Latin American Private Capital Update - May 08, 2018 Latin American Private Capital Update March 19, 2019
March 19, 2019
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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

GIC Exits Somos Educação with Sale to Kroton ...

Venture Capital News
Venture Capital News

PayPal to Invest US$750m in MercadoLibre...

Real Estate News
Real Estate News

Sura Acquires Chilean RE Company Inversiones ELA...




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).


Riverwood, Aqua, Linzor, ACON Selected for PE & ESG Awards


LAVCA recently announced the winners of the 2019 Latin American Private Equity Awards during a special Latin American presentation at the PEI/PRI Responsible Investment Forum. See photos of the winners.

A panel of institutional investors selected Riverwood Capital for the 2019 Private Equity Deal for their investment in Brazilian ride-sharing service 99. Riverwood exited their investment with the sale of 99 to Beijing-headquartered technology giant DiDi Chuxing in January 2018, representing the only all-cash exit in the ride-hailing industry globally to date.

Aqua Capital received the 2019 Environmental Responsibility in a PE Deal award for their investment in Brazilian plant nutrition company Fertiláqua due to the implementation of an environmental and safety program, including an upgraded production facility that minimized energy and water use and reduced emissions. In 2018 Fertiláqua was one of the first Brazilian companies to receive an ISO 14001 Environmental Management System Standard designation.

Linzor Capital Partner received the 2019 Social Responsibility in a PE Deal award for their investment in Farmashop, a Uruguayan pharmacy chain with company-wide programs for employee education and diverse hiring practices, including a pilot program to hire people with disabilities and an annual campaign called Mamas, Tias, y Abuelas aimed at employing and mentoring women aged 35-50 who are looking to enter or re-enter the workforce.

LAVCA awarded ACON Investments the inaugural 2019 Gender Diversity in a PE Deal award for their investment in Betterware, a Mexican consumer/retail company that provides flexible employment, training, and zero interest rate working capital for women. The majority of Betterware’s employees are female including 98% of Betterware’s salespeople and 90% of the company’s regional managers.

Read the press release.

These deal cases and other are highlighted in the 5th Edition of the Latin American Private Equity & ESG Deal CasesOver 60 deal cases have been published by LAVCA since 2014.




VC/tech investors, leading entrepreneurs, and top tech companies are invited to join LAVCA and KIO Networks for a private meeting and cocktail in CDMX on April 3, 2019.

LAVCA Director of Venture Capital Julie Ruvolo will present an update on the latest VC/tech activity in Mexico.

Attendees will have the opportunity to network with their peers.

LAVCA Tech in Mexico is hosted by LAVCA and Latin American Tech Growth Coalition Member KIO Networks with support from Endeavor and AMEXCAP.

Contact LAVCA to see if you qualify to attend.




The Inter-American Development Bank (IDB), through its IDB Lab (former Multilateral Investment Fund), has announced a REQUEST FOR PROPOSALS for a LAC Venture Debt Fund.

IDB Lab is supporting the use of venture debt as an additional tool to support entrepreneurs and their companies in different stages of growth, especially when this financial instrument can help avoid further dilution to the founding team after a Series A financing round.

IDB Lab is interested in receiving proposals from fund managers –ideally from Latin America and Caribbean and with proven experience in the region— who have the skills to manage a fund with these characteristics. Access more information on details for this application.

The deadline to submit a proposal is April 15, 2019


Latest Industry News

Private Equity News
Private Equity News

GIC Exits Somos Educação with Sale to Kroton for R$1.2b (em português)

(Valor Econômico) Singapore’s sovereign wealth fund, GIC has sold 18.5% stake of Somos Educação to Kroton for R$1.2b. Read more

Vinci Partners, Capital Group & Temasek Holdings Partially Exit Brazil’s Burger King (em português)

(Valor Econômico) Vinci Partners, Capital Group and Temasek Holdings partially exited Brazil’s Burger King with the sale of a R$750m stake via a follow-on offering. Read more

Brookfield to Acquire 62% of Oaktree Capital Management

(Private Debt Investor) Brookfield will acquire a majority stake in Oaktree Capital Management. The two businesses will continue to operate independently. Oaktree’s co-chairman, Howard Marks, will join the board of directors at Brookfield. Read more

Gávea Investimentos Raises 6th Fund (em português)

(Valor Econômico) Brazilian private equity firm Gávea Investimentos is raising a R$2b fund to invest in Brazil. Read more

Mineria Activa Portfolio Company Pampa Camarones Announces Closing of US$10m Financing with Mitsui

(Press Release) Pampa Camarones, a Mineria Activa portfolio company, has announced the closing of a US$10m financing agreement contract with Mitsui. Read more

Starboard in Talks to Buy Ten Onshore Oil Fields from Petrobras for R$1b (em português)

(Valor Econômico) Alternative investment management firm Starboard Restructuring Partners is in talks to purchase ten onshore oil fields in Brazil’s northeast region from Petrobras. Read more

IFM Investors Announces the Termination of the Valparaiso’s Port Terminal 2 Concession (en español)

(Diario Financiero) Australia’s IFM Investors has announced the termination of the concession of Valparaiso’s Port Terminal 2 by April 2021. Read more

CVC Capital Partners & Messer Group Acquire Businesses in North & South America from Linde

(Press Release) CVC Capital Partners Fund VII and Messer Group have announced the completion of the planned acquisition of certain businesses in North and South America from Linde, a supplier of industrial and specialty gases. No financial terms were disclosed. Read more

Actis in Talks to Sell CNA (em português)

(Fusões & Aquisições) Actis is in talks to sell CNA, a chain of Brazilian language schools. Read more

