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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 spoke with Rodrigo Suarez, Chief Operating Officer and Co-Founder of real estate investor HASTA Capital, about the multifamily opportunity in Mexico and appetite from Mexican LPs for access to dollar-denominated investments.
 We realized that the opportunity to develop the institutional multifamily industry in Latin America was enormous.
Suarez also discusses the importance of ESG considerations for the firm’s portfolio and how the new administration in Mexico might affect local real estate investments.
Right now, Mexico is undergoing a massive political transition, and this affects everything from the Federal to the Municipal level. The repercussions of this transition will shift the relative attractiveness of the different markets, although right now it’s too early to tell exactly where things will end up.
Read the full article here.
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LAVCA, in partnership with Latin American Tech Growth Coalition member KIO Networks and with support from Endeavor and AMEXCAP, hosted a cocktail on April 3, 2019 in Mexico City with 100+ leading entrepreneurs and investors.
According to LAVCA Industry Data, Mexican startups raised US$175m from VC fund managers across 95 transactions in 2018, representing an increase of 119% of capital invested and 61% in number of deals compared to 2017.
Access a recap of the program and download LAVCA's presentation on tech/vc activity in Mexico including a list of the 10 largest deals, new investors targeting the market, tech milestones, and sector trends.
Thank you again to KIO Networks for hosting and a special thanks to Alejandro Solis, the head of Rappi Mexico, and Mariana Castillo, Co-Founder of Mexican startup Ben and Frank, for sharing their insights on the local ecosystem.
LAVCA members and partners that attended included: AC Ventures, Adobe Capital, Amadeus Capital, Fondo de Fondos, DILA Capital, Facebook, Finnovista, General Atlantic, Google, IGNIA Partners, Jaguar Ventures, MercadoLibre, Polymath Ventures, Silicon Valley Bank, Wayra Mexico, and others.
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NOW AVAILABLE FOR DOWNLOAD: 2019 LAVCA Industry Data and Analysis
2019 Industry Data & Analysis summarizes the results of LAVCA's eleventh annual survey of over 400 fund management firms active in Latin America and the Caribbean.
Members have access to a 3,000+ word analysis of key trends and 30 highlighted deals, as well as a 13-tab Excel file with graphs on fundraising, investments, and exits.
PE and VC funds targeting Latin America raised US$6.7b through 52 partial or final closings in 2018, a 55% increase over the US$4.3b raised in 2017.
During this period, deal count reached a record-breaking 610 transactions, driven by increased activity among VC firms.
Two themes dominated the region’s investment activity in 2018: investments in energy and infrastructure-related sectors, and those targeting the enormous information technology opportunity in Latin America. Linking these themes were deals in technology infrastructure, such as fiber optic cable networks and delivery/logistics infrastructure.
Brazil remained the largest market for investment, followed by Mexico. Investments in Argentina increased year-on-year in 2018, despite unforeseen macro instability and an inflationary crisis mid-year.
ACCESS the full report here (the US$795 charge is waived for logged in members during checkout. Create a login here).
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VCs, tech players, and Brazil’s top entrepreneurs can now register for LAVCA Encontro Anual Brasil (formerly VC in São Paulo), an annual, invitation-only meeting scheduled for May 15 in São Paulo.
The 2019 program includes:
> LAVCA Data & Insights on VC/Tech Activity
> Fireside Chat with Sergio Romo, CEO of Grow Mobility
> Fireside Chat with Stelleo Tolda, COO of MercadoLibre
> Breakout Discussions on Angel/Seed Investing and Raising Growth Rounds
Encontro Anual Brasil is made possible with support from Silicon Valley Bank, Google, Facebook, Microsoft, Wayra (a Telefonica initiative), and ABVCAP.
LAVCA members are invited to a private member-only dinner hosted by Latin American Tech Growth Coalition member Microsoft following the meeting.
Registration subject to approval. Contact Leah Galamba to see if you qualify to attend.
Investors active and interested in Brazil can also register for Congresso ABVCAP 2019, scheduled for May 23-24 in São Paulo.
