Latin American Private Capital Update December 12, 2017
December 12, 2017
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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

Pátria Investimentos to Raise US$2.5b LatAm Fund...

Venture Capital News
Venture Capital News

General Atlantic Invests in Brazil’s Gympass...

Real Estate News
Real Estate News

Artha Capital to Launch Fifth CKD on Mexico’s BMV...



LAVCA Colombia Update

Public Policy: Last week LAVCA, alongside ColCapital and Brigard & Urrutia, held a meeting with Colombian policy makers to discuss updated regulations for private equity and venture capital funds and implications for the local industry. The draft decree, Proyecto de Decreto de Fondos de Capital Privadogives PE/VC funds separate dedicated regulation based on existing laws.

Venture Capital: In November, LAVCA participated in Smart Capital Colombia, hosted by Ruta N and Capitalia Colombia. READ LAVCA's update on the Colombian startup ecosystem and download LAVCA's presentation here.


Mexico lp breakfast with OAKTREE'S HOWARD MARKS

LAVCA Oaktree Breakfast with Howard Marks

Following the success of past LP initiatives in Mexico, Chile, Peru, and Colombia, LAVCA traveled to Mexico to host a program for local pension funds and family offices on global investment opportunities. LAVCA hosted Oaktree Capital’s Howard Marks who shared insights on market conditions for different asset classes, including his thoughts on where we stand in the cycle and how to invest in the current environment.

For more information about pensions funds in Latin America, download the Directory of Latin American Pensions Funds & Overview of Key Markets.


Recap: VC in São Paulo

VC in São Paulo

Last week LAVCA, in partnership with Omidyar Network, Telefónica Open Future_, and Silicon Valley Bank, hosted VC in São Paulo at Wayra Brasil.

Participants included investors and other invited executives in the VC/tech ecosystem, including monashees+, Brain Ventures, NXTP Labs, DGF Investimentos, KaszeK Ventures, Performa Investimentos, SP Ventures, Temasek, Amadeus Capital Partners, Redpoint, Riverwood Capital, InvestTech, Wayra, Valor Capital, Movile, Texas Tech University, Naspers, Atomico, Inseed Investimentos, Project A LatAm Ventures, Innova Capital, Astella Investimentos, GIC, Telefonica Open Future_, Google, AmBev, BossaNova Investimentos, the IIC, Barn Investments, ONEVC, GuiaBolso, NU Bank, FLAGCX, and others. 

Discussions centered around fundraising, fintech, and alternate sources of growth capital, followed by a LAVCA VC Member dinner at Jamile.

Contact Claudia Rosenbloom to get involved in the next meeting.


invitation to participate: FUND TERMS SURVEY

Participate LAVCA Survey

LAVCA is collecting data for a private capital fund terms and compensation report.

The aim of this initiative is to produce a benchmarking tool for fund managers who are active across private capital asset classes in Latin America.

Participating fund managers will take a 10 minute online survey (findings will be aggregated for publication and all responses will remain confidential) and will receive a COMPLIMENTARY copy of the findings.

Responses will allow LAVCA to identify preferred fund terms and compensation strategies currently used by private capital fund managers investing in the region.

PARTICIPATEIf you are a fund manager active in the region and would like to participate in the survey, please contact Natalia Valencia or Eduardo Roman


Best Wishes for the New Year!

LAVCA Team Photo

This is the final edition of the Private Capital Update in 2017. This year marked some incredible milestones and records for LAVCA and the Industry, including:

  • A record number of LAVCA member firms active in the association (190).
  • Record participation at our annual investor meeting in New York with 500+ attendees, including sessions on private equity, venture capital, family offices, and real estate. SAVE THE DATE for next year: September 24-27, 2018.
  • Record VC deal activity as a result of major international investors committing to startups in the region. Read more here.
  • Advances in private capital regulation in major markets like Argentina, Colombia, Mexico, and Peru as seen in the 2017/2018 LAVCA Scorecard.

We will resume bi-weekly frequency after a brief break over the holidays. Thank you, as always, to our members and partners for your continued interest and support and we look forward to a dynamic 2017!


