Latin American Private Capital Update - May 08, 2018 Latin American Private Capital Update January 22, 2019
January 22, 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

Nexxus & Alta Invest in Grupo Turistore...

Venture Capital News
Venture Capital News

Point72 Ventures Leads US$20m in Contabilizei...

Real Estate News
Real Estate News

GTIS Exits LA Hotels in Sale to Louvre Hotel Group...




(Published in PEHub, December 2018)

In the wake of Jair Bolsonaro’s election as Brazil’s next president, deal activity is exploding for the country’s private capital investors.

Markets have reacted positively and the investor and business community in Brazil is euphoric following Bolsonaro’s electoral win, in expectation that the country will finally turn the page on a four-year crisis encompassing the Lava Jato corruption scandal, presidential impeachment, and economic recession.

Investors that spoke with LAVCA were consistent in their frustration with international press coverage that has emphasized Bolsonaro’s extreme positions on social issues and suggestions that his rule will be autocratic or threaten Brazilian democracy. They consider that Bolsonaro’s election was a rejection of corruption and mismanagement under the PT, point out that his PSL party holds only 52 out of 513 seats in congress, and are confident that he will not find support from other parties for legislation on a conservative social agenda.

Despite positive sentiment for private capital investment in the short-term, among the long-term risks that Bolsonaro’s leadership poses for the country is to the environment. If he realizes his campaign promise to open up more of the Amazon to loggers and extractive industries, this may further exacerbate environmental degradation, making the need for ESG practices from investors even more imperative.

There is also expectation that international and Brazilian rights groups will be monitoring threats to human and civil rights. However, if Bolsonaro prioritizes economic reform and corruption reduction efforts, there is an opportunity for historic progress in Brazil’s investment and business climate.

READ more from LAVCA President Cate Ambrose in Bolsonaro takes office: What next for Brazilian PE/VC? (Published in PEHub, December 2018)




LAVCA, Public Policy Council Members, and LAVCA's Legal Committee recently published a summary of rules and regulations affecting private capital investors

Overviews are organized by country for Brazil, Chile, Colombia, Mexico, and Peru and cover:

✔️ Fund Formation
✔️ Fundraising
✔️ Investing
✔️ Management

The summaries are relevant for investors interested in or currently investing or raising capital in the region.



Airplane in flight. Photo by Liz Daza
2018 Summit Highlights

Following the largest investor meeting for Latin America to date in September 2018, we encourage LAVCA members to SAVE THE DATE for LAVCA Week 2019, September 23-26 in New York, NY.

For information about the 2018 program, access:

✔️ The LAVCA Summit & Investor Roundtable (PE and RE) HIGHLIGHTS BOOK, created with support from KPMG.
✔️ A RECAP of the 2018 Venture Investors Annual Meeting.

Registration will open in June/July. In the meantime, stay tuned for an updated calendar of LAVCA activities.




LAVCA is seeking qualified candidates for roles in the research and marketing departments based out of the organization's New York headquarters:

✔️ Senior Research Professional: The position represents an opportunity to shape LAVCA’s research products during a period of rapid expansion, including proprietary data, directories, rankings, targeted research projects and analysis. More info.

✔️ Digital Marketing Manager: Responsible for managing digital media platforms including email campaigns and newsletters, communication with members, the curation and maintenance of LAVCA websites, and social media activity. More info.

LAVCA is a dynamic organization and these roles offer the opportunity to contribute and innovate a growing platform. Interested candidates can send CV to


Latest Industry News

Private Equity News
Private Equity News

Nexxus and Alta Growth Invest in Mexican Retail Company Grupo Turistore

(Press Release) Nexxus Capital and Alta Growth Capital completed an investment in Grupo Turistore, a Mexican retail company focused on international tourism. Read more

Patria Investimentos Acquires Majority Stake in Impacto (em português)

(Valor Econômico) Patria Investimentos has acquired Impacto, a Brazil-based agricultural product distributor, for an undisclosed amount. Read more

Advent International Acquires a Majority Stake in Argentina’s Prisma for US$725m (en español)

