read more

Monroe Capital Management Advisors Invests in Mexican IT Company AN Global

(Latin Lawyer) Monroe Capital Management Advisors, a US private equity firm, invested in Mexican information technology company AN Global. In early 2018, Credit Suisse México completed a MNX$375m (US$19.5m) investment. Read more

Venture Capital News Venture Capital News

IGNIA & Dalus Capital Lead US$6.5m Investment in Mexico’s UnDosTres

(Press Release) IGNIA and Dalus Capital led a US$6.5m investment in online payments platform UnDosTres, with participation from InnoCells, the corporate venture arm of Banco Sabadell. Read more

New York VC Palm Drive Capital Leads US$5m Series A in Online Retailer LentesPlus

(Press Release) New York VC Palm Drive Capital led a US$5m Series A in LentesPlus, an online retailer for contact lenses, with participation from existing investors IGNIA and InQlab. LentesPlus is headquartered in Bogotá, with operations in Mexico, Colombia, Chile and Argentina. Read more

DILA Capital Leads €2m Investment in Mexico’s BEWE (en español)

(Press Release) DILA Capital led a €2m investment in BEWE, a Mexican SaaS platform for beauty retailers, with participation from The Venture City, Toro Ventures, and existing investors Variv Capital, Seaya Ventures, and Mountain Nazca. Read more

Global Founders Capital Leads US$1.2m Investment in Online Payroll Loan Platform Creditoo (em português)

(Baguete) Global Founders Capital led a US$1.2m investment in Creditoo, an online payroll loan platform for Brazilian private sector employees, with participation from Canary. Creditoo also raised over R$100m through an FIDC (Fundo de Investimento em Direitos Creditórios) to realize payroll-deductible loans. Read more

Omidyar Network Invests in Brazilian Edtech Platform Agenda Edu

(Press Release) Omidyar Network made an undisclosed investment in Agenda Edu, a Brazilian school management and communication platform. Read more

Lighthouse Investimentos Invests in Brazil’s POS Controle & Catálogo Delivery (em português)

(Baguete) Lighthouse Investimentos made undisclosed investments in POS Controle, a mobile payments solution for small retailers, and Catálogo Delivery, a consumer app for last-mile delivery. Read more

Manutara Ventures Invests in Chilean Software Developer Barracks

(Iberian Lawyer) Manutara Ventures made an undisclosed investment in Barracks, a Chilean analytics software for gaming. Read more

Ulta Acquires Uruguayan Beauty Startup GlamST

(Endeavor) US beauty retail giant Ulta Beauty acquired GlamST, an Uruguayan AR platform for beauty brands and retailers, for an undisclosed amount. GlamST investors include 500 Startups, Hunt Technology Ventures, Reflex Capital, and GrowthX. Read more

Redpoint eventures & DGF Invest in Brazilian Startup GESTO (em português)

(Investimentos e Notícias) Redpoint eventures and DGF Investimentos made an undisclosed Series B investment in GESTO, a big data startup for Brazilian healthcare plans. Read more

TechTools Ventures Invests R$3m in Brazilian Agtech Startup Eirene Solutions (em português)

(ti inside) Global venture builder TechTools Ventures invested R$3m in Eirene Solutions, a Brazilian agtech machinery startup. Read more

TPG Targets US$3.5b for The Rise Fund II

(Dallas Business Journal) TPG is preparing to raise US$3.5b for its second impact investing fund, The Rise Fund II, and it will focus mainly on healthcare, education, financial services and energy. New Jersey State Investment Council committed up to US$125m to the new fund. Read more

Qualcomm Ventures Launches Global AI Fund

(Press Release) Qualcomm Ventures launched a US$100m global AI fund. Read more

El Salvador's Superintendencia del Sistema Financiero Approves Regulation for Closed-End VC Funds (en español)

(Equilibrium) The Salvadoran Superintendencia del Sistema Financiero has approved a new law regulating the authorization, registration, operation and valuation policies of investments in close-ended venture capital funds. Read more

Real Estate News Real Estate News

HSI Investimentos Exits Brazilian Self-Storage Company GoodStorage (em português)

(Brazil Journal) Brazilian private equity firm Hemisfério Sul Investimentos (HSI) sold a 50% stake in GoodStorage, a Brazilian self-storage company, to US asset manager M3 Capital Partners. Rappi, Loggi and B2W are some clients of GoodStorage. Read more

Thor Urbana to Develop New Ritz-Carlton Hotel in Mexico

(Press Release) Thor Equities Group, through its Thor Urbana division, has announced plans to develop a new Ritz-Carlton Reserve hotel on the Riviera Nayarit in Mexico. Read more

Knotel, A Flexible-Office Space Startup, Enters Brazilian Market

(Press Release) Knotel announced that it is expanding into Brazil. The firm will assume the operation of 100,000 square feet in several building in São Paulo, followed by a move into Rio de Janeiro within six months. Knotel is backed by investors such as Norwest Venture Partners, Bloomberg Beta and commercial real estate broker Newmark Knight Frank. Read more

LAVCA & Industry Events
5th International Investment Forum Chile 2019
Hosted by InvestChile | January 15-17, 2019 | Santiago, Chile
25th Annual Columbia Business School Private Equity Conference
Hosted by Columbia Business School | February 8, 2019 | New York, NY
FLII 2019
Hosted by New Ventures | February 19-21, 2019 | Merida, Mexico
2019 Stern Venture Capital and Private Equity Conference
Hosted by Stern Private Equity Club | February 22, 2019 | New York, NY
Responsible Investment Forum New York 2019
Hosted by UNPRI and PEI | March 5-6, 2019 | New York, NY
PERE Investor Forum: Los Angeles
Hosted by PERE | April 17-18, 2019 | Los Angeles, CA
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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