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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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In a climate hostile to global trade, it is noteworthy that the Mercosur nations of Brazil, Argentina, Uruguay, and Paraguay reached a new agreement last week with the European Union, concluding 20 years of negotiations on the accord and creating a trade bloc of 780 million people. At the same time, Mexico is working with the EU to finalize the new expanded trade agreement reached in mid-2018.
The trade deals are a bright spot in the midst of slow macro growth and complex political environments in Latin America’s major economies. They are also another positive indicator for sophisticated long-term investors who, seeking value in global private capital markets, have turned their attention to the region.
 Growth opportunities in technology-related startups and infrastructure, power and renewable energy, and consumer sectors have spurred capital commitments from a wide range of global fund managers and institutional and corporate investors over the last 18 months.
Those trends are in sync with LAVCA data on 2018 investment activity, as well as new deals closed in 1H2019. Looking across markets, strategies and investors, a set of themes emerges...
READ the full article by LAVCA President & Executive Director, Cate Ambrose.
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LAVCA Members have priority access to register for LAVCA Week (September 23-26, 2019). Attendees include private capital investors from Latin America and around the globe, such as fund managers, institutional investors, family offices, development finance institutions, sovereign wealth funds, fund of funds, corporates, and secondaries.
Activities are organized around two programs: the LAVCA Summit & Investor Roundtable Private Equity Program (September 23-25) and the LAVCA Venture Investors Annual Meeting (September 26).
The 2019 LAVCA Week agenda also includes a Member and LP reception hosted by Advent International (September 23) a separate program exclusive to family offices (September 23), an LP-only breakfast hosted by ILPA (September 25), and a VC/tech VIP welcome cocktail (September 25).
Contact LAVCA with program and registration-related questions.
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The Institutional Limited Partners Association released ILPA Principles 3.0: Fostering Transparency, Governance and Alignment of Interests for General and Limited Partners.
ILPA Principles 3.0 is an update and expansion of the 2011 Private Equity Principles.
The latest version provides guidance on GP and Fund Economics, Key Person, LPAC Best Practices, Conflicts of Interest, Fiduciary Duty, and more.
The thirs edition also addresses new and emerging topics including:
> Fee and Expense Reporting & Reasonability
> Scope of the Fund Audit
> Subscription Lines of Credit
> Co-Investment Allocations
> Notifications and Policy Disclosures: ESG, Code of Conduct & Regulatory Compliance
> Changes in Ownership or Control of the GP
> GP-led Secondaries
Access the ILPA Principles here.
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Private Equity News
Southern Cross Group and Riverstone Invest US$160m in Argentine Shale (en español)
(BAE Negocios) Southern Cross Group and Riverstone announced plans to jointly invest US$160m into the newly created Argentine company Aleph. Aleph will be the first midstream company to operate in the Vaca Muerta shale deposit rock formation in Patagonia. Read more
CMB Prime and LarrainVial Close a US$400m Infrastructure Fund
(BN Americas) CMB Prime in partnership with LarrainVial announced the successful close of a US$400m infrastructure fund. The fund will target mostly brownfield and greenfield infrastructure in Chile. Read more
Aqua Capital Purchases Soybean Seed Supplier Sementes Campeã (em português)
(Valor Econômico) Brazilian agribusiness company Rural, controlled by private equity firm Aqua Capital, purchased soybean seed supplier Sementes Campeã. The transaction closed on June 17 and is an add-on acquisition for Aqua Capital. Read more
DEG and Altra Investments Acquire 38% of Chile’s AVLA (en español)
(Diario Financiero) German development institution DEG and Colombian private equity firm Altra Investments acquired 38% of Chilean insurance company AVLA through a joint-venture. The financial terms of the deal were undisclosed. Read more
Patria Makes US$126m Follow-on Investment in Smartfit
(Reuters) Patria Investimentos will purchase newly issued shares and shares from existing shareholders in a follow on investment worth US$126m. As of June 20th, according to PEHub, San Francisco Employees’ Retirement System co-invested $25m of the $126m into Smartfit with Patria. Read more
ILPA Releases Private Equity Principals 3.0
(Press Release) The Institutional Limited Partners Association released “ILPA Principles 3.0: Fostering Transparency, Governance and Alignment of Interests for General and Limited Partners,” an update and expansion of the 2011 Private Equity Principles. The latest version includes guidance on GP and Fund Economics, Key Person, LPAC Best Practices, Conflicts of Interest, Fiduciary Duty, and more. Read more
