Latin American Private Capital Update - March 31, 2020Latin American Private Capital Update March 31, 2020 | | | 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. |
| LAVCA Members are invited to a private discussion LAVCA Board Room Insights: Navigating COVID-19 on Friday, April 17 at 11:00 AM ET.
The meeting will be a unique opportunity for members to get live insights about the impact of the global pandemic on the private capital industry in the region from discussion leaders:
Carlos Garcia, LAVCA Chair & Managing Partner of Victoria Capital
Patrice Etlin, LAVCA Chair Emeritus & Managing Partner of Advent International
Francisco Alvarez-Demalde, Former LAVCA Board Member & Founder of Riverwood Capital
Topics for discussion:
Currency Depreciation/Macro Considerations; Managing Portfolio Companies; Sectors of Opportunities/Pipeline Building; LP/Investor Relations.
Date: Friday, April 17, 2020
Time: 11:00 AM EST
LAVCA MEMBERS ONLY RSVP HERE to reserve your place. Contact LAVCA to see if you qualify to attend.
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| NOW AVAILABLE FOR DOWNLOAD: 2020 LAVCA Industry Data and Analysis. The report summarizes fundraising, investments, and exit activity in Latin America for full year 2019, based on LAVCA’s 12th annual survey of over 400 fund management firms active in the region.
Members have complimentary access to a 3,000+ word analysis of key trends and 30 highlighted deals, as well as a 13-tab Excel file with graphs on fundraising, investments, and exits.
OVERVIEW OF TRENDS:
> PE/VC fund managers deployed US$10.6b in Latin America in 2019, a record year according to LAVCA data.
> With public market offerings being the dominant path to liquidity for PE/VC investors in 2019, exit proceeds were also notable with the highest divestment amount since 2011 (US$6.5b).
The 2020 Industry Data & Analysis was written and prepared by LAVCA Research Director Miguel Algarin and Research Analyst Emanuel Hernandez. Contact the research team for data-related requests at research@lavca.org.
ACCESS the full report here (the US$795 charge is waived for logged in members during checkout. Members create a login here). | | |
| "We are living extraordinary times. The COVID-19 crisis will have a substantial impact on Latin America and it has never been more important to stay united as an industry and for LAVCA to provide value to our members. The LAVCA team is working remotely from New York City and Washington, DC and developing new resources to keep members informed and connected in the midst of so much change and upheaval." - Ivonne Cuello, CEO, LAVCA
In speaking with members and our network, LAVCA has gathered some resources for private capital investors in light of the spread of COVID-19:
Actis on emerging markets and COVID-19. Ewen Cameron Watt, Editor in Chief for Actis' Macro Forum, analyzes the impact of COVID-19 on emerging markets and discusses the crisis/opportunity dichotomy in the wake of the global pandemic in a newly released report.
KaszeK Ventures Survival Guide: It’s Time to Switch to War-Mode. The following resource was shared with LAVCA by KaszeK Ventures based on a communication they sent to founders in their portfolio network. Access it here.
IDB Group announces priority support areas for countries affected by COVID-19. The IDB Group will finance a response to the public health emergency; safety nets for vulnerable populations; economic productivity and employment; and fiscal policies to ameliorate economic impacts. Read more here.
ebricks Ventures shared their approach dealing with the crisis. Key actions taken; Selected portfolio companies that are expected to navigate well under the current scenario; And more. Read more here.
Capria's Crisis Preparedness Evaluation & Resources. In response to COVID-19, Capria is sharing a Crisis Preparedness Evaluation for fund managers with checklists, tools, and frameworks to help GPs with portfolio management. The evaluation covers a fund’s external communication plan, financial management for the GP, portfolio runway analysis and extension, and operations and team management. Complimentary access to the tools requires participation in a 10 minutes survey. Click here.
