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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 Week 2019 had record participation with 600 professionals including 70 LPs registering to attend the various investor meetings and activities:
>> ILPA Institute Pension Fund Training
>> Family Office Program & Dinner
>> Member & LP Reception
>> LAVCA Summit PE & Real Assets Program
>> ILPA LP Breakfast
>> Tech Growth Coalition Meeting
>> LAVCA VIP VC/Tech Welcome Reception
>> Venture/Tech Annual Meeting
>> VC/Tech Party
A special thank you to attendees, sponsors, and speakers for making this the most successful event to date.
PE program sponsors
KPMG, Advent International, Lexington Partners, IDB Invest, CAF, Actis, The Carlyle Group, IFC Asset Management, Uruguay XXI, ABVCAP/ApexBrasil, AMEXCAP/Fondo de Fondos, ColCapital/INNpulsa, Brown Rudnick/ARCAP, IG4 Capital, Venable, Candido Martins Advogados
VC Program sponsors
IDB Lab, Silicon Valley Bank, Amazon Web Services, Inc., Facebook, Google, Microsoft, SoftBank, Telefonica Open Innovation, Riverwood Capital, Visa, ABVCAP/ApexBrasil
SAVE THE DATE for LAVCA Week 2020, September 14-17.
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LAVCA is delighted to announce the winner of the 2019 MBA scholarship competition for LAVCA/MIT Inside Private Equity: Deal Making in Latin America.
Congratulations to Emilio Llosa, MBA candidate from Saïd Business School at the University of Oxford.
The scholarship is made possible with the generosity of LAVCA Member firm Linzor Capital Partners.
Thank you to all those that applied.
The deadline for investors and PE industry professionals to apply for the program, taking place in Miami, FL on November 20-23, 2019, is approaching. Applications must be submitted by November 8, 2019 at 11:59pm.
The program features sessions led by practitioner faculty, including:
- Daniel Sterenberg, Managing Director, The Carlyle Group
- Scott Voss, Managing Director, HarbourVest Partners
- Cipriano Santisteban, Partner, Linzor Capital
- Manuel García Podestá, Director, Advent International
- Martín E. Díaz Plata, Managing Partner, Capital Group Private Markets
- Jesús Argüelles, Director of Investments, Irvine Foundation
- Laura Jaguaribe, Private Equity Director, Península Participações
- Ksenija Jovanovic, Vice President, External Management, Aflac Global Investments
- Charles R. Daugherty, Managing Partner, Stanwich Advisors
APPLY NOW or visit the website for more information.
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Building on the success of VC training programs in New York, Silicon Valley, Buenos Aires, and Santiago, LAVCA will host two Family Office/VC Workshops next month:
>> Medellin, Nov. 12 at RutaN
>> Santiago, Nov. 14 at Carey Abogados
This half-day program is designed for family offices investing in tech and startups, as well as VC fund managers on their first and second funds, new corporate ventures, heads of accelerators, and notable angel investors, and will focus on how to best prepare your portfolio companies to receive follow-on capital.
Dan Green, a partner at Gunderson Dettmer, will host a two-part legal deep-dive on a range of key topics including fund formation, considerations around company formation and legal structures, term sheet best practices, key issues in founder/early employee stock plans, key issues around Intellectual Property, and pitfalls to avoid. Additional practitioner faculty to be announced.
LAVCA thanks lead sponsor Amazon Web Services, Inc., as well as the Latin American Tech Growth Coalition, Gunderson Dettmer, and hosts RutaN and Carey Abogados for their support to deliver practical training to Latin America’s emerging cohort of tech investors.
Participation is by invitation only. Qualified investors may contact Julie Ruvolo (jruvolo@lavca.org) to request an invitation.
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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.
