Latin American Private Capital Update - December 22, 2020Latin American Private Capital Update December 22, 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. |
| VALUATION update: IPEV guidelines AS OF 31 DECEMBER | | |
The International Private Equity & Venture Capital Valuation Guidelines Board has announced that the special guidance published in March 2020 on IPEV Valuation Guidelines during the COVID-19 pandemic is still relevant when estimating fair value at 31 December 2020.
The alternative asset industry closes out 2020 having assisted numerous investee companies weather the COVID-19 induced economic storm, saving jobs, providing needed goods, and services, and supporting investors.
"We reaffirm that fair value is the best measure of valuing private equity portfolio companies and investments in private equity funds...Applying the IPEV Valuation Guidelines with rigor and staying true to the principles of fair value will allow managers and valuers to rise to the challenge and extend the track record of providing investors with decision useful transparent information."
Read more here.
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| Women investors in early-stage tech are underrepresented in Latin America as they are globally. The lack of diverse representation among decision-makers has ramifications for entrepreneurs, as well; startups with global women co-founders captured only about 12% of VC funding in 2019, and that appears to have declined during the C19 pandemic. In Latin America, it was about the same, with 13% of disclosed VC funding going to women-led startups in 2019, according to LAVCA Data.
In an effort to raise the visibility of women investing in early and growth stage tech in Latin America, LAVCA has published updated annual lists of the ♀️ Top Women Investing in Latin American Tech, and ⭐ Emerging Women Investors in Latin American Tech.
The 102 investors represented on the Top Women list and the 96 investors represented on the Emerging Women list in 2020 represents a 15% and 10% increase, respectively, over 2019.
👀 VIEW the Top Women Directory.
👀 VIEW the Emerging Women List.
LAVCA’s gender diversity content is made possible with support from IDB Lab, Member of the IDB Group.
ℹ️ More profiles of leading female founders and investors available at LAVCA.ORG/WOMEN | | |
| 📢 LISTEN to a discussion with LAVCA's Venture Capital members SoftBank, Valor Capital Group, and Canary, on why it's a good time to invest in Brazilian tech. The session was part of the Milken Institute Asia Summit's program, which took place December 8-10, 2020.
Panelists included Luis Alberto Moreno, Former President, Inter-American Development Bank; Patrick de Piciotto, Founding Partner, Canary and Atlantico; Scott Sobel, Founding Partner, Valor Capital Group; Paulo Passoni, Managing Partner, SoftBank, and moderated by LAVCA's Venture Capital Director and EMPEA's Managing Director, Julie Ruvolo.
Access recording here.
For bi-weekly updates on cross-border VC+tech investing sign up for EMPEA's Global VC Cache. For a deeper dive on VC Activity in LatAm, subscribe to LatAm Venture Bulletin. | | |
| This is the final edition of the Private Capital Update in 2020. Despite the challenges brought on by the global pandemic, we are proud to continue supporting the growth of private capital in Latin America as a way to sustain local communities.
In an effort to continue to convene our members and the industry this year, LAVCA Week went virtual and hosted 450+ investors from around the world, including 120+ global LPs and family offices. Moreover, we curated additional programs and events that surpassed 1,700+ participants with the ongoing commitment of our members to support the ecosystem. Finally, our bi-weekly newsletters (including the LatAm Venture Bulletin) increased to a 10,000+ audience of investors, startups, corporates, and other industry stakeholders active across private equity, venture capital, and real assets.
The role of the private sector will continue to be key in helping to facilitate a long-term recovery for the region. According to LAVCA Data, the Latin America private capital industry has shown resilience in 2020:
✔️ Private capital fundraising increased by 30% in 1H2020, compared with the same period in 2019.
✔️ Exits in Latin America accelerated to US$5.1b in 1H2020, the best first-half total since 2011.