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Private Equity News
CDPQ & ENGIE Commit US$8.6b to Acquire 90% Stake in Brazil’s TAG
(Press Release) CDPQ and ENGIE made a US$8.6b winning bid to acquire a 90% stake in Brazil’s Transportadora Associada de Gás (TAG). ENGIE will have a 58.5% stake and CDPQ will have 31.5%, while Petrobras will maintain 10% in TAG’s capital. This is CDPQ’s first infrastructure investment in Brazil. Read more
Nexxus Exits Mexico’s Harmon Hall
(Press Release) Nexxus Capital has completed its divestment from Mexican English language teaching institution Harmon Hall with a sale to Talisis, a subsidiary of Grupo Topaz. Read more
Warburg Pincus to Acquire America Net from Axxon Group (em português)
(Valor Econômico) Warburg Pincus is in talks to acquire America Net, a Brazilian telecommunication operator, from Axxon Group. According to O Globo, the deal is valued at around USD100 million. Read more
Vector Partners Invests MXN$95m in Aqua Salus (en español)
(AMEXCAP) Vector Partners, a subsidiary of Vector Casa de Bolsa, has invested MXN$95m in purified water distributor Aqua Salas. Read more
Alta Growth Capital Exits Fruehauf with Sale to Fultra
(Press Release) Mexican PE fund manager Alta Growth Capital has announced the exit of Mexican trailer manufacturer Fruehauf in a sale to Fultra, a Mexican conglomerate. This represents Alta’s first exit of its Fund II. Read more
Nexxus Capital to Exit Mexican Grupo Hotelero Santa Fe (en español)
(Expansión) Nexxus Capital will exit Grupo Hotelero Santa Fe by divesting its remaining shares (19.1%) in a secondary market offering to the public via the Mexican Stock Exchange. Read more
Actis to Raise a New Infrastructure Fund
(BN Americas) Actis plans to raise a global infrastructure fund, a key target of which will be Brazil. Read more
Warburg Pincus’ Trident Energy to Acquire Two Oil Clusters from Petrobras
(Reuters) Warburg Pincus portfolio company Trident Energy is in talks to acquire two oil clusters from Petrobras. Read more
Brazil's Treecorp Investimentos Targets US$91.7m for Latest Fund
(WSJ) São Paulo-based investment firm TreeCorp Investimentos targets an additional R$250m after a December first-close of R$100m for its new R$350m (US$91.7m) fund. This is Treecorp’s third private equity fund. Read more
I Squared Capital Exits Jamaica Private Power Company (JPPC) in Sale to Inter-Energy Group
(The Gleaner) Global infrastructure investment manager I Squared Capital has exited Jamaica Private Power Company (JPPC) in a sale to Inter-Energy Group for JMD$4b. Read more
Advent Portfolio Company Fortbras Acquires BHZ, a Brazilian Auto Part Retailer (em português)
(Brazil Journal) Brazilian distributor of aftermarket auto parts Fortbras Group, an Advent International portfolio company, has acquired Brazilian auto part retailer BHZ. Read more
Paramés Backs New Social Impact Fund with Latam & East Africa Focus
(Citywire Selector) A new global social impact fund managed by FIA Asset Management, which will invest in companies delivering positive social impact in Latin America and East Africa, is set to launch in April 2019. The fund is backed by Francisco García Paramés. Read more
French Multinational Acquires 60% of Colombia’s Glüky Group (en español)
(La Republica) The French multinational UP acquired 60% of the shares of Colombia-based Glüky Group, a customer and employee loyalty company. Read more
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 Venture Capital News
QED & Invus Co-Lead US$22.6m Investment in Brazil’s Escale
(Press Release) QED Investors and Invus Opportunities co-led a US$22.6m investment in Escale, a Brazilian digital marketing agency providing customer acquisition services. Read more
Franklin Templeton Invests US$30m in Brazil’s WEEL
(Reuters) WEEL, a Brazilian cash flow management platform, raised US$30m from American asset manager Franklin Templeton. Read more
Accion Invests in Digital Information & Payments Platform CÍVICO
(Press Release) Accion made an undisclosed investment in CÍVICO, a digital information and payments platform. CÍVICO operates in Bogotá, Mexico City, and Santiago de Chile. Read more
Rover Leads US$7m Investment in Brazilian Pet-hosting Startup DogHero
(Press Release) Seattle-based petsitting marketplace Rover led a US$7m investment in DogHero, a Brazilian pet-hosting startup. Read more
Positivo Invests in Brazilian Agtechs Agrosmart & @Tech (em português)
(GS Notícias) Positivo made undisclosed investments in agtechs Agrosmart and @Tech. Read more
FIS Ameris Invests in Chile’s Kirón (en español)
(FIS Ameris) FIS Ameris made an undisclosed investment in Kirón, a Chilean medical device manufacturer for people with mobility limitations. Read more
Ribbit Capital Leads R$25m Investment in Brazil-based Digital Brokerage Warren (em português)
(Baguete) Ribbit Capital led a R$25m investment in Warren, a Brazil-based digital brokerage, with participation from KaszeK Ventures and Chromo Invest. Read more
