Latin American Private Capital Update - August 11, 2021Latin American Private Capital Update August 11, 2021 | | | 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 week: HIGHLIGHTED keynote sessions & speakers | | |
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 20-23, 2021.
This year’s agenda prioritizes targeted breakout groups and private meetings to create synergies and facilitate networking.
Highlighted keynote sessions include:
> Keynote with Henry McVey, Head of the Global Macro and Asset Allocation, KKR on the latest global macro trends
> Keynote Interview: Building Sustainable Investments with Emmanuel Jaclot, Executive Vice President and Global Head of Infrastructure of CDPQ
> Fireside Chat: Global Credit Markets with Andrew Edgell, Senior Managing Director and Global Head of Credit Investments of CPP Investments
Participation is now open to LAVCA members, non-member private capital investors and qualified institutional investors.
This year's program will be a fully immersive experience including:
• Live Main Stage Sessions with Unique Keynotes and Panels
• Interactive Breakouts
• Private Roundtables and Meetings
• Interactive Networking Opportunities
• Personalized Introductions
Access the agenda at a glance (topics and timing subject to change).
REGISTER NOW at the early bird rate.
Access more information on LAVCA Week and/or contact LAVCA's Director of Events Kaela Kennedy with any questions. | | |
| 🏆 LAVCA's Seventh Annual Latin American Private Capital ESG Deal Awards recently awarded Advent International the 2021 Environmental Responsibility Award for their investment in Brazilian national park services operator Grupo Cataratas.
Since Advent’s investment in 2014, Grupo Cataratas’ multiple assets were consolidated into one centralized holding company. Cataratas inaugurated three additional parks (AquaRio, Bio Parque do Rio and Marco das Três Fronteiras) and implemented centralized cross-selling initiatives that resulted in a revenue CAGR of 23% between 2014 and 2019. The company is a leading example of an effective public-private partnership for the conservation of Brazil’s biodiversity through sustainable tourism and environmental education. Cataratas has invested over BRL30m (~USD5.8m) in R&D efforts for the recovery and conservation of biodiversity in protected areas. In addition, the company implemented a social and environmental management tool called SistemaECO to track various eco-efficiency indicators, including use of water, energy efficiency, animal well-being, solid and liquid waste, safety, stakeholder relationships and community engagement.
DOWNLOAD LAVCA's deal case featuring Advent International's investment in Grupo Cataratas here.
VIEW the full list of winners of the Seventh Annual Latin American Private Capital ESG Deal Awards here.
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| The Sustainable Finance Disclosure Regulation (SFDR) went into effect in Europe in March 2020, creating important new requirements for fund managers seeking to raise capital on the continent, as well as for ESG reporting.
The webcast will take place on Thursday, September 9, 2021 at 9:00am ET.
In this timely session, we will explore:
• Key elements of the SFDR, and how funds have been managing the new requirements
• The impact of the reporting for fund managers in Asia, Latin America, Africa, CEE and the Middle East
• Expected changes in ESG reporting • How ESG reporting may evolve beyond Europe Featured speakers:
> Phil Davis, Director of ESG, Helios Investment Partners
> Jin-Hyuk Jang, International Counsel, Debevoise & Plimpton
> Patricia Volhard, Partner, Debevoise & Plimpton
REGISTER here. Complimentary access for LAVCA member GPs and FoFs. Non-member GPs & FoFs pay USD375.
