Latin American Private Capital Update - September 10, 2019 Latin American Private Capital Update September 10, 2019
September 10, 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

Ardian and CMB Acquire 33% Stake in Chilean Toll...

Venture Capital News
Venture Capital News

Softbank Invests US$250m in QuintoAndar...

Real Estate News
Real Estate News

First Rock Capital Invests US$3m in Luxury Residential...



LAVCA Summit
LAVCA Summit

NEW: H.E. Iván Duque Márquez, President of the Republic of Colombia will give a Presidential Keynote at the 2019 LAVCA Summit & Investor Roundtable (September 23-25) in New York.

Additional highlighted speakers and topics:

>> Digitization as a Driver of Growth w/the CFO of MercadoLibre, CEO of Resultados Digitais & Riverwood Capital

>> Marcelo Claure, CEO of SoftBank International

>> Edwin Cass, Global Head of Real Assets at CPPIB

>> LP Keynote from Anders Strömblad, Investment Director of Sweden’s AP2

>> Real Estate Fireside Chat with Tom Heneghan, CEO, Equity International

Insider Insights on Argentina’s Presidential Election

>> Co-Investing with Families: A Bridge to Latin America with Peninsula Participações, Megeve Investments, and Puerto Asís

2019 program activities also include a Member & LP Reception (September 23), a separate program exclusive to family offices (September 23); an ILPA Institute Pension Fund Training (September 23), an ILPA LP Breakfast (September 25).

REGISTER HERE. Contact with any program-related questions.



LAVCA Venture Investors logo
LAVCA Venture Meeting

VC/tech investors, corporates, and qualified entrepreneurs are invited to join us on Thursday, September 26 in New York for the LAVCA Venture Investors Annual Meeting, on the final day of LAVCA Week, followed by cocktails hosted by Riverwood Capital.

📅 Details, agenda & registration here.

🍸 LAVCA members are invited to a private cocktail with SVB and the Tech Growth Coalition on Weds. September 25, the evening prior.   

Highlighted speakers and topics include:

> Growth Capital: Is Bigger Better? with Saurabh Gupta, Managing Partner, DST Global, Martín Escobari, Managing Director, General Atlantic, Shu Nyatta, Partner, SoftBank, and Francisco Alvarez-Demalde, Co-Founder & Managing Partner, Riverwood Capital

> Fireside Chat with James Shen, Managing Director, Qualcomm Ventures China, & Carlos Kokron, Managing Director, Qualcomm Ventures Americas

> Inside Amazon's US$200m Alexa Fund

> Sector Spotlight: Real Estate with Founders and CEOs of Loft, VivaReal-Zap, and La Haus, interviewed by KaszeK Ventures

> Fireside Chat with Will Kohler of Lightspeed Venture Partners interviewed by Scott Voss of HarbourVest

Contact Kaela Kennedy ( with program and registration-related questions.




LAVCA is seeking deal submissions for the sixth edition of The Latin American Private Equity Deal Book & ESG Cases. Access past editions here.

Open exclusively to LAVCA Members, firms can nominate investment cases for consideration for the deal book and the Latin American Private Equity Awards. Congratulations again to the 2018 winners Riverwood Capital, Aqua Capital, Linzor Capital Partners, and ACON Investments.

Complete the online submission form. A PDF submission form can be sent to fund managers upon request.

LPs and service providers can also nominate deals using this SHORT FORM.

Questions can be directed to Natalia Valencia.


Latest Industry News

Private Equity News
Private Equity News

Ardian and CMB Acquire 33% Stake in Chilean Toll Roads from Brookfield

(Press Release) Ardian and Chilean Fund Manager CMB agreed to acquire a 33% stake in a Chilean toll road business from Brookfield Infrastructure for an undisclosed amount. The business that is being acquired is comprised of a 100% interest in Vespucio Norte Express and Túnel San Cristóbal in Santiago de Chile.The transaction is Ardian Infrastructure team’s first investment in the Chilean transport sector. Read more

Patria Closes US$809m for Infrastructure Fund IV

(AltAssets) Brazil’s Patria Investments has raised more than US$809m for its latest infrastructure-focused fund. The firm has registered commitments from 10 limited partners for Patria Infrastructure Fund IV, according to an SEC filing published last week. Read more

OPIC Invests US$400m in Argentina Toll Road

(Press Release) OPIC announced that its Board of Directors has voted to approve US$400m in financing to rehabilitate and expand the Corredor C Toll Road, an essential trade route for Argentina’s economy. Read more

Kandeo Exits Grupo Factoring de Occidente via Sale to Latin Trade Capital (en español)