If you have additional resources, please share information and content with LAVCA. | | |
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Private Equity News
H.I.G. Capital Leads US$65m Investment in Modern Logistics (Press Release) H.I.G. Capital led a US$65m investment in Brazil-based full service logistics firm Modern Logistics through a convertible debt with participation from other investors and unnamed family offices. Modern Logistics is also backed by Brazilian fund manager DXA Investments. Read more
Alta Growth Capital Sells Stakes in Three Mexican Hospitals to RAG Capital Partners for US$6.2m (Jones Day) Mexican private equity fund manager Alta Growth Capital has sold 50% of its interest in three Mexican hospitals to RAG Capital Partners for MXN$150m (approximately US$6.2m). Read more
Aqua Capital’s Ultracheese Acquires Búfalo Dourado (Press Release) Ultracheese company, controlled by Latin American agribusiness private equity fund manager Aqua Capital, has acquired Brazil-based buffalo milk cheese manufacturer Búfalo Dourado. The amount of the transaction was undisclosed. Read more
Ore Investments Raises US$46m to Invest in Mining Projects in Brazil (en español) (BNamericas) Private equity fund manager Ore Investments raised a US$46m first close for its mining-focused fund Ore Mining Private Equity I FIP. The company is targeting a total of US$80m. Read more
IG4 Capital Closes Private Equity Fund II (Press Release) Brazil-focused special situations fund manager IG4 Capital Partners reached a USD231.5m final close for its Private Equity Fund II. IG4 has also raised additional co-investment commitments for the recently created IG4 Capital Infrastructure Investments platform that will target infrastructure and logistics assets in the Andean Region.The total accumulated in assets under management between PE Fund I and II is US$500m. Read more
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Venture Capital News
iFood Acquires Majority Stake in Domicilios (Bloomberg) iFood completed a majority acquisition of Domicilios, which Delivery Hero acquired in 2014. iFood will own 51% of the JV with Delivery Hero. The transaction is undisclosed but one of iFood’s largest transactions to date. Read more
LGT Lightstone Latin America Leads US$80m Series E in CargoX (Reuters) Brazilian logistics platform CargoX raised a US$80m Series E led by LGT Lightstone Latin America, with follow-on from Valor Capital, Goldman Sachs Growth Equity, and Farallon Capital. Read more
SoftBank Invests US$48m in Petlove (Reuters) SoftBank has invested US$48m from its Latin America fund in Brazil-based online pet product retailer Petlove to accelerate the company’s growth to meet higher demand for online services during the social isolation mandated by Brazilian authorities. Read more
GGV and monashees Lead a US$25m Series A in Frubana (Press Release) Frubana, a Colombian B2B platform of agri-products for restaurants and small retailers, closed a US$25m Series A led by GGV and monashees with participation from SoftBank, Tiger Global, and others in January. Read more
Credijusto Raises US$100m from Credit Suisse (Contxto) Credijusto raised US$100m in debt from Credit Suisse Group. Credijusto previously raised a US$100m debt round from Goldman Sachs in 2019. Read more
Global Founders Capital, KaszeK Ventures, and Canary Invest US$10m Series A in SouSmile (TechCrunch) Brazilian consumer orthodontics startup SouSmile raised a US$10m Series A from Global Founders Capital, KaszeK Ventures, and Canary. Read more
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Real Asset News
NextEnergy Acquires Solar Plant in Mexico (Press Release) Solar sector specialist NextEnergy Capital has acquired the first phase of a 108MW solar project in Mexico through NextPower III. This transaction is NextEnergy’s first acquisition in Mexico. Read more
CPPIB and Votorantim Energia to Acquire 14 Wind Projects (em português) (Reuters) VTRM Energia, a joint venture between The Canada Pension Plan Investment Board (CPPIB) and Votorantim Energia, has received authorization from CADE to acquire 14 wind projects in northeastern Brazil. Read more
ICM Asset Management Invests in Kampus Santa Rosa Industrial (Press Release) Canadian Asset Manager ICM and Mexican developer of industrial spaces Alveo Kapital, formed a joint venture to build Kampus Industrial Santa Rosa, in Guadalajara, Mexico. Read more
Vinci Partners, RBR Asset Management, and BRL Trust Distribuidora de Valores Acquire GLP for R$590m (em português) (Valor Econômico) Vinci Partners, RBR Asset Management, and BRL Trust Distribuidora de Valores acquire real estate assets from PE-backed Global Logistic Properties (GLP) for R$590m (US$128m). Read more
Colony Capital-Backed Selina to Invest in Mexican Hotels (Institutional Real Estate, Inc.) Global investment firm Colony Capital-backed Selina, a community-focused lifestyle group, will invest US$150m into a Mexico hotel pipeline. The cities in Mexico include San Miguel de Allende, Sayulita, San Cristóbal de las Casas, and Mérida. Read more
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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
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New York, NY 10018
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