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Private Equity News
Warburg-Backed Petz Acquires Zee.Dog for BRL715m; TreeCorp, Atmos, Quartz Exit (LABS News) Petz, a Brazilian pet products retailer backed by Warburg Pincus, acquired Brazilian marketplace for pet goods Zee.Dog for BRL715m, facilitating an exit for TreeCorp Investimentos, Quartz, Atmos Capital and Charles River Capital. Read more
XP SPAC Raises USD200m on the Nasdaq (LABS News) XPAC Acquisition Corp, a SPAC formed by XP Investimentos, raised USD200m in an initial public offering on the Nasdaq. The SPAC is interested in Brazilian companies in the healthcare, financial services, consumer and retail, technology and education sectors. Read more
Aqua Capital-Backed AgroGalaxy Raises BRL349.9m IPO (em português) (Press Release) Aqua Capital’s AgroGalaxy, a holding company bringing together Aqua Capital’s agribusinesses, raised BRL349.9m in its IPO on B3. Read more
IG4 Capital Acquires ~34% Stake in Peruvian Infrastructure Platform Aenza (Press Release) IG4 Capital, through IG4 Private Equity Fund II and managed accounts, acquired a 33.87% stake in Aenza, a Peru-based infrastructure platform, for USD58m. IG4 Capital, now the company’s largest shareholder, will also deploy an additional USD22m to invest in convertible debentures alongside a syndicate of creditors to secure working capital to Aenza in the short term. Read more
CPP Investments Converts Preferred Shares for 12.4% Stake in SmartFit (The Rio Times) Brazil-based gym chain SmartFit raised at least BRL2.3b in its IPO. Existing investor CPP Investments converted preferred shares to common for a 12.4% interest in the company. CPP Investments originally invested in the company in 2019. Read more IFC and Alta Growth Capital Invest USD9.8m in Mexico’s Lottus Education (IFC) IFC and existing investor Alta Growth Capital invested USD9.8m in Mexico-based higher education company Lottus Education. Read more
Lucens Capital Acquires Summum Energy (Press Release) Lucens Capital acquired Summum Energy, an oilfield services company in Colombia, for an undisclosed amount and entered into definitive agreements to execute a business combination of Summum Energy with ProdEng Chile. Read more
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Venture Capital News
Prosus Invests USD200m in Brazil’s Movile (Press Release) Prosus Ventures invested USD200m in follow-on financing in Brazil-based internet holding Movile. The capital will go towards expanding Movile’s companies, including iFood, MovilePay, Zoop and Mensajeros Urbanos. Read more
General Atlantic and SoftBank Lead ~USD125m Round for Brazilian Digital Protection Platform unico (LABS News) General Atlantic and SoftBank led a ~USD125m round for unico, a Brazilian digital identity protection platform, with participation from Big Bets and Micky Malka (Ribbit Capital), at a reported USD1b+ valuation. Read more
SoftBank Leads ~USD116m Series C for Brazilian ERP Omie (em português) (NeoFeed) SoftBank led a ~USD116m Series C for Omie, a Bazilian ERP for SMEs, with participation from Dynamo, VELT, Hix Capital, Bogari Capital and Brasil Capita, and follow-on from Riverwood Capital and Endeavor Catalyst. Read more
General Atlantic Leads USD70m Series B for Edtech Crehana (Press Release) General Atlantic led a USD70m Series B for Crehana, a Mexico- and Peru-based upskilling platform for corporates and retail consumers. This is the second largest known round for a Latin American edtech startup after Brazil's Descomplica raised USD84.5m in a round led by Invus Opportunities and SoftBank in February. Read more
Acrew Capital and Renegade Partners Lead USD50m Round for Colombian Proptech La Haus (TechCrunch) Acrew Capital and Renegade Partners led a USD50m round for La Haus, a Colombian residential real estate platform. Read more
IDC Ventures, Digital Bridge and IDB Invest Lead USD50m Series C for Colombian Grocery Delivery Platform Merqueo (Press Release) IDC Ventures, Digital Bridge and IDB Invest led a USD50m Series C for Colombian grocery delivery platform Merqueo, with participation from MGM Innova Group, Celtic House Venture Partners and Palm Drive Capital. Portland Private Equity led a USD14m round in 2019. Read more
SoftBank Leads ~USD30m Series B for Brazilian Investment Brokerage Avenue Securities (em português) (Press Release) SoftBank led a ~USD30m Series B for Avenue Securities, a US-based investment brokerage bridging US opportunities with Brazilian retail investors, with participation from Igah Ventures. Igah Ventures made an undisclosed investment in 2020. Read more