(Dinero) Kandeo fully exited Grupo Factoring de Occidente (GFO), A Colombia company that offers financing solutions to SMEs, through a sale to Latin Trade Capital, a member of Crecera Capital LLC, a subsidiary of an English fund with global investors such as PIMCO and Blackrock, and operations in Brazil, Argentina, Chile, and Peru. Kandeo 1 Colombia fund held a 50% share. Read more

H.I.G. Capital Completes Acquisition of Nadir Figueiredo

(Press Release) H.I.G. Capital completed the acquisition of Nadir Figueiredo Indústria e Comércio, a Brazilian glass tableware manufacturer for US$222.98m. Read more

Altum Capital Raises US$92m CKD

(LatinFinance) Altum Capital raised a US$92m CKD for a debt fund to finance SME loans in Mexico. Read more

OPIC and IDB Commit to Two Colombian Funds

(Press Release) The Overseas Private Investment Corporation (OPIC), and the Inter-American Development Bank (IDB) signed letters of intent to provide financing to MAS Equity Fund IV and Altra Fund III, two Colombian private sector investment funds that will apply a gender lens to their investments. Read more

Venture Capital News Venture Capital News

Softbank Invests US$250m in Apartment Rental Platform QuintoAndar

(TechCrunch) Softbank invested a US$250m Series D in Brazilian apt. rental platform QuintoAndar. Read more

KaszeK Ventures Raises US$600m Across Two Funds

(Press Release) KaszeK Ventures raised US$600m across two new funds, including US$375m for its fourth flagship fund and US$225m for its first opportunities fund. Read more

Goldman Sachs, Point72 Ventures, and Others, Invest US$42m in Credijusto

(Reuters) Credijusto, a fintech startup that provides affordable financing to SMEs in Mexico, raised US$42m from Goldman Sachs, Point72 Ventures and others. Read more

Konfio Raises US$100m from Goldman 

(Bloomberg) Mexican lending platform Konfio raised a US$100m debt round from Goldman Sachs. Read more

IFC Leads R$70m Investment in Revelo (em português)

(DCI) The IFC led a R$70m investment in Revelo, a Brazil-based job matching platform, with follow-on from Valor Capital, Dalus Capital, FJLabs and corporate investor Seek. Read more

Base Partners Closes US$135m Fund

(CrunchBase) Base Partners, a Brazilian growth equity firm, closed a US$135m Fund II. Read more

KaszeK Ventures, Angel Ventures Mexico, and Others Invest US$9m in Urbvan

(Press Release) Urbvan, a transport app providing van-sharing rides along pre-established routes in Mexico City and Monterrey, raised a US$9m round from KaszeK Ventures and Angel Ventures Mexico, with participation from Liil Ventures and follow-on from DILA Capital. Read more

Grupo Pegasus Invests US$10m in Blush-Bar

(Press Release) Grupo Pegasus invested US$10m in Colombian cosmetics retailer Blush-Bar. Read more

QED Investors, Village Global, Next Billion Ventures, and Mountain Nazca Mexico Invest US$6.5m in minu

(Press Release) minu, a payroll fintech providing Mexican employees digital access to their earned wages, raised a US$6.5m seed round from QED Investors, Village Global, Next Billion Ventures, and Mountain Nazca Mexico. Read more

ALLVP Leads a US$4.5m Investment in Flat

(TechCrunch) ALLVP led a US$4.5m pre-seed round in Flat, a Mexican proptech employing the iBuyer model, with participation from Liquid 2 Ventures, Next Billion Ventures, Picus Capital, and angel investors. Read more

Patricia Saenz & Paula Arango Launch EWA Capital (en español)

(La República) Patricia Saenz (Mountain Nazca Colombia) and Paula Arango (Elevar Equity) joined forces to launch EWA Capital, a VC fund seeking US$30m to focus on women entrepreneurs. Read more

Accion Venture Lab Launches a New US$33m Fund

(Press Release) Global nonprofit Accion’s seed-stage investment initiative, Accion Venture Lab, launched a new US$33m fund, leveraging third-party capital for the first time (US$23m) and including a separate US$10m investment from Accion. Read more

Algo Capital Closes a US$200m VC Fund

(Private Equity Wire) Algo Capital closed a US$200m VC fund to invest in accelerating adoption of the Algo, the digital currency of the open source public blockchain Algorand. Read more

InovaBra Ventures Leads a R$15m Investment in Direct One (em português)

(Money Times) InovaBra led a R$15m investment in Direct One, a Brazilian multichannel customer communications platform. Read more

Nilo Invests in Covela

(Medium) Nilo Ventures made an undisclosed investment in Covela, a digital insurance broker for SMEs in Latin America. Read more