Brookfield in Talks to Acquire Sabesp, São Paulo’s State Sanitation Company

(Reuters) Brookfield is in talks to acquire Sabesp, the São Paulo state sanitation company. The deal is subject to a new regulatory framework for the sanitation sector. Read more

Brookfield Exits Chile's Vespucio Norte and San Cristobal Tunnel Concession for US$230m

(El Mercurio) Brookfield Americas Infrastructure Holdings exited Chilean Vespucio Norte and San Cristobal Tunnel Concession for US$230m in a sale to Frontral Trust and Banchile AGF. Read more

Venture Capital News Venture Capital News

PayPal to Invest US$750m in MercadoLibre

(Press Release) PayPal will make a US$750m strategic investment in MercadoLibre through a common stock investment. Dragoneer Investment Group will purchase an additional US$100m of Series A perpetual convertible preferred stock. Read more

Softbank Announces US$5b Fund for Latin American Tech

(Crunchbase News) SoftBank announced an initial US$2b commitment on a new SoftBank Innovation Fund to invest in Latin American startups, with a target of US$5b. Read more

QED & Fifth Wall Ventures Lead US$70m Investment in Brazilian Real Estate Startup Loft (em português)

(Brazil Journal) Brazilian real estate startup Loft raised a US$70m Series B at a valuation of ~US$370m, led by Fifth Wall Ventures and QED Investors. Read more

Omidyar Network Spins Out Fintech Investment Arm as Flourish Ventures

(Omidyar Network) Omidyar Network spun off its financial inclusion investment arm as Flourish Ventures. The new firm launches with US$300m in capital for investments (equity and grant) and operations, and will maintain its current US$200m portfolio. In Latin America, Omidyar’s fintech-related investments include Albo, GuiaBolso, Neon & Suyo. Read more

Softbank Invests US$1.2m in Colombian Hotel Chain Ayenda Rooms (en español)

(El Economista) SoftBank invested US$1.2m in Ayenda Rooms, a Colombian hotel chain with a digital reservation platform. Read more

NESsT Launches US$20m Impact Fund for Latin America

(NESsT) NESsT launched a US$20m impact fund for Latin America, with a first close of US$3m with social investors, including DFIs, foundations, non-profits and philanthropists. The fund will loan an average of US$200k to small enterprises in Brazil, Chile, Colombia and Peru, targeting 80 investments. Read more

Inseed Investimentos’ Criatec 3 Fund Invests R$3m in VarejOnline (em português)

(Baguete) Criatec 3, managed by Inseed Investimentos, made a R$3m investment in VarejOnline, a software platform for retail management. Read more

Smart Money Ventures Invests R$1m in Brazil’s Produttivo (em português)

(Baguete) Smart Money Ventures made a R$1m investment in Produttivo, a software platform for field service management. Read more

Morro Venture Partners Launches US$20m Early-Stage VC Fund for Puerto Rican Tech

(Press Release) Morro Venture Partners, under parent company Advent-Morro Equity Partners, launched a US$20m early-stage VC fund to invest in Puerto Rican technology. Read more

Mexico's Grupo Bimbo to Launch Impact Fund (en español)

(El Economista) Mexican multinational baking company Grupo Bimbo, in collaboration with Fondo de Fondos and Sonen Capital, plans to launch an impact investing-focused Cerpi. The vehicle will have US$75-150m in initial capital. According to ImpactAlpha, Grupo Bimbo committed about US$10m from its employee pension fund to anchor the fund. Read more

Real Estate News Real Estate News

Sura Acquires Chilean Real Estate Company Inversiones ELA

(Global Legal Chronicle) Sura Asset Management, through Fondo de Inversión Sura Renta Inmobiliaria II and Sura Renta Inmobiliaria III, acquired 100% interest in Inversiones ELA. Read more

First Rock Capital Holdings Limited Raises US$2.5b to Invest in Real Estate & Private Equity

(The Gleaner) Jamaica fund manager, First Rock Capital Holdings Limited has raised US$2.5b to invest 80% in real estate and 20% in private equity investments in the Caribbean and North America. Read more

LAVCA & Industry Events
Energy Investment Opportunities in Chile (LAVCA Investor Members Only)
Hosted by InvestChile | March 26, 2019 | New York, NY | Contact
Wharton Latin American Conference
Hosted by Wharton | March 29-30, 2019 | Philadelphia, PA
LAVCA Tech in MexicoLAVCA-Icon
Hosted by LAVCA & KIO Networks | April 3, 2019 | Mexico City
LatAm Conference 2019
Hosted by Harvard Business School & MIT Sloan | April 6-7, 2019 | Boston, MA
Chicago Booth Emerging Markets Summit
Hosted by Chicago Booth | April 13, 2019 | Chicago, IL
PERE Investor Forum: Los Angeles
Hosted by PERE | April 17-18, 2019 | Los Angeles, CA
The IFC/EMPEA Global Private Equity Conference
Hosted by the IFC & EMPEA | May 13-16, 2019 | Washington, DC
LAVCA Encontro Anual BrasilLAVCA-Icon
Hosted by LAVCA | May 15, 2019 | São Paulo
14° Summit de Capital Privado
Hosted by AMEXCAP | May 20-22, 2019 | Mexico City
Foro Argentino de Inversiones 2019
Hosted by ARCAP | May 22, 2019 | Buenos Aires
Congresso ABVCAP 2019
Hosted by ABVCAP | May 23-24, 2019 | São Paulo
SuperReturn Emerging Markets
Hosted by SuperReturn | June 24-26, 2019 | Amsterdam
Hosted by LAVCA | September 23-26, 2019 | New York, NY
LAVCA | MIT Inside PE: Dealmaking in Latin AmericaLAVCA-Icon
Hosted by LAVCA & MIT | November 20-23, 2019 | Miami, FL
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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