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Private Equity News
Linzor Acquires Chilean Telecommunications Company Mundo Pacifico
(Press Release) Linzor Capital Partners, together with co-investors and partners including Spanish investment group Teras Capital, acquired 100% of Mundo Pacifico, a Chilean company that provides residential telecommunication services through high-speed fiber-to-the-home connections, for an undisclosed amount. Read more
Advent Receives US$100m Commitment from Oregon Investment Council for Latin America Fund VII
(Pensions & Investments) Oregon Investment Council, which runs the US$76.6b Oregon Public Employees Retirement Fund, committed US$100m to Advent Latin America Private Equity Fund VII. According to Reuters, the new Advent Latin America fund has a target of US$2.2b. Read more
Kinea Buys IP Capital’s Stake in Brazilian Drugstore Company Dimed (em português)
(Brazil Journal) Kinea Investimentos bought 90% of IP Capital Partners’ stake in Dimed, the Rio Grande do Sul holding company owned by Panvel drugstores. The transaction was estimated by Brazil Journal to be around R$200m and leaves Kinea with 10.56% of the total capital (prior to the sale, IP held 11.9% of the capital). Read more
PC Capital Announces Initial Close of its Second Fund
(Press Release) Mexican private equity firm PC Capital announced an initial close of its private equity fund PC Capital Development Fund II. The fund will invest in Latin American companies through equity or subordinated debt primarily in the financial services, consumer goods and services, and sustainability industries. Read more
Brookfield Infrastructure Sells Colombian Utility EBSA for C$1.05b
(IPE Real Assets) Northland Power has acquired a 99.2% interest in Empresa de Energía de Boyacá (EBSA) from Fondo de Capital Privado de Infraestructura Brookfield Colombia and BCIF Holdings Colombia II. EBSA is the sole electricity distribution company for the department of Boyacá, a region located near Bogotá. EBSA is Northland’s second investment in Latin America. Read more
Alloy Merchant Finance Invests in Mexican Education Platform (en español)
(AMEXCAP) Alloy Merchant Finance made a structured debt and capital investment in Plataforma Mexicana de Centros Educativos, a company focused on early childhood and preschool education in Mexico. Read more
Axxon Invests R$100m in Brazilian Edtech Estratégia Concursos (em português)
(Brazil Journal) Axxon invested R$100m for a minority stake in Estratégia Concursos, a Brazilian edtech platform providing online courses. The money will be used to enter new verticals in the field of distance learning, mainly through acquisitions. The agreement, which is subject to CADE approval, also includes a purchase option of over R$70m that may be exercised by Axxon until 2021. Read more
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 Venture Capital News
SoftBank Invests in Banco Inter
(Bloomberg) SoftBank is doubling down on its investment in Banco Inter, a publicly traded Brazilian digital bank, shortly after acquiring an 8.1% stake for ~R$760m in shares. Bloomberg reports SoftBank will acquire the additional stake from members of the bank’s controlling families. Read more
SoftBank Leads a US$110m Investment in MadeiraMadeira
(Crunchbase) SoftBank led a US$110m investment in MadeiraMadeira, a Brazilian home goods e-commerce startup, with participation from Light Street Capital and follow-on from Flybridge Capital. Read more
ThornTree Capital Partners Leads a R$90m Investment in Liv Up (em português)
(Estadão) ThornTree Capital Partners led a R$90m investment in Liv Up, a Brazilian meal kit delivery service, with participation from KaszeK Ventures, Spectra, and Endeavor Catalyst. Read more
Konfio Raises US$250m Debt Round from Goldman & Victory Park Capital
(Press Release) Mexican lending platform Konfio raised a US$250m debt round from Goldman Sachs (US$100m) and Victory Park Capital (US$150m). Read more
Klar Raises US$57.5m In Debt and Equity
(Crunchbase) Mexican digital banking startup Klar raised US$7.5m in equity and US$50m in debt financing. Quona Capital led the US$7.5m equity investment, with participation of Santander Innoventures, aCrew Capital, a new fund spun out of Aspect Ventures, FJ Labs, and Western Technology Investment. Arc Labs provided the US$50m debt financing. Read more
Oikocredit and Incofin CVSO Leads a US$8m Series A Investment in Sempli
(Press Release) Oikocredit and Incofin CVSO led a US$8m Series A investment in Sempli, a lending platform for small businesses in Colombia, with participation from IDB Lab, XPT1 Fund, Generación Exponencial, Impulsum Ventures, and others. Read more
Grupo Globo Invests R$35m in Bom Pra Crédito (em português)
(Valor) Grupo Globo invested R$35m in Bom Pra Crédito, a Brazilian consumer lending platform, in a media-for-equity deal. Read more
Confrapar Invests R$20m in Vindi
(Vindi) Confrapar invested R$20m in Vindi, a Brazilian SaaS billing platform. Read more
Vostok Emerging Finance Leads a US$13m Investment in Xerpa (em português)
(Globo) Vostok Emerging Finance led a US$13m investment in Xerpa, a Brazilian human resource management platform, with follow-on from KaszeK Ventures, Redpoint eventures, and QED Investors. Read more
Redpoint eventures, Diego Gomes, Renato Freitas, and Pedro Sirotsky Invest R$1.6m in BossaBox (em português)
