Latin American Private Capital Update - May 08, 2018 Latin American Private Capital Update April 23, 2019
April 23, 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

IG4 Announces US$200m First Close...

Venture Capital News
Venture Capital News

Tencent Invests in Argentina's Ualá...

Real Estate News
Real Estate News

Patria Partially Exits Brazil Senior Living...


Inside QuintoAndar’s Ascendancy in Brazilian Proptech:  Interview with CTO Andre Penha


QuintoAndar is a breakout Brazilian real estate startup that CBInsights and the NYTimes flagged as a future unicorn in 2019.

Co-founded by Andre Penha (CTO) and Gabriel Braga (CEO) in 2013, the company bootstrapped for the first few years, before raising a Series A led by KaszeK Ventures in 2015, a US$12.6m round led by US-based Acacia Partners with participation from Qualcomm Ventures and KaszeK, and in 2018, a R$250m Series C led by General Atlantic.

quotation-markWe were frugal at the beginning, We didn’t want to be a company that burned cash, out of necessity. But it was good because we were able to build a product that was economically viable.

QuintoAndar’s core product is an app for apartment rentals. Unlike real estate listing platforms, QuintoAndar’s model is end-to-end, handling responsibility from the lease through to payment — or “housing as a service,” as Andre Penha explains in an interview with LAVCA about the company’s origin story, growth trajectory and ambitions.

Read the full article here.

QuintoAndar is listed on LAVCA’s annual directory of 250+ verified Latin American Startups with US$1m+ in funding.


Member Profile: Rodrigo Suarez, Chief Operating Officer and Co-Founder of HASTA Capital

Luis Cervantes

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. 

quotation-markWe 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.

quotation-markRight 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.




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:
> Fireside Chat with Sergio Romo, CEO of Grow Mobility

> Fireside Chat with Stelleo Tolda, COO of MercadoLibre & Helisson Lemos, COO of Movile

> LAVCA Data & Insights on VC/Tech Activity

> 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.


Latest Industry News

Private Equity News
Private Equity News

IG4 Capital Announces First Close of US$200m for its Second Fund (em português)

(Estadão) Brazilian private equity firm IG4 Capital completed a first close of its second private equity fund with US$200m in commitments. The firm is targeting a final close of US$400m. Read more

Advent Prepares to Launch US$2.2b Latam Focused Fund

(AltAssets) Advent International is preparing a new Latin American-focused fund, expected to close in September 2019. This is Advent International’s seventh Latin America focused private equity fund. Read more

Brazil’s Centauro Raises Nearly US$772m in IPO on Bovespa (em português)

(Seudinheiro) Centauro, a Brazilian sporting goods retail chain, raised ~US$772m in an initial public offering on the Bovespa. Centauro is owned by Grupo SBF; GP Investments is a minority investor. Read more

Victoria Sells 25% Stake in Sabtillana to Spanish Media Conglomerate Prisa for €312.5M

(Press Release) Victoria Capital Partners sold its 25% stake in education publisher Santillana to the Spanish media conglomerate, PRISA for €312.5m. Santillana is a Spanish company which publishes educational materials for k-12 students and operates in 22 countries mostly targeting Spanish and Portuguese speaking markets. Read more

Kinea Acquires 20% Stake in Brazilian Language School Chain Wiser Educação for R$200m

(Reuters) Kinea Investimentos, the private equity wing of Brazilian bank Itaú, acquired a 20% stake in Wiser Educação for R$200m. Wiser Educação operates a chain of language schools throughout Brazil. Read more

Engie & Tokyo Gas Create Joint Venture to Develop Renewable Energy Projects in Mexico

(Renewable Energy Magazine) Engie and Tokyo Gas Co created a joint venture called Heolios EnTG to develop renewable energy projects in Mexico. Read more

Angra Partners Exits Itapecuru Bioenergia through Sale to Palani Participações (en español)

(LexLatin) Brazilian private equity firm Angra Partners fully exited Itapecuru Bioenergia through a strategic sale to Palani Participações, the terms of the transaction were undisclosed. Itapecuru Bioenergia specializes in the production of sugarcane based ethanol. Read more

Advent to Invest Up To US$118m in Chile’s Enjoy Operated Casinos Over Next Two Years

(G3 Newswire) Advent International will invest up to US$118m over the next two years in modernizing casinos operated by Enjoy of Chile. Advent acquired a 32% stake in Enjoy in January 2018 for US$120m. Read more

Adobe Capital & IGNIA to Exit Mexico's Provive

(Press Release) Adobe Capital and IGNIA announced their divestment from Provive, a Mexican urban regeneration company, following a new round of debt financing from an undisclosed international bank. Read more

EB Capital Acquires 60% Stake in Brazilian Telco Operator Sumicity (em português)

(Brazil Journal) Private Equity Firm EB Capital acquired a 60% stake in Brazilian triple-play Telecommunications operator Sumicity for an undisclosed amount. Read more

Blackstone Acquires Mexican Infrastructure Asset through Investment in FRS Capital

