Latin American Private Capital Update - July 21, 2020Latin American Private Capital Update July 21, 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. |
| As investors and companies grapple with the extraordinary disruption and uncertainty of the pandemic, the need to connect with industry peers has never been greater.
Fund managers, institutional investors, DFIs, family offices, and other direct investors are invited to participate in LAVCA Week, a private virtual investor meeting taking place on September 14-17, 2020.
NEW in 2020 participants will have access to all main stage private equity, real assets, and VC+tech sessions and content via one program.
Highlighted speakers and sessions include:
> Fireside Chat with David Velez, CEO of Brazil Unicorn Nubank
> Patrice Etlin, Managing Partner of Advent International on PE Industry Opportunities and Challenges
> The VC Context with Virginia Tan, Founding Partner of Teja Ventures
> Carlos de Barros Jorge Neto, CEO, DASA on the Future of Healthcare in LatAm
> Brian Finerty, CIO of Equity International with Carlos Kokron, Managing Director of Qualcomm Ventures and Kevin Salvadori, Director of Network Investments for Facebook on Building Infrastructure to Expand Access to Technology
Access the agenda-at-a-glance and featured speakers (topics and timing subject to change).
This year’s program will be a fully-immersive experience with:
• Live Main Stage Sessions with Unique Keynotes and Panels
• Interactive Breakouts
• Private Roundtables and Meetings
• Interactive Networking Opportunities
• Personalized Introductions
LAVCA members now have priority access to REGISTER at the early bird rate.
REGISTRATION WILL CLOSE ON AUGUST 28. Access more information on lavcaweek.org, and/or contact LAVCA with any questions. | | |
| In 2020 LAVCA collaborated for the first time with EMPEA on its annual Global Limited Partners Survey to highlight limited partners sentiment for the private capital opportunity in Latin America.
The survey, which was conducted in the midst of the COVID-19 pandemic (February-April), features the views of 109 LPs on the current conditions and outlook for private capital in emerging markets.
Some of the key LatAm findings include:
> LATIN AMERICA (EX-BRAZIL): Although attractiveness scores fell across the board for EMs, Latin America moved up two spots in the market attractiveness ranking.
> BRAZIL: While LP perception of political risk and the regulatory environment significantly improved in recent years, Brazil fell two positions in the attractiveness ranking, with respondents pointing to currency concerns as a major deterrent.
> LP EXPOSURE TO LATIN AMERICA: The percentage of commercial LPs with exposure to Latin America has increased since 2014.
> VC/TECH: Latin America is gaining traction as one of the most attractive EMs for VC/tech investment outside of Asia according to survey respondents.
> CLIMATE CHANGE & ESG: Environmental factors have become critical in the investment decision making process and fund manager selection.
DOWNLOAD Latin America snapshot here. READ EMPEA's Global Limited Partners Survey here. | | |
| LAVCA spoke with Vinci Partners Co-founding Partner and CEO Alessandro Horta about the current environment for private capital investment in Brazil:
While our investment thesis remains intact, we are leveraging this environment to negotiate better investment structures and valuations.
Horta also shares how Vinci is supporting portfolio companies in 2020 in light of decreases in demand and temporary disruption in operations within certain sectors, as well as details a recent exit of diagnostics company Diagmax via a sale to Fleury Group. When asked about real estate and infrastructure opportunities in Brazil, Horta noted:
Brazilian infrastructure is underinvested and precarious, leading to relevant and recurrent investment demand, and the current administration has an extensive agenda of privatizations, making this an opportunistic time for the region. The dependence on the private sector will further increase given the lack of investment capacity of the government, and the dire fiscal situation of the country indicates that this should continue making Brazilian infrastructure even more reliant on private sector capital.