(Clarín) Advent International acquired a 51% stake in Argentina-based financial company Prisma. Read more

Lexington Partners Lists US$328m CERPI on Mexico’s BMV (es español)

(LexLatin) Lexington Partners listed a US$328m CERPI on Mexico’s BMV. Read more

CDPQ Acquires Minority Interest in SURA Asset Management for US$247m

(Press Release) CDPQ acquired a strategic minority interest in Grupo SURA’s subsidiary SURA Asset Management from sellers Bancolombia and Grupo Wiese, for US$247m, pending regulatory approval. Read more

Kinza Capital Acquires Chile-Based Blue Express for US$100m (en español)

(Diario Financiero) Chilean private equity firm Kinza Capital has acquired Blue Express, a Chilean logistic and distribution company, for US$100m. Read more

Kinea Investimentos Agrees to Acquire 48% Stake in Brazilian Quartier (en español)

(LexLatin) Kinea Investimentos, through its fund Kinea Private Equity IV Master Fundo de Investimento em Participações Multiestratégia, acquired 48.06% in Quartier Participações for an undisclosed amount. The funds will be used to purchase shares in Artmed Panamericana, an education company. Read more

L Catterton Acquires Argentine Winery Bodega Luigi Bosca

(Press Release) L Catterton announced the acquisition of Argentina-based winery Bodega Luigi Bosca, for an undisclosed amount. Read more

Private Equity Fund Aqua Acquires a Majority Stake in Colombian Financial Services Company Dann Regional (en español)

(Valora Analitik) Private Equity Fund Aqua, managed by Spain's Renta4Global, acquired a 51% stake in Dann Regional. The transaction is subject to approval of Colombia’s Superintendencia Financiera. Read more

Lone Star Acquires Argentina-based San Antonio Internacional for ~US$150m (en español)

(Río Negro) Dallas-based private equity firm Lone Star has acquired San Antonio Internacional, an Argentina-based oil exploration and drilling company, for close to US$150m. Read more

CVC Capital Partners Agrees to Acquire Minority Stake in Brazil’s Cosan Lubes

(Press Release) CVC Capital Partners acquired a 30% stake in Cosan Lubes Investments Limited, a manufacturer and distributor of lubricants, for an undisclosed amount. The transaction represent CVC’s first investment in Latin America. Read more

Tribeca Asset Management Exits Colombian Swimwear Brand Onda de Mar (en español)

(La República) Tribeca Asset Management sold Onda de Mar to Alpha Blue Ocean, a British investment fund, for an undisclosed amount. Onda de Mar is the second largest swimwear brand in Colombia. Read more

PC Capital Makes Follow-on Investment in Mexico's Te Creemos

(Press Release) PE firm PC Capital made an undisclosed follow-on investment in Mexican microfinance Te Creemos. Read more

Beamonte Investments Acquires Majority Stake in Mexican Footwear Manufacturer Arcaya

(Press Release) Beamonte Investments, via its opportunistic industrial platform Axman Holdings, announced the acquisition of Arcaya, a Mexican footwear manufacturing company, for an undisclosed amount. Read more

The Carlyle Group to Finalize Agreement to Acquire a Minority Stake in Brazil’s Madero (em português)

(Valor Econômico) The Carlyle Group is in final talks to acquire a 23.3% stake in Brazilian restaurant chain Madero for R$700m. Read more

Grupo Renovables Agrícolas Acquires Land in Mexico to Develop Agribusiness Projects (en español)

(LexLatin) Grupo Renovables Agrícolas, subsidiary of Renewables Resources Group, has acquired two plots of land for the production of pineapple and pecan nuts. The amount of the transaction was not disclosed. Read more

Thoma Bravo Acquires Brazil’s Evo W12 Inovações Tecnologicas

(Press Release) Thoma Bravo announced that its portfolio company, ABC Financial Services, acquired Evo W12 Inovações Tecnologicas, a Brazilian provider of club management software, for an undisclosed amount. Read more