Latest Industry News

Private Equity News
Private Equity News

Pátria Investimentos to Raise US$2.5b Fund

(Bloomberg) Brazilian private equity firm Pátria Investimentos is targeting up to US$2.5b in commitments for its next Latin American focused fund. Read more

GP Investimentos Raises Fund to Buy Brazilian Energy Company (em português)

(Bloomberg) Private equity firm GP Investimentos is raising a US$300m fund to purchase an unnamed Brazilian energy company. Read more

Riverstone Raises Fund to Invest in Renewable Energy in Mexico (en español)

(El Economista) Global private equity firm Riverstone has launched an MXN$8b CKD on the Mexican Stock Exchange (BMV) to invest in renewable energy in Mexico. Read more

The Abraaj Group to Construct Natural Gas Platform in Mexico (en español)

(Press Release) The Abraaj Group has made its debut investment in Mexico’s energy sector by partnering with power project developer Emerging America to build a 500 MW natural gas-fired power generation platform in Chihuahua, Mexico. Read more

Actis Receives US$300m to Construct Two Solar Parks in Mexico (en español)

(El Financiero) Actis, through its renewable energy platform Zuma Energía, obtained US$300m in financing to complete two solar energy projects in Orejana and Santa María, which are located in the Mexican States of Sonora and Chihuahua, respectively. Read more

Gávea Reduces Stake in Clothing Brand Hering (em português)

(Valor Econômico) Gávea Investimentos has reduced its stake in Brazilian clothing brand Hering from 9.96% to 3.41%. Read more

Darby Private Equity Makes Debt Investment in Uruguay's San Victoriano Farm Group

(LexLatin) Darby Private Equity has made an undisclosed debt investment in Uruguay-based San Victoriano Farm Group. Read more

Confidence Financial Services Launches US$50m Fund (en español)

(Expansión) Confidence Financial Services has announced their second fund, Confidence Capital II, with US$50m in committed capital to invest in waste-to-energy, education, restaurants, fashion, consumer, and IT projects. Read more

IFM Investors Acquires Mexico’s OHL Concesiones (en español)

(El Financiero) Australian private equity firm IFM Investors has agreed to acquire 100% of OHL Concesiones for US$2.6b to strengthen its position in the Mexican highway concessions sector. Read more

Pátria Investimentos Invests in Brazilian Agriculture (em português)

(Valor Econômico) Pátria investimentos has made its first investment in a Brazilian agricultural farm located in Luís Eduardo Magalhães, a municipality in Western Bahia, for an undisclosed amount. Read more

SCL Energía Acquires Stake in Solarity Spa (en español)

(LexLatin) The Americas Energy Fund II, a fund managed by SCL Energía, has acquired a controlling stake in Chilean solar panel company Solarity Spa for US$7.5m. Read more

Colombian Government to Launch New Infrastructure Fund (en español)

(Dinero) Colombian development finance institution Financiera de Desarrollo Nacional (FDN) announced plans to create a private equity fund to invest in infrastructure projects in the country. Read more

Venture Capital News Venture Capital News

General Atlantic Invests in Brazil’s Gympass (em português)

(Press Release) General Atlantic has made an undisclosed investment in Brazilian startup Gympass, a gym membership platform that provides users access to multiple gyms throughout Brazil and nine other countries. Read more

U2's Bono Invests US$20m in Argentina's Digital House via TPG Fund

(Press Release) U2's Bono made a US$20m investment in Argentina-based, and KaszeK portfolio company, Digital House via TPG's The Rise Fund. Read more

Vostok Emerging Finance Leads US$50m Investment in Creditas

(Press Release) Vostok Emerging Finance led a US$50m investment in Creditas (formerly BankFacil). Read more

The Argentina Government Invests US$12m in NXTP Labs, Draper Cygnus, and Jaguar Ventures

(Ministerio de Producción) NXTP Labs, Draper Cygnus, and Jaguar Ventures were selected by the government of Argentina’s Fondo Fiduciario para el Desarrollo de Capital Emprendedor (FONDCE) to receive US$12m in funding each. Accelerators receiving funding include Wayra Argentina, CITIES, and NXTP Labs, among others. Read more

MassChallenge Awards MXN$2m to Four Mexican Startups

(Press Release) MassChallenge Mexico awarded MXN$2m in zero-equity cash grants to four startups from their 2017 accelerator program: Urbvan, Iluméxico, Totolines, and Econduce. Read more