Redwood Ventures Invests US$600k in Mexico’s Troquer (en español)
(AMEXCAP) Redwood Ventures made a US$600k investment in Troquer, a Mexican fashion resale platform. Read more
Credicorp’s Krealo Acquires 100% stake of Chilean Multicaja’s Digital Business Unit for US$19m
(Press Release) Krealo, Credicorp’s open innovation arm, acquired the digital business unit of Chilean payments company Multicaja for US$19m. Read more
Nilo Ventures Invests in Peru's Keynua
(Medium) Nilo Ventures made an undisclosed investment in Keynua, a Peruvian visual identity platform that is backed by Y Combinator (W19 cohort). Read more
Distrito & Parallax Ventures to Invest up to R$10m in Brazilian Fintechs (em português)
(Startupi) Distrito and Parallax Ventures are partnering to invest up to R$10m in Brazilian fintechs. Read more
IGNIA Partners Backed GoTrendier Merges with Chicfy
(Press Release) GoTrendier and Chicfy merged to create a clothing resale platform in Latin America and Spain. GoTrendier is backed by IGNIA Partners, Ataria Ventures, Banco Sabadell, Antai Venture Capital, Bonsai Venture Capital, and Pedralbes Partners. Read more
GV Angels Leads R$1m Investment in PackID (em português)
(Startupi) GV Angels led a R$1m investment in PackID, a Brazilian food logistics monitoring platform, with participation from ACE, MOR Capital, Allievo Ventures, and M3. Read more
InvestTech Invests in Brazilian Edtech Marketing Platform ClipEscola (em português)
(Empreendedor) InvestTech made an undisclosed investment in ClipEscola, a Brazilian edtech marketing platform. Read more
Brazilian Publisher Nexo Jornal Raises US$920k from Luminate (em português)
(Coluna Politica) Brazilian publisher Nexo Jornal raised US$920k from Luminate, formerly the Government and Civic Engagement arm of Omidyar Network. Read more
Superjobs Ventures Invests R$1m Across Fintechs Firgun, Rocketpass, & Vittude (em português)
(Exame) Superjobs Ventures invested R$1m across fintechs Firgun and Rocketpass and online therapy platform Vittude. Read more
Alaya Capital Exits TranslationBackOffice (en español)
(Press Release) Chilean VC Alaya Capital exited TranslationBackOffice through an undisclosed sale. Read more
Linx Acquires Brazil’s Hiper for R$50m (em português)
(Baguete) Linx will acquire Hiper for a reported R$50m, providing an exit for Cventures, CRP, M3 Investimentos and ACE. Read more
Brazil’s Stone Pagamentos Announces Follow-on Public Offering (em português)
(Valor Econômico) Stone Pagamentos announced a follow-on public offering that could raise over US$700m. Read more
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 Real Estate News
Paladin Realty Launches Mixed-use Development in São Paulo
(Press Release) Paladin Realty Partners announced the launch of a mixed-use development project located in São Paulo’s Pinheiros neighborhood. The project is expected to generate approximately R$400m (US$103m) of total sales. The investment was made by Paladin Realty’s fifth pan-regional fund focused on Latin America. Read more
Vitacon & 7 Bridges Form Brazilian Real Estate Joint Venture
(Press Release) Brazilian construction company Vitacon has formed a joint venture with 7 Bridges Capital Partners that will focus on constructing 3,500 units in São Paulo. The deal is valued at R$2b. Read more
Hemisfério Sul Investimentos Acquires Evolution & Itower for R$400m (em português)
(Valor Econômico) Brazilian real estate fund manager Hemisfério Sul Investimentos (HSI) acquired Evolution and Itower, two office buildings in São Paulo for R$400m. Read more
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Chicago Booth Emerging Markets Summit
Hosted by Chicago Booth | April 13, 2019 | Chicago, IL
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PERE Investor Forum: Los Angeles
Hosted by PERE | April 17-18, 2019 | Los Angeles, CA
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The IFC/EMPEA Global Private Equity Conference
Hosted by the IFC & EMPEA | May 13-16, 2019 | Washington, DC
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LAVCA Encontro Anual Brasil
Hosted by LAVCA | May 15, 2019 | São Paulo
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14° Summit de Capital Privado
Hosted by AMEXCAP | May 20-22, 2019 | Mexico City
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Foro Argentino de Inversiones 2019
Hosted by ARCAP | May 22, 2019 | Buenos Aires
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Congresso ABVCAP 2019
Hosted by ABVCAP | May 23-24, 2019 | São Paulo
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SuperReturn Emerging Markets
Hosted by SuperReturn | June 24-26, 2019 | Amsterdam
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LAVCA Week
Hosted by LAVCA | September 23-26, 2019 | New York, NY
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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 Caitlin Mitchell. |
The Association for Private Capital
Investment in Latin America
589 8th Avenue, 18th Floor
New York, NY 10018
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