Enfoca’s Grupo Aúna Acquires a 97.3% Stake in Promotora Médica Las Américas

(Global Legal Chronicle) Enfoca’s portfolio company Grupo Aúna has acquired a 97.3% stake in Promotora Médicas Las Américas, a holding company of the healthcare group Grupo Las Américas. Read more

Patria Investimentos’ Portfolio Company Café do Brasil Acquires Gran Coffee & Brasil Espresso (em português)

(Valor Econômico) Brazil’s antitrust authority CADE has approved without restrictions Patria's acquisition of a 100% stake in Gran Coffee and Brasil Espresso. The transaction was closed in December 2018. Read more

Warburg Pincus’ Sequoia Logistica Acquires Brazilian Lotus Logistica Integrada (em português)

(Fusões & Aquisições) Warburg Pincus portfolio company Sequoia Logistica acquired 100% shares of Lotus Logistica Integrada for an undisclosed amount. Read more

Venture Capital News Venture Capital News

Point72 Ventures Leads US$20m Investment in Brazilian Tax Filing & Accounting Service Contabilizei

(TechCrunch) Point72 Ventures led a US$20m investment in Contabilizei, a tax filing and accounting SaaS for Brazilian small businesses, with participation from the IFC, Quona Capital, Quadrant, and the Fintech Collective. Read more

Mountain Nazca Leads US$7.4m Series A Investment in Albo (en español)

(Expansión) Mountain Nazca led a US$7.4m Series A investment in Albo, a Mexican digital bank, with participation from Omidyar Network and Greyhound Capital. Read more

monashees, Mindset and Banco Votorantim Invest US$6m in Weel (em português)

(TI Inside) monashees, Mindset Ventures, and Banco Votorantim made a US$6m investment in WEEL, a Brazilian cash flow management platform. Read more

VARIV Capital Leads US$1.8m Investment in Mexico’s Yotepresto

(Press Release) VARIV Capital led a US$1.8m investment in Yotepresto, a Guadalajara-based consumer lending marketplace, with participation from Redwood Ventures, Tonk Capital, and unnamed angels. Read more

Angel Ventures, Fondo Alerce, & CLIN Invest US$1.7m in Chilean CitySense

(LatAm List) Angel Ventures, Fondo Alerce, and CLIN invested US$1.7m in CitySense, a Chilean open platform to develop smart city solutions. Read more

Credicorp’s Krealo Invests in Peruvian Payment Processor Culqi

(LatAm List) CVC Krealo, Credicorp’s open innovation arm, made an undisclosed investment in Peruvian payment processor Culqi. This is Krealo’s first startup investment. Read more

Chile Ventures Invests US$200k in Chilean Startup ZeroQ (en español)

(Economía y Negocios) Chile Ventures invested US$200k in ZeroQ, a Chilean startup with a “smart line” customer service app for corporate clients. Read more

Distrito Ventures Invests in Brazilian Fintech Ali Credito

(Distrito Ventures) Distrito Ventures made an undisclosed investment in Ali Credito, a Brazilian consumer credit platform. Read more

Acumen Invests in Peru's Phoenix Foods

(Press Release) Impact investor Acumen Latam Capital Partners completed an investment in Phoenix Foods, a Peruvian agro-industrial exporter. Read more

Fundación Chile Announced Plans to Launch an Agtech-Focused VC Fund in 2H2019 (en español)

(Diario Financiero) Fundación Chile GM Marcos Kulka announced plans to launch an agtech-focused VC fund in 2H2019. Read more

Alaya Capital to Invest US$4m in Latin American Startups in 2019 (en español)

(Perfil) In 2019, Argentine VC fund Ayala Capital plans to invest US$4m in 6-7 startups in Argentina, Chile, Mexico, and potentially Colombia and Peru. Read more

Finep Startup to Invest R$30m in 30 Brazilian Startups in 2019 (em português)

(Baguete) Finep Startup (formerly Startup Brasil) plans to invest R$30m in 30 Brazilian startups in 2019, part of a R$400m capital commitment. Read more

BNDES to Invest R$1.3b+ in Brazilian PE/VC (em português)