(Latin Lawyer) Blackstone has plans to buy a stake in US investment fund FRS Capital. The acquisition would gain Blackstone indirect control of a leading Latin American container terminal operator. Read more

Colony Capital Completes Acquisition of Abraaj Group’s Private Equity Platform in Latin America

(Press Release) The Abraaj Group and Colony Capital have signed a definitive agreement for Colony Capital and the existing management team to acquire the Abraaj Group’s private equity platform in Latin America. Read more

Venture Capital News Venture Capital News

Tencent Invests in Argentina's Ualá

(Bloomberg) Tencent made an undisclosed investment in Ualá, an Argentine mobile banking app. Goldman Sachs led a US$34m investment in Ualá in 2018, with participation from monashees, Ribbit Capital, Jefferies Group, Cohen’s Point72 Ventures, and Soros' family office. Tencent’s investments in Latin America include Nubank and Satellogic. Read more

Global Founders Capital & Brazilian Angels Invest R$5.7m in Fintech Zen Finance (em português)

(Valor) Global Founders Capital and Brazilian angels invested R$5.7m in Brazilian CaaS platform Zen Finance. GFC previously invested R$1.3m. Read more

Odiseo & Capria Invest COP$1m in Mesfix (en español)

(Press Release) Odiseo and Capria invested COP$1m in Mesfix, a Colombian crowdfunding platform. Mesfix raised US$1.2m in 2017 from InQlab and IKON Banca de Inversion. Read more

BR Startups invests R$2M in Carflix (em Português)

(StartSe) BR Startups, managed by MSW Capital, invested R$2m in Carflix, a marketplace for pre-owned cars, to expand within Brazil. Read more

Luminate & ICFJ Launch New Project to Provide US$1.5m in Funding to Latam News Startups (em português)

(DCI) Luminate and ICFJ (International Center for Journalists) launched a project called Velocidad to provide US$1.5m to Latin American news startups. Luminate is formerly the Government and Civic Engagement arm of Omidyar Network. Read more

Angel Ventures Peru Led a US$660k Seed Investment in Quantum Talent

(Press Release) Angel Ventures Peru led a US$660k investment in Quantum Talent, a Peruvian HR tech platform for skills assessment and job training. Read more

IGNIA Partners Invests in Mexico’s Takeoff

(Pres Release) IGNIA Partners made an undisclosed investment in Takeoff, an ecommerce platform for grocery retailers in Mexico. Read more

FCP Innovación Leads US$3m Series A in Colombian Startup Leal (en español)

(Dinero) Leal (formerly Puntos Leal), a Colombian consumer rewards platform, raised a US$3m Series A from FCP Innovación SP, the CVC fund of EPM, and undisclosed Colombian financial entity. Read more

Pomona Impact Raises US$35M to Invest in Central American Companies

(Impact Alpha) Pomona Impact is raising a US$35m mezzanine debt/equity fund to invest in Central American companies in agriculture, health, education, water and renewable energy. Read more

Crescera’s Criatec 2 Invests R$2.5m in Brazil’s Bom Consórcio (em português)

(Valor Econômico) Criatec 2, managed by Crescera Investimentos (formerly Bozano), invested R$2.5m in Bom Consórcio, a Brazilian secondaries marketplace for consumer debt. Read more

Latinia Leads US$500k Investment in Chilean Fintech Facturedo

(Press Release) Latinia, a Barcelona-based software development company, led a US$500k investment in Facturedo, a Chilean invoice discounting marketplace. Facturedo participated in Startupbootcamp Fintech Scale in 2018. The company says they’ve financed ~US$10m to date for ~300 SMEs in Mexico, Chile and Peru. Read more

Propel Ventures, Variv Capital & FEMSA Comercio Make US$13m Follow-on in Conekta (en español)

(Expansión) Propel Ventures led a US$13m investment in Conekta, a Mexican fintech enabling cash payments for over 1,000 online merchants, with participation from Variv Capital and FEMSA Comercio. Jaguar Ventures invested previously. Read more

Real Estate News Real Estate News

Patria Partially Exits Brazil Senior Living with Sale to Orpea

(Global Legal Chronicle) Patria Investimentos partially exited nursing care conglomerate Brazil Senior Living through the sale of a 20% stake to French nursing care corporation Orpea. The agreement included provisions allowing Orpea to acquire the remainder of Patria’s stake over the next five years. Read more

HSI Acquires Two Properties from Business Executive Michael Klein for Combined R$250m (em português)

(Valor Econômico) Real Estate Investment firm Hemisfério Sul Investimentos has purchased a commercial building in Barueri and a shopping mall in Campinas from business executive Michael Klein for a combined cost of R$250m. Negotiations are continuing between the two parties on the sale of further commercial real estate assets owned by Mr. Klein. Read more

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

LAVCA & Industry Events
Lima Fintech Forum 2019
Hosted by Emprende UP, Universidad del Pacífico | May 8-9, 2019 | Lima, Perú
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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