READ the full member profile. | | |
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Private Equity News
Oaktree Capital Management to Invest US$1.3b in LATAM Airlines (Press Release) Oaktree Capital Management will invest US$1.3b in private financing in LATAM Airlines, which recently filed for bankruptcy in the US and added its Brazilian operations to the Chapter 11 process. The proposal still requires approval by the US Court. Read more
Pátria-Backed Produtec to Acquire Integra (em português) (Reuters) Produtec, a company backed by Pátria Investimentos, has agreed to acquire Brazil-based agribusiness Integra for an undisclosed amount. Read more
Bocel to Launch CKD (en español) (El Economista) Private equity fund Bocel will launch a CKD on the Mexican Stock Exchange to invest in mid-sized companies across different sectors. Details of the offering were undisclosed. Read more
General Atlantic to Exit XP via Secondary Share Offering of US$1b (Reuters) General Atlantic and XP Controle Participações, the founding holding company of XP, have filed for a secondary share offering of US$1b for up to 22.4m shares on Nasdaq. Read more
Vinci-Backed Vero Internet Acquires MKA Telecom (em português) (Valor Econômico) Vinci Partners-backed Vero Internet has acquired Brazil-based internet provider MKA Telecom for an undisclosed amount. Read more
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Venture Capital News
Salesforce Ventures Leads US$120m Series F in Auth0 (TechCrunch) Salesforce Ventures led a US$120m Series F in Auth0, an identity verification solution, with participation from DTCP, and follow-on from Bessemer Venture Partners, Sapphire Ventures, Meritech Capital, World Innovation Lab, Trinity Ventures, Telstra Ventures, and K9 Ventures. Read more
QED Investors, KaszeK Ventures, and Others Invest US$22.5m Series B in Digital Brokerage Warren (Press Release) QED Investors led a US$22.5m Series B in Brazilian digital brokerage Warren, with participation from Mercado Libre’s MELI Fund, WPA, and Quartz, and follow-on from KaszeK Ventures, Chromo Invest, and Ribbit Capital. Read more
SVB Launches US$30m Latin America Growth Debt Fund (Press Release) SVB launched its US$30m Latin America Growth Lending Fund in partnership with Partners for Growth (PFG) and IBD Invest. The fund will provide structured debt to late-stage companies in sectors such as software, technology, life sciences, healthcare, and fintech. Read more
Cambridge Capital Leads US$22.5m Series B in Logistics Marketplace Liftit (TechCrunch) Florida-based Cambridge Capital led a US$22.5m Series B in Liftit, a B2B Colombian logistics marketplace for independent truck drivers, with participation from H20 Capital, AC Ventures, 10x Capital, Banyan Tree Ventures, and alpha4 Ventures, and follow-on from monashees, Jaguar Ventures, NXTP, and IFC. Read more
Aeroespacial Invests R$20m in Kryptus (em português) (Baguete) Aeroespacial, a Fundo de Investimento em Participações (FIP), invested R$20m in Kryptus, a Brazilian data security startup focused on cryptography solutions for civilians and the military. Read more
Canary and Norte Ventures Lead R$5m Investment in Medical Supply Provider Rapicare (em português) (Brazil Journal) Canary and Norte Ventures led a R$5m round in Rapicare, a Brazilian medical supply SaaS startup for healthcare businesses. Read more
Globant Ventures Makes an Undisclosed Investment in Safety Startups Woocar and Drixit (Contxto) Globant Ventures made an undisclosed investment in Argentine startups Woocar, a driver safety platform, and in Drixit, a provider of safety compliance monitoring services for manufacturing plants. Read more
Soma Capital, InQlab, and Palm Drive Capital Invest US$5m in Pet Goods Platform LAIKA (Contxto) Soma Capital, InQlab, and Palm Drive Capital invested US$5m in LAIKA, a Colombian e-commerce platform for pet goods and services. Read more
Uncork Capital and Bling Capital Lead US$2.2m Round in Analytics Platform MonkeyLearn (TechCrunch) Uncork Capital and Bling Capital led a US$2.2m seed round in MonkeyLearn, a Uruguayan no-code data analytics platform. Read more
Canary Invests US$980k in Brazilian Adtech Startup Mobees (Contxto) Canary invested US$980k in Mobees, a Brazilian adtech company for rideshare services. Read more
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Real Assets News
GIP Invests US$110m Secured Loan in Colombian Greenfield Multipurpose Port Terminal Puerto Antioquia (Press Release) Global Infrastructure Partners (GIP) has closed on a US$110m secured loan investment in Colombia-based greenfield multipurpose port terminal Puerto Antioquia through its credit funds Global Infrastructure Partners Capital Solutions Funds I and II. Read more
ENGIE-CDPQ Consortium Concludes Purchase of Petrobra’s 10% Stake in TAG (Press Release) Caisse de dépôt et placement du Québec (CDPQ) and ENGIE completed the purchase of Petrobra’s remaining 10% stake in Brazilian natural gas pipeline company Transportadora Associada de Gás (TAG) for R$1b (~US$187.5m). This transaction follows CDPQ and ENGIE’s acquisition of 90% of TAG for R$8.6b in 2019. Read more
TPG Acquires Solar Projects in Spain, Chile, Colombia, and Mexico (en español) (Energías Renovables) TPG’s The Rise Fund acquired China-based photovoltaics producer Trina Solar’s assets in Spain, Chile, Colombia, and Mexico totaling 1GW. The assets will be managed by Matrix Renewables, a newly launched renewable energy platform. Read more
TC Latin America Partners Acquires Peru-Based Centro Empresarial Juan de Arona (Leaders League) Private Equity Firm TC Latin America Partners acquired Peru-based office complex Centro Empresarial Juan de Arona (CEJA). The amount of the transaction was undisclosed. Read more
Thyssenkrupp Marine Systems to Acquire Oceana Shipyard in Brazil (em português) (Poder Naval) German naval company Thyssenkrupp Marine Systems will buy the shipyard Oceana, owned by Grupo CBO. Vinci Partners and Patria Investimentos are shareholders of Grupo CBO. The transaction is subject to approval, and no financial details have been disclosed. 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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