(Brazil Journal) Brazilian HRtech BossaBox raised a R$1.6m seed round from Redpoint eventures and angels including Diego Gomes (Rock Content), Renato Freitas (Yellow/99), and Pedro Sirotsky (Barrah B1). Read more
Carao Ventures Leads a US$2m Investment in Costa Rican SaaS Huli
(Press Release) Carao Ventures led a US$2m investment in Huli, a Costa Rican healthtech SaaS platform founded by Alejandro Vega. Read more
Global Founders Capital Leads a R$4m Investment in LAR.app (em português)
(Brazil Journal) Global Founders Capital led a R$4m investment in LAR.app, a Brazilian proptech providing financial management for condominiums, with participation from angels including Brian Requarth (VivaReal/GrupoZAP) and Bruno Nardon (Rappi Brasil). Read more
Global Founders Capital Leads a US$1.3m Seed Investment in Provi (em português)
(Exame) Global Founders Capital led a US$1.3m seed investment in provi, a Brazilian financing platform for educational courses, with participation from angel group Fundação Estudar Alumni Partners (FEAP). Read more
Fundo BR Startups Invests R$2.5m in Árvore Educação (em português)
(Press Release) Fundo BR Startups, managed by MSW Capital, invested R$2.5m in Árvore Educação, a Brazilian edtech that resulted from the merger of Árvore de Livros and Guten. Read more
CCR Invests US$10m in Quicko (em português)
(StartSe) Quicko, a Brazilian smart mobility startup working on commuter transit, raised US$10m from CCR, a Brazilian infrastructure conglomerate, and J2L Partners. Read more
Axon Partners Invests in Billpocket
(Press Release) Axon Partners made an undisclosed investment in Billpocket, a Mexican payments fintech. Read more
SUDAMERIK, Dadneo, and Others Invest US$1m in Denda
(Contxto) Denda, a Chilean aggregator of sustainable consumer goods, raised US$1m in seed financing from SUDAMERIK, Dadneo, and angel investors. Read more
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 Real Estate News
MetLife Invests US$314m in Mexican Industrial Real Estate Portfolio
(Commercial Observer) Mexican industrial real estate firm Advance Real Estate has received US$314m from MetLife for the acquisition and recapitalization of a Mexican industrial portfolio. The newly acquired portfolio comprises 57 Class A industrial assets, spanning numerous markets including Querétaro, Mexico City, Silao, Guadalajara, Monterrey, Tijuana and Toluca. There were multiple sellers in the deal; the sellers’ identities were not disclosed. Read more
Blackstone Sells Brazil’s BRE Point to CSHG Logística for US$113.8m (em português)
(LexLatin) Blackstone sold BRE Point, two Brazilian logistics and industrial properties located in the state of São Paulo, to CSHG Logística, a Brazilian fund managed by Credit Suisse Hedging-Griffo Corretora de Valores, for US$113.8m. Read more
Vale Signs Large Lease at Tishman Speyer’s Concórdia Corporate Project in Brazil
(Press Release) Tishman Speyer announced that mining company Vale will anchor the firm’s recently-completed Concórdia Corporate office property in Belo Horizonte, Brazil. Vale has signed a lease for approximately 175,000 square feet of prime office space at the 31-story tower. The 10-year lease accounts for 52 percent of the property’s square footage. Read more
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
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GIIN Investor Forum
Hosted by GIIN | October 2-3, 2019 | Amsterdam, Netherlands
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Sustainable Investing in Emerging Markets Summit/ EMPEA Private Equity Masterclass
Hosted by EMPEA | October 8-10, 2019 | London, England
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Peru Venture Capital Conference
Hosted by COFIDE | October 16-17, 2019 | Lima
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AMEXCAP VII Mexico VC Day
Hosted by AMEXCAP | October 17, 2019 | San Francisco, CA
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PERE America
Hosted by PEI | October 29-30, 2019 | New York, NY
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Cambridge´s Latin American Business Summit (LABS)
Hosted by University of Cambridge | November 3-8, 2019 | Santiago, Chile
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Scotiabank's Latin America Innovation & Disruption Forum
Hosted by Scotiabank | November 12-13, 2019 | Mexico City, MX
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WeXchange
Hosted by IDB Lab | November 13-14, 2019 | Asunción, Paraguay
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FLII CA&C
Hosted by Alterna and New Ventures | November 13-14, 2019 | Antigua, Guatemala
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The Global Steering Group for Impact Investment Impact Summit
Hosted by GSG | November 18-20, 2019 | Santiago, Chile
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LAVCA Family Office/VC Workshop in Medellin
Hosted by LAVCA | November 12, 2019 | Medellin, Colombia
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LAVCA Family Office/VC Workshop in Santiago
Hosted by LAVCA | November 14, 2019 | Santiago, Chile
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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 Catalina Santos. |
The Association for Private Capital
Investment in Latin America
589 8th Avenue, 18th Floor
New York, NY 10018
Contact Us
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