Crayhill Invests US$100m in Mutuo Financiera

(Press Release) Mutuo Financiera, a Mexican vehicle fleet leasing company focused on clean energy passenger transportation, raised US$100m in debt financing from Crayhill Capital Management to expand its fleet. Read more

Foundation Capital Leads an Investment in Jüsto

Foundation Capital led an undisclosed seed investment in Jüsto, a Mexico-based grocery delivery startup, with participation from Quiet Capital, Vas Ventures, 500 Startups, and others. Read more

Real Estate News Real Estate News

First Rock Capital Invests US$3m in Luxury Residential Development in Cayman Islands

(Jamaica Observer) Jamaican real estate and private equity firm First Rock Capital executed a US$3m deal in the Cayman Islands for a luxury residential development in the West Bay area. Read more

BTG Pactual Agrees to Acquire Seven BR Malls for US$184m

(Yahoo Finance) BR Malls, Brazil’s largest mall operator, has signed an agreement to sell seven of its malls to a real estate fund controlled by BTG Pactual for US$184m. Read more

BR Malls Acquires Additional 25.5% Stake in Shopping Iguatemi Caxias do Sul (em português)

(Money Times) BR Malls acquired an additional 25.5% stake in Shopping Iguatemi Caxias do Sul, a shopping mall in Rio Grande do Sul. BR Malls now has a 71% stake in the shopping center. The financial terms of the transaction were undisclosed. Read more

Abu Dhabi Investment Authority (ADIA) to Invest in Latin America

(Deal Streets Asia) Abu Dhabi Investment Authority (ADIA)’s real estate team stated that it will continue to seek out opportunities in Latin America. Middle Eastern sovereign wealth funds have been seen to be expanding real estate portfolios across the region. Read more

Paladin Realty Partners To List a CERPI For MXN$4b on the BMV (en español)

(El Economista) Real Estate investor Paladin Realty Partners is preparing to list a CERPI for MXN$4b on the BMV. The proceeds will be invested in housing projects, offices, hospitals, and shopping centers in Brazil, Colombia, Mexico, and Peru. Read more

Yellowstone Capital Partners Closes US$300m for Colombia Real Estate Fund II

(Press Release) Colombian private equity real estate firm Yellowstone Capital Partners has reached a hard cap of US$300m for Yellowstone Real Estate Opportunity Fund II, securing commitments from pension funds, insurance companies, endowments, and family offices, including a 5% GP commitment. Yellowstone’s previous Colombia-focused real estate fund, YCP I, closed with US$95m in commitments in 2016 and is fully invested in a diversified real estate portfolio. Read more

Ivanhoé Cambridge and Citibanamex Afore Invest US$313m in Gran Ciudad

(Press Release) Gran Ciudad closed a Real Estate Fund of US$313m with commitments from Ivanhoé Cambridge the real estate investment arm of Canadian Pension Fund CDPQ and from Citibanamex Afore, the second largest pension fund manager in Mexico. Gran Ciudad will invest in multifamily rental housing properties in urban markets within Mexico. Read more

Hemisfério Sul Investimentos Buys Icon Realty I Real Estate Investment Fund for R$620m (en español)

(Lex Latin) Brazilian real estate investment firm Hemisfério Sul Investimentos (HSI) purchased the entire portfolio of the Icon Realty I Real Estate Investment Fund administered by BTG Pactual. HSI paid R$620m for the portfolio which consists of 32 real estate properties in Brazil. Read more

LAVCA & Industry Events
Hosted by LAVCA | September 23-26, 2019 | New York, NY
GIIN Investor Forum
Hosted by GIIN | October 2-3, 2019 | Amsterdam, Netherlands
Sustainable Investing in Emerging Markets Summit/ EMPEA Private Equity Masterclass
Hosted by EMPEA | October 8-10, 2019 | London, England
Peru Venture Capital Conference
Hosted by COFIDE | October 16-17, 2019 | Lima
PERE America
Hosted by PEI | October 29-30, 2019 | New York, NY
Cambridge´s Latin American Business Summit (LABS)
Hosted by University of Cambridge | November 3-8, 2019 | Santiago, Chile
Scotiabank's Latin America Innovation & Disruption Forum
Hosted by Scotiabank | November 12-13, 2019 | Mexico City, MX
Hosted by IDB Lab | November 13-14, 2019 | Asunción, Paraguay
Hosted by Alterna and New Ventures | November 13-14, 2019 | Antigua, Guatemala
The Global Steering Group for Impact Investment Impact Summit
Hosted by GSG | November 18-20, 2019 | Santiago, Chile
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 Catalina Santos.

The Association for Private Capital
Investment in Latin America
589 8th Avenue, 18th Floor
New York, NY 10018

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