We will resume bi-weekly frequency after a brief break over the holidays. Thank you, as always, to our members and partners for your interest and support and we look forward to 2021. | | |
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Private Equity News
Pátria Investimentos’ Lavoro Acquires Desempar (em português) (Valor Econômico) Lavoro, the agricultural arm of Pátria Investimentos, has acquired a majority stake in agribusiness distribution company Desempar for an undisclosed amount. Read more
Carlyle and GIC Partially Exit Brazilian Hospital Network Rede D’Or via US$2.23b IPO (Market Screener) The Carlyle Group and GIC have sold a small portion of their combined stake in Brazil-based hospital network Rede D’Or, reducing it from 37.8% to 34%, via the company’s R$11.4b (approximately US$2.23b) IPO. Read more
XP Private Equity Fund Acquires Pottencial Seguradora for R$275m (em português) (CQCS) XP Private Equity fund has acquired a stake in Brazil-based insurance company Pottencial Seguradora for R$275m (approximately US$53m). Read more
TC Latin America Partners to Launch TC Credit Partners (Press Release) TC Latin America Partners has launched TC Credit Partners, an investment platform that will provide credit solutions to SMEs across Latin America, Africa, Eastern Europe, and Asia. Read more
H.I.G. Capital Acquires Brazilian Internet Service Provider Desktop Sigmanet (Press Release) H.I.G. Capital has acquired Brazil-based internet service provider Desktop Sigmanet for an undisclosed amount. Read more
PC Capital and Altum Capital Complete Undisclosed Investment in Medios Cattri (Press Release) Mexican private equity firm PC Capital and Mexican private credit fund Altum Capital invested in Medios Cattri, a Mexico-based digital advertising company. The amount of the transaction was undisclosed. Read more
Crescera and Vulcan Acquire Minority Stake in Brazilian Fintech Nelogica for US$103m (em português) (Baguete) Crescera Capital and Vulcan Capital have acquired a minority stake in a Brazil-based fintech Nelogica for R$550m (approximately US$103m) at a reported valuation of R$2.9b (approximately US$542m). Read more
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Venture Capital News
LGT Lightstone Leads US$255m Series E in Brazilian Fintech Creditas (Press Release) Impact investment fund LGT Lightstone led a US$255m Series E in Brazilian fintech Creditas, with participation from Tarsadia Capital, e.ventures, Wellington Management, and Advent International affiliate Sunley House Capital, and follow-on from SoftBank’s Vision Fund and Latin America Fund, KaszeK Ventures, Vostok Emerging Finance, and Amadeus Capital Partners. Read more
KaszeK Ventures and QED Investors Lead US$62m Series B in Bitso (Press Release) KaszeK Ventures and QED Investors led a US$62m Series B in Bitso, a Mexican crypto exchange, with follow-on from Coinbase Ventures and Pantera Capital. Read more
IDB Invest and Blue Like an Orange Invest US$50m in Travel Network Selina (Press Release) IDB Invest and Blue Like an Orange invested US$50m in mezzanine financing in Selina, a Panamanian travel hospitality network with community vacation properties across Central America. Read more
Volpe Capital Reaches US$50m First Close for Early Stage Latin America Fund (em português) (NeoFeed) Volpe Capital, a VC fund founded by former SoftBank Managing Partner Andre Maciel, reached a US$50m first close with BTG Pactual as a second anchor investor. Read more
Temasek Invests US$20m in Brazilian Payments Processor Conductor (Press Release) Temasek invested US$20m in Conductor, a Brazilian payments processor and card issuance provider for fintechs, bringing the company’s latest round of funding to US$170m after Viking Global Investors led a US$150m round in October 2020. Read more
Blockchange Ventures and Pomp Lead US$5.25m Round in Colombian Fintech Valiu (en español) (La Repúblical) Blockchange Ventures and UK-based VC Pomp led a US$5.25m round in Valiu, a Colombian fintech focused on remittances and dollar-based accounts for international transfers in Colombia and Venezuela, with participation from Castle Island, Y Combinator, IDEO Colab, and Mercy Corps. Read more
Hetz Ventures Leads US$3.55m Round in Mexican Fintech Mozperplace Moss (Crunchbase News) Israel-based VC Hetz Ventures led a US$3.55m round in Mozper, a Mexico-based financial education platform for children, with participation from F-Prime Capital, Foundation Capital, and Secocha Ventures, and follow-on from DUX Capital and John Farrell. Read more
Mountain Nazca and Alma Mundi Ventures Lead US$3m Round in Spanish Healthtech Asistensi (Tech EU) Mountain Nazca and Spain-based VC Alma Mundi Ventures led a US$3m round in Asistensi, a Spanish healthtech providing insurance and telemedicine services to families of migrant workers staying in their home countries, to accelerate its expansion through Latin America. Read more
Jaguar Ventures, Investo, and Liquid2 Ventures Invest US$2.3m in Chilean Jüsto (en español) (Startups Chilenas) Jaguar Ventures, Investo, and Liquid2 Ventures invested US$2.3m in Jüsto, a Chilean e-commerce sales management platform. Read more
Valor Capital Group Leads US$2.2m Round in Brazilian Dolado (em português) (Startupi) Valor Capital Group led a US$2.2m round in Dolado, a Brazilian inventory and digital sales management platform for SMEs in city peripheries, with participation from Global Founders Capital, Norte Capital, Provence Capital, and partners from Lightspeed Ventures, and Expanding Capital. Read more
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Real Assets News
BCIE to Invest up to US$50m in KorBCIE (en español) (Press Release) Banco Centroamericano de Integracion Economica (BCIE) will invest up to US$50m in Fondo de Capital Privado de Infraestructura para el Desarrollo de Centroamerica (KorBCIE). The vehicle will focus on infrastructure projects across Central America. Read more
Digital Colony-Backed Highline to Acquire Brazilian Telecom Infrastructure Provider Phoenix Tower from Blackstone (Press Release) Digital Colony-backed Highline do Brasil has agreed to acquire Phoenix Tower do Brasil, a Brazil-based telecommunications infrastructure provider, from Blackstone. Equity financing for the transaction was provided by Digital Colony. Details of the transaction were not disclosed. Read more
SURA and Credicorp Launch Second Infrastructure Debt Fund with ~US$574m target (en español) (Press Release) SURA Investment Management and Credicorp Capital Asset Management, together called Unión para la Infraestructura S.A.C (UPI), launched a second infrastructure debt fund with a COP$1.5-2t (approximately US$574m) target. 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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