BR Startups Invests R$1m in Brazil’s QueroQuitar (em português)

(Baguete) BR Startups made a R$1m investment in QueroQuitar, a Brazilian debt negotiation and financial education platform. Read more

Odiseo Makes US$125k Investment in Colombia’s LiftIt

(Press Release) Colombian VC fund Odiseo made a US$125k investment in LiftIt, a cargo transportation startup. This is Odiseo’s inaugural investment. Read more

FIDC Invests R$250m in Nubank (em português)

(Baguete) Nubank closed a new R$250m credit line from FIDC (Fundo de Investimentos em Direitos Creditórios). Nubank previously raised R$200m and R$445m credit lines from Goldman Sachs. Read more

Village Capital Awards Mutuo Financiera and Fintual US$75k (en español)

(Impact Alpha) Village Capital awarded US$75k to Mutuo Financiera, a startup offering credit and other financial products to small businesses in Mexico, and Fintual, a Chilean robo-advisor. Read more

Criatec 2 Makes R$6.5m Investment in Chipus Microeletrônica (em português)

(Startse) Criatec 2 made a R$6.5m investment in Chipus Microeletrônica, a startup specializing in energy efficient chips. Read more

ChileGlobalAngels Launches New Angel Network AngelsAP

(Economía y Negocios) ChileGlobal Angels launched AngelesAP, a network to connect angels, family offices, and corporate investors focused on the Alianza del Pacífico (Chile, Colombia, México and Perú). Read more

BNDESPar to Invest up to R$40m in Primatech (em português)

(Governo do Brasil) BNDESPar will invest up to R$40m in Primatec to fund investments in 16 incubators and technology parks in Brazil. Primatec’s investments include Rockhead Estudios, TecSUS, and Myleus Biotecnologia. Read more

Movile Invests R$15m in Brazilian Ticketing Platform Sympla (em português)

(Baguete) Movile made a R$15m investment in Sympla, a Brazilian ticketing and event management platform. Read more

A5 Invests in Coworking Network Copa (em português)

(Baguete) A5 Capital partners has made an undisclosed investment in Brazilian co-working network Copa. Read more

Bossa Nova Investimentos Injects R$700k in Credere (em português)

(StartSe) Bossa Nova Investimentos made a R$700k investment in Credere, a Brazilian enterprise software for auto dealerships. Read more

Real Estate News Real Estate News

Artha Capital to Launch Fifth CKD on Mexico’s BMV (en español)

(El Economista) Artha Capital hopes to raise up to MXN6b for its fifth CKD vehicle, which will be listed on the Mexican Stock Exchange (BMV). The firm plans to deploy the capital in hospitality, mixed-use, and residential projects in Mexico. Read more

GP Investments Completes Sale of Accor Hotels (em português)

(EXAME) GP Investments has completed its sale of 17 Accor hotels in Brazil to hotel chain BHG for R$300m. Read more

Vertex Real Estate Investors Divests Stake in Mexico City’s Four Seasons (en español)

( Luxury hotel developer and investor RLH Properties has acquired Vertex Real Estate Investors’ stake in the Four Seasons Hotel in Mexico City for MXN$365m. Read more

CDPQ’s Ancar Ivanhoe Acquires Natal Shopping Center from BR Malls (em português)

(Exame) Ancar Ivanhoe, a shopping center platform in Brazil that belongs to Ivanhoe Cambridge, CDPQ’s real estate investment arm, has acquired SPE Mônaco, which owns the Natal Shopping Center. Read more

Australis Acquires Stake in Chile’s Inmobilaria Pocuro (en español)

(Pulso) Australis Partners has acquired a stake in a Chilean residential developer, Inmobilaria Pocuro. Read more

Fondo Némesis Invests MXN2.1b in Santa Fe Real Estate Project (en español)

(Real Estate Market & Lifestyle) Fondo Némesis has invested MXN$2.1b in Mexico City’s tallest residential building, which is located in the Santa Fe area. Read more

Asiri Launches FondOspinas to Invest in Colombian Real Estate (en español)

(LexLatin) Colombian fund manager Asiri has launched FondOspinas, a private real estate fund that will invest in residential and commercial real estate projects developed by Ospinas & Cía in Colombia Read more


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