Latin American Private Capital Update - March 23, 2021Latin American Private Capital Update March 23, | | | 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. |
| Healthtech and edtech have been under-capitalized but promising areas of technology innovation in Latin America in recent years.
Entrepreneurs are innovating to drive increased access to healthcare and edtech across the diverse markets and constituents they serve.
Sponsored by the IDB Lab, the Healthtech and Edtech Startups in Latin America: 2021 Survey Results are a continuation of LAVCA's 2019 Inaugural Survey of Latin American Startups and highlights the progress on healthtech and edtech in the region.
The reports include a high-level overview of key insights and aggregate statistics from more than 60+ startups, including the number of companies registered as B-Corps or that are women-led, and the impact that these startups have had in promoting access to healthcare or education in their markets of operation. The research also includes a section dedicated to impact of COVID-19, and quotes from founders related to the future of their market and any challenges faced.
LAVCA Members can log into their accounts to access the list of participating startups and disclosed transactions. New members can register here for access.
ACCESS the full surveys on healthtech here and edtech here. | | |
| LAVCA, in collaboration with EMPEA, is pleased to announce the new Inside Private Capital series, a groundbreaking education training platform for GP and LP members.
LAVCA members are being given special consideration to participate in module one, Meeting LP Expectations on ESG, at the discounted rate.
This interactive, virtual training, targets the growing universe of managers committed to ESG outcomes.
The three-hour curriculum will be led by a practitioner faculty of LPs and GPs with deep expertise in ESG and ESG reporting.
The session will:
> Demystify various ESG and ESG reporting requirements
> Clearly define the relationship between ESG and ESG reporting, ensuring that best practices extend beyond a box-ticking exercise
> Articulate how to manage and staff the reporting function
> Provide a forum for participants to pose questions, interact, obtain relevant resources, and continue to expand their knowledge about ESG with experienced GP and LP practitioners
Future modules of the Inside Private Capital series will be developed for the Latin American investor community under the LAVCA education team’s leadership.
To receive further information on the registration process, please contact [email protected] | | |
| LAVCA looks forward to sharing its 2021 Industry Data & Analysis in the coming weeks. In the meantime, we are pleased to provide a sneak peek of key takeaways:
Exits: It was a record year with USD11.09b divested across 106 exits, largely driven by public markets activity mostly on the Brazilian stock exchange. Both PE and VC backed companies held major IPOs in 2020 and there is a slate of private capital backed companies that will IPO in 2021, so this trend will likely continue this year.
Investments: 2020 was a record year for investments overall with USD16.33b invested across 653 deals.
> Private Equity: Private Equity deals during the pandemic concentrated their investments on software, business/professional services and payments, and took an increased role in providing growth equity financing to companies in the region.
> Private Credit: LAVCA began tracking Private Credit in 2020 to reflect the increased importance of this asset class in the region. In 2020, Private Credit was the largest private capital asset class in terms of investment, with two landmark transactions; Oaktree Capital’s USD2.45b of LATAM Airlines and Apollo’s USD1b of Aeromexico.
> Venture Capital: Investment in 2020 will be the second best year on record, following a blockbuster 2019. The acceleration of digitalization trends due to the pandemic sustained fund manager interest in Latin American startups. While SoftBank was less active as it waited for its portfolio to mature after deploying billions, other global investors stepped in on major growth rounds.
> Infrastructure: Latin America’s rapid digital transformation has created opportunities for GPs investing in the data infrastructure sector. GPs are supporting the deployment of wireless infrastructure technologies through investments in fiber optic networks, internet service providers, telecommunications towers, and data centers.
Fundraising: Fundraising demonstrated surprising resiliency considering the pandemic and difficult macroeconomic conditions with just under USD7b raised across 51 fund closings for LATAM dedicated funds.
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| LAVCA Members can now download the 2021 Directory of Latin American Pension Funds which includes an analysis of the key markets, recent regulatory changes, directory of regulatory agencies and key contacts at the top pension funds in each country.
The Directory was written and prepared by the LAVCA Research Team. For data-related requests, contact [email protected].
