DEAL CASE

Linzor Capital | Sies Salud 

In December 2020, Linzor Capital Partners invested in Sies Salud, a Colombia-based healthcare service provider that offers treatment to patients suffering from chronic diseases through a comprehensive care model.

With Linzor's support, Sies Salud expanded its business model to serve a wider range of chronic diseases. The company currently has 24 outpatient healthcare centers across Colombia, alongside a mobile clinic circulating through the national territory to bring health services to underserved areas. In 2021, Sies Salud was named the best HIV healthcare provider by Colombia’s centralized regulatory body and its patients continue to report superior health results compared to national benchmarks. The company has also implemented solar panels in several clinics to reduce its carbon footprint, earned an environmental excellence certification from the Bogotá Environmental Authority and joined the Global Network of Green Hospitals in 2023.

OPEN FOR NOMINATIONS

11TH Annual LAVCA Deal Awards

Member GPs are invited to nominate a portfolio company by Friday, 31 January 2025. Portfolio company deals can be across any asset class, including private equity, VC/tech, private credit and real assets.

Categories for the 2025 LAVCA Deal Awards include:

• Private Capital Deal of the Year
• Environmental Responsibility
• Social Impact
• Gender/Diversity
• Innovation
• Better Tech

To submit a deal case for consideration, please email a completed nomination form to Marcelo Pizzato by 31 January 2025. Submissions will be judged by a panel of LPs and winners will be announced during a virtual ceremony in Q2 2025.

This is the final edition of Private Capital Update in 2024. We will resume biweekly frequency in 2025 after a brief break over the new year.

◼︎ Advent International acquired Siesa, a Colombia-based enterprise resource planning company. #PE

◼︎ Spectra Investments raised USD330m for its sixth Latin America Private Equity fund, which will dedicate 45% of capital to secondaries transactions. #PE

◼︎ Sapphire Ventures led a USD120m Series C for Tractian, a Brazilian industrial equipment maintenance management platform, with participation from General Catalyst, Next47, NGP Capital and DGF. #VC

◼︎ DGF reached a BRL200m (~USD35m) first close for its eighth fund focused on early-stage startups in Latin America. The fund has a BRL300m (~USD50m) target. #VC

◼︎ KASZEK led a BRL155m (~USD25.7m) Series B+ for Zig, a Brazil-based payments and event management system designed for the entertainment sector. #VC

◼︎ Patria Investments signed an MoU with an undisclosed Asian sovereign wealth fund, with terms including a USD500m SMA invested directly into Patria's funds and co-investments. #RealAssets

◼︎ Toesca Asset Management and Astarte Capital Partners launched a USD350m regenerative agriculture investment platform that will focus on investments in Chile and Latin America. #RealAssets

◼︎ Ribbit Capital led a USD20m Series A for Onze, a Brazil-based corporate pension plan management platform, with participation from Atlantico and Red Ventures. #VC

◼︎ JICA agreed to invest up to USD15m in the third Dalus Capital Fund, focused on startups across Latin America and the Caribbean. #VC

◼︎ Cometa led a USD12.5m Series A for Solvento, a Mexico-based debt financing platform for trucking companies, with participation from Quona Capital, Endeavor Fwd Fund, Ironspring Ventures and others. #VC

◼︎ QED Investors led a USD30m Series B for minu, a Mexico-based employee wellness platform, with participation from Redwood Ventures, Endeavor Catalyst, Flourish Ventures and others. #VC

◼︎ Alta Growth Capital exited Pequeño Caesarmex, the Mexico-based Little Caesars Pizza franchisee, via sale to Advanced Capital Group. #PE

◼︎ Macquarie Asset Management acquired a stake in the Mayakan Natural Gas Pipeline, which includes a partnership with Engie to carry out the construction of a new 700-km pipeline. #RealAssets

◼︎ Acrew, Quona Capital and NAZCA invested in a USD23m round for Mexico-based manufacturing and supply chain integrator Prima, bringing its total funding to USD42m. Other investors include Greenoaks, Canary, NXTP, Picus Capital, Endeavor, Fluent Ventures, K50 Ventures, Marathon Ventures and WTI. #VC

◼︎ Ashmore CAF-AM, a joint venture between Ashmore Group and CAF Asset Management, reached a USD405m first close for its second infrastructure debt fund in Colombia.

LAVCA RESEARCH