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 Venture Capital News
monashees and Base10 Lead a US$5.3m Investment in Nowports
(TechCrunch) monashees and Base10 led a US$5.3m seed investment in Nowports, a Mexican automated freight platform, with participation from investors including Y Combinator, Broadhaven, Soma Capital, Partech, Tekton, and Paul Buchheit. Read more
Frubana Raises US$12m Over Two Rounds
(Latam List) Colombian agtech Frubana raised US$12m over two rounds. monashees, Y Combinator, Kairos and GE32 Capital invested US$2m pre-seed, and Kairos led a US$10m seed round. Frubana was founded in 2018 by Rappi veteran Fabián Gomez. Read more
Redpoint eventures and Intact Ventures Disclose 20% and 25% Equity Stakes in Minuto Seguros (em português)
(Valor Econômico) Redpoint eventures and Intact Ventures disclosed 20% and 25% equity stakes respectively, totaling US$60m recently converted from debt to equity, in Minuto Seguros, a Brazilian insurance platform. Read more
RedLions Capital and Hubchain Technologies Invest in BTX Digital (em português)
(Tiinside) Brazilian fintech BTX Digital raised US$10m from RedLions Capital and partnered with Hubchain Technologies. Read more
Puerto Rican Mobile Analytics Burea Raises US$2m from Local Investors (en español)
(El Nuevo Día) Burea, a Puerto Rican mobile analytics platform for offline sales, raised US$2m from unnamed local investors. Burea was accelerated at Parallel18. Read more
EDP Ventures Brasil and Inseed Invest R$6.5m in Dom Rock (em português)
(Exame) EDP Ventures Brasil and Inseed Investimentos invested R$6.5m in Dom Rock, a Brazilian enterprise consulting and analytics platform. Read more
Canary Leads a R$4.5m Investment in Shopper (em português)
(Baguete) Canary led a R$4.5m investment in Shopper, a Brazilian subscription delivery platform for consumer products. Read more
DOMO Invests R$4m in Instaviagem (em português)
(Baguete) DOMO Invest made a R$4m investment in Instaviagem, a Brazilian travel platform. Read more
Finep Startup Invests R$1m in Mainô (em português)
(Baguete) Finep Startup (formerly Startup Brasil) invested R$1m in Mainô, a Brazilian fiscal management platform for foreign trade business. Read more
Cornershop Founders Oscar Hjertonsson and Daniel Undurraga Invest in Kredito (en español)
(eBankingNews) Cornershop co-founders Oscar Hjertonsson and Daniel Undurraga led an angel investment in Kredito, a microcredit platform targeting rideshare drivers in Latin America. Read more
Loud Voice Services Receives US$1.5m Pre-seed Funding (em português)
(Startupi) Loud Voice Services, a Brazilian B2B voice tech startup, raised US$1.5m pre-seed funding from undisclosed investors. Founder Leonardo Leão is a Facebook alum. Read more
Acumen Invests US$876k in Acceso Colombia
(Press Release) Acumen invested US$876k in Acceso Colombia, a local agribusiness working with smallholder farmers, through its Investing for Peace Fund, in partnership with USAID. Read more
FIS Ameris Signs an Investment Agreement with Puntaje Nacional (en español)
(FIS Ameris) FIS Ameris signed a pre-investment agreement with Puntaje Nacional, an edtech company aiming to reduce the education gap in Chile and LatAm. Read more
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 Real Estate News
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
Cerberus Capital Management Partners with Brasil Brokers (em português)
(Valor Econômico) US Real Estate firm Cerberus Capital Management has entered the Brazilian market through a partnership with local real estate manager Brasil Brokers. Brasil Brokers issued R$120m of debentures of which 73% was purchased by Cerberus. If converted this would give Cerberus a 29% stake in Brasil Brokers making them the main shareholder. Read more
Sura Asset Management Launches Second Real Estate Fund via Peru’s FIRBI Structure (en español)
(LexLatin) Sura Asset Management has announced the successful launch of its second real estate investment fund utilizing Peru’s FIRBI structure. With US$1b in commitments it is the largest FIRBI in Peruvian history. Read more
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6ª Conferência Brasileira de Venture Capital - Florianópolis
Hosted by ABVCAP | August 12-13, 2019 | Florianópolis
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BlastU 2019
Hosted by BlastU | August 13-14, 2019 | São Paulo
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BayBrazil Annual Conference
Hosted by BayBrazil | August 22, 2019 | Menlo Park, CA
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LAVCA Week
Hosted by LAVCA | September 23-26, 2019 | New York, NY
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GIIN Investor Forum
Hosted by GIIN | October 2-3, 2019 | Amsterdam, Netherlands
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Peru Venture Capital Conference
Hosted by COFIDE | October 16-17, 2019 | Lima
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PERE America
Hosted by PEI | October 29-30, 2019 | New York, NY
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FLII CA&C
Hosted by Alterna and New Ventures | November 13-14, 2019 | Antigua, Guatemala
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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
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