DOWNLOAD the report: LAVCA members can login here to download the report. Non-members can buy the report here. | | |
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Private Equity News
Patria SPAC Files for USD250m IPO (Nasdaq) Patria Acquisition, a SPAC formed by Patria Investimentos targeting Latin American companies, has filed to raise up to USD250m in an IPO on the Nasdaq. Read more
Signal Capital Targets USD400m Secondaries Fund (Secondaries Investor) Brazil-based Signal Capital has targeted a USD400m fund focusing on the secondaries market. Read more
The Carlyle Group, Patria, Vinci Partners & Warburg Pincus Launch Instituto Órizon (em português) (Valor Econômico) The Carlyle Group, Patria, Vinci Partners and Warburg Pincus launched Instituto Órizon, an initiative for nonprofit organization (NGOs) to apply private equity management skills via social projects. Read more
Gramercy Funds Management and Andino Capital Create USD50m Joint Venture (en español) (LexLatin) Gramercy Funds Management and Andino Capital have created a USD50m joint venture for GAPIF (Fondo de Inversión de Oferta Privada). The fund will provide loans for mid-sized companies in Peru. Read more
FIDC Agro SGT Raises BRL48m (em português) (Startupi) FIDC Agro SGT, a credit fund created by TerraMagna, Sparta and Grano Capital, has raised BRL48m to finance distributors of agricultural inputs in Brazil. Read more
XP Investimentos to Launch Fund of Funds XP Selection Alternativo (em português) (Brazil Journal) XP Asset is seeking authorization from The Securities and Exchange Commission of Brazil (CVM) to launch a fund of funds and raise up to BRL1b. The fund plans to invest primarily in Brazilian private equity funds and may allocate up to 20% to international fund managers. Read more
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Venture Capital News
D1 Capital Leads USD425m Series D for Brazilian Proptech Loft (TechCrunch) D1 Capital led a USD425m Series D for Brazilian proptech Loft, at a reported USD2.2b valuation. Read more
Goldman Sachs Grants USD60m Line of Credit to Mexican Lending Platform Konfio (en español) (Press Release) Goldman Sachs has granted a USD60m line of credit to Konfio, a Mexican lending platform for SMEs. Goldman Sachs first invested in Konfio in 2019 through a USD250m credit facility alongside Victory Park Capital. Read more
DILA Capital SPAC Files for USD50m IPO (Renaissance Capital) DILA Capital Acquisition, a SPAC formed by DILA Capital targeting tech-enabled sectors in Latin America, has filed to raise up to USD50m in an IPO on the Nasdaq under the symbol DILAU. Read more
XP Asset Management Invests BRL50m in Convertible Debt in Brazilian Credit Platform Acqio (em português) (Startupi) XP Asset Management invested BRL50m in convertible debt in Acqio, a Brazilian credit and payments platform for SMEs. Read more
Astella Investimentos Invests BRL8m in Brazilian Healthtech Consultation Platform Assina Saúde (em português) (InfoMoney) Astella Investimentos invested BRL8m in Assina Saude, a Brazilian telemedicine and in-person consultation subscription platform for underserved Brazilians. Read more
Canary Leads BRL3.6m Round for Brazilian On-Demand Sales Talent Platform Cloud Humans (em português) (Startupi) Canary led a BRL3.6m round for Cloud Humans, a Brazilian on-demand platform connecting companies with independent sales professionals, with participation from Paulo Silveira (Alura Group), Fabien Mendez (Loggi), Marcelo Sampaio (Hashhdex) and Sergio Souza (Teleperformance). Read more
General Catalyst Leads BRL3.5m Round for Mexican Corporate Expense Platform Clara (TechCrunch) General Catalyst led a BRL3.5m round for Clara, a Mexican startup offering corporate expense management and credit cards for Mexico-based startups, with participation from Canary, Adapt Ventures and Picus Capital. Read more
Iporanga Ventures Leads BRL2.8m Round for Brazilian Complaint Resolution Platform Voe Tranquilo (em português) (Startupi) Iporanga Ventures led a BRL2.8m round for Voe Tranquilo, a Brazilian complaint resolution platform for airline passengers affected by delayed flights or connections and/or lost luggage. Read more
Adobe Capital Makes Undisclosed Investment in Chilean Pre-owned Cellphone Platform Rephone (en español) (AMEXCAP) Adobe Capital made an undisclosed investment in Rephone, a Chilean pre-owned cellphone platform. Read more
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Real Assets News
CPP Investments to Invest BRL1.178b in Iguá Saneamento Alongside IG4 Capital and AIMCo (Press Release) Canada Pension Plan Investment Board (CPP Investments) has agreed to invest BRL1.178b for a 45% stake in water and sewage service company Iguá Saneamento, partnering with other investors including IG4 Capital and Alberta Investment Management Corporation (AIMCo). Read more
Vinci Real Estate Acquires 50% Stake in Parque Logístico Pernambuco for BRL66.4m (em português) (SUNO) Vinci Real Estate, via its real estate fund VILG11, has acquired 50% stake in Parque Logístico Pernambuco for BRL66.4m. Read more
Cerberus Acquires 39.2% Stake in Brasil Brokers (em português) (Money Times) Cerberus has acquired 39.2% stake in real estate investment company Brasil Brokers. Financial terms of the transaction were not disclosed. Read more
Vinci Partners Raises BRL256m for New Water and Sewage FIP (Press Release) Vinci Partners has raised BRL256m for VIAS (Vinci Infraestrutura Água e Saneamento Fundo de Participações em Infraestrutura) fund, which will focus on investing private capital into the privatization of state-owned companies that provide water and sewage services for the Brazilian population. Read more
IEnova Closes the Acquisition of Energía Sierra Juarez for USD80m from Actis-backed Saavi Energia (en español) (Press Release) Infraestructura Energética Nova (IEnova) has closed the acquisition of the remaining 50% stake in Energía Sierra Juarez from Actis-backed Saavi Energia for USD80m. Read more
Titan Venture Capital of Piemonte Holding Acquires Oi’s Data Center Unit for BRL325m (S&P Global) Titan Venture Capital of Piemonte Holding has acquired Brazilian operator Oi's data center unit and related entities Telemar Norte Leste and Oi Móvel for BRL325m. Read more
Patria Closes Core Infrastructure Fund (Press Release) Patria has announced the closing of its first evergreen publicly-traded Core Infrastructure fund with approximately BRL800m in total commitments. The vehicle will seek to invest in high-quality, operational power generation and transmission assets in Brazil. Read more
EnfraGen Acquires Altra-backed Termovalle (en español) (Valora Analitik) Power generation platform EfraGen has acquired Altra-backed Termovalle, a natural gas plant in western Colombia. Financial terms of the deal were undisclosed. Read more
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| LAVCA Members receive a discount on select events. For information, contact Catalina Santos. |
The Association for Private Capital
Investment in Latin America
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