(Época Negócios) BNDES will invest R$1.3-R$2.2b in Brazilian PE and VC funds, with a concentration on tech, infrastructure, education, health, public security, sustainability, and productivity. Read more

Itera Capital, Formerly CyC Capital, Targets MX$60m for Third Seed Fund (en español)

(El Economista) CyC Capital updated its name to Itera Capital and is raising its third seed fund, with a target of MX$60m. Read more

Ideas y Capital’s Porftolio Company Phunware Listed on NASDAQ (en español)

(Press Release) Ideas y Capital portfolio company Phunware, a Mexican mobile cloud solutions platform, listed on the NASDAQ. Read more

Tokai Ventures Exits Uruguayan Startup woOw with Sale to Retail Group TaTa (en español)

(El Pais) Uruguayan retail group TaTa acquired daily deals site woOw for a reported US$18m, providing an exit for Uruguayan angel fund Tokai Ventures. Read more

ACVC Submits Policy Recommendations to Overcome Obstacles to Startup Investment in Chile (en español)

(Economía y Negocios) Chilean association ACVC submitted policy recommendations to the Ministerio de Hacienda to overcome obstacles to startup investment. Read more

Colombia Issues Decree to Allow Financial Institutions to Invest in Fintech Companies (en español)

(Colombia Fintech) Colombian Decree 2443 of 2018 , issued on December 27, will allow financial companies to invest in fintech companies. Read more

Wayra & Liga Ventures to Run Inaugural Programa BNDES Garagem (em português)

(E-Commerce News) Wayra and Liga Ventures were chosen by BNDESPAR to run the inaugural Programa BNDES Garagem for entrepreneurs. The four-month acceleration program happens in Rio and has separate tracks for MVP and established projects. Read more

Real Estate News Real Estate News

GTIS Partners Exits LA Hotels & LA Serviços with Sale to Louvre Hotel Group

(Global Legal Chronicle) GTIS Partners has exited LA Hotels and LA Serviços, from Brazil Hospitality Group, with a sale to Louvre Hotel Group. The transaction marks the entrance of Louvre Hotel Group in the Brazilian market. Read more

BTG Pactual & Inverlink to Launch a Real Estate Joint Venture in Colombia (en español)

(El Espectador) BTG Pactual and Inverlink, a Colombian investment bank, signed an agreement to create a real estate joint venture in Colombia. The new company, Tandem Capital, will invest in real estate in Colombia. Read more

HSI Investimentos Exits Brazilian Self-Storage Company GoodStorage (em português)

(Brazil Journal) Brazilian private equity firm Hemisfério Sul Investimentos (HSI) sold a 50% stake in GoodStorage, a Brazilian self-storage company, to US asset manager M3 Capital Partners. Rappi, Loggi and B2W are some clients of GoodStorage. Read more

Thor Urbana to Develop New Ritz-Carlton Hotel in Mexico

(Press Release) Thor Equities Group, through its Thor Urbana division, has announced plans to develop a new Ritz-Carlton Reserve hotel on the Riviera Nayarit in Mexico. Read more

Knotel, A Flexible-Office Space Startup, Enters Brazilian Market

(Press Release) Knotel announced that it is expanding into Brazil. The firm will assume the operation of 100,000 square feet in several building in São Paulo, followed by a move into Rio de Janeiro within six months. Knotel is backed by investors such as Norwest Venture Partners, Bloomberg Beta and commercial real estate broker Newmark Knight Frank. Read more

LAVCA & Industry Events
25th Annual Columbia Business School Private Equity Conference
Hosted by Columbia Business School | February 8, 2019 | New York, NY
FLII 2019
Hosted by New Ventures | February 19-21, 2019 | Merida, Mexico
2019 Stern Venture Capital and Private Equity Conference
Hosted by Stern Private Equity Club | February 22, 2019 | New York, NY
Responsible Investment Forum New York 2019
Hosted by UNPRI and PEI | March 5-6, 2019 | New York, NY
PERE Investor Forum: Los Angeles
Hosted by PERE | April 17-18, 2019 | Los Angeles, CA
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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