Kaszek Leads USD30m Round for Chilean Lending Platform Xepelin (Tech Crunch) KASZEK led a USD30m round for Xepelin, a Chilean account receivable-based lending platform for SMEs, with participation from Cathay Innovation; MSA Capital, FJ Labs and Gilgamesh Ventures, and follow-on from Picus Capital, Kayyak Venture, Amarena and angel investors Carlos Garcia (Kavak), Jackie Reses (Square Capital), Ricardo Weder (Jüsto), John Curtius (Tiger Global), Hans Tung (GGV) and Gerry Giacoman (Clara). Read more Brazilian Proptech EmCasa Raises ~USD22m Round (em português) (MoneyTimes) EmCasa, a Brazilian proptech for buying and selling residential real estate, raised a ~USD22m round from Globo Ventures, Igah Ventures, Flybridge Capital, monashees, MAYA Capital, Pear VC, NBV and ONEVC. Read more monashees and Base10 Partners Lead USD20.4m Series A for Mexican Vendor Platform Yaydoo (LABS News) monashees and Base10 Partners led a USD20.4m Series A for Yaydoo, a Mexican vendor payment automation platform for companies and SMEs, with participation from SoftBank and LEAP Global Partners. Read more
monashees And Spark Capital Lead USD20m Series A for Brazilian Fintech Nomad (LABS News) monashees and Spark Capital led a USD20m Series A for Nomad, a Brazilian fintech offering US checking accounts for Brazilian residents. Read more Thrive Capital Leads USD20m Series A for Brazilian HRtech Pipo Saúde (TechCrunch) US-based VC Thrive Capital led a USD20m Series A for Pipo Saúde, a Brazilian employee health plan management platform. Read more
Kingsway Capital Leads USD16.3m Series A for Argentine Crypto Platform Lemon (en español) (Press Release) Kingsway Capital led a USD16.3m Series A for Lemon, an Argentine crypto banking platform, with participation from Valor Capital, Draper Associates, Cadenza Ventures, Amagis Capital, Coinbase Ventures, Borderless Capital, Reserve, Draper University Ventures, Celo, Grupo Supervielle and Andrés Bilbao (Rappi), and follow-on from Draper Cygnus. Read more
monashees Leads USD13.5m Series A for Argentine Edtech Coderhouse (en español) (InfoTechnology) monashees led a USD13.5m Series A for Coderhouse, an Argentine data science and app development education platform, with participation from YC and angels David Velez (Nubank) and Guillermo Rauch (Vercel). Read more
Quona Capital Leads USD12m Series A for Chilean Payments Platform Global66 (en español) (Diario Financiero) Quona Capital led a USD12m Series A for Global66, a Chilean cross-border payments platform, with participation from Magma Partners and Clocktower Technology Ventures, and follow-on from Venrex Investment Management. Global66 raised a USD3.25m round led by Venrex Investment Management in 2020. Read more
Cometa and F-Prime Capital Lead USD5.8m Seed Round for Guros (en español) (Excelsior ) Cometa and F-Prime Capital led to a USD5.8m seed round for Guros, a Mexican car insurance marketplace, with participation from Clocktower Technology Ventures and Insurify, and follow-on from LEAP Global Partners and Magma Partners, at a reported USD30m valuation. Read more |
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Real Assets News
GLP Reaches BRL2.6b Final Close for Brazil Development Fund (GLP) GLP reached a BRL2.6b final close for its GLP Brazil Development Partners II, a logistics-focused vehicle that will develop nine Class-A logistics parks in São Paulo submarkets. Read more
Mexico Infrastructure Partners Raises ~MXN22b via Fibra E (en español) (El Economista) Mexico Infrastructure Partners, an investment fund manager specialized in infrastructure and energy sectors, issued its first investment trust in energy and infrastructure (Fibra E) in the Mexican Stock Exchange and obtained capital for a total of ~MXN22.1b. Read more
GIP Acquires 49% Stake in Chile Renovables for USD441m (AES Andes) Global Infrastructure Partners (GIP) acquired a 49% stake in Chile Renovables, a renewable energy affiliate of Latin American power company AES Andes SA, for USD441m. Read more I Squared Capital to Acquire KIO Networks (I Squared Capital) I Squared Capital, through its ISQ Global Infrastructure Fund III and ISQ Growth Markets Infrastructure Fund, agreed to acquire KIO Networks, a digital infrastructure service provider in Mexico, for an undisclosed amount. Read more
Infraestructura en Colombia CAF-AM Ashmore I Provides USD75m Senior Loan to Autopista Rio Magdalena (en español) (LexLatin) Infraestructura en Colombia CAF-AM Ashmore I, a fund managed by CAF Asset Management and Ashmore Group, provided a USD75m senior loan to Autopista Río Magdalena, a Colombian concession company and subsidiary of the Spanish company Aleatica, as part of a USD747m financing package for the development of the Río Magdalena 2 toll highway in Colombia. Read more
Brookfield Acquires Aldo Solar (Brazil Journal) Brookfield acquired Aldo Solar, a distributor of solar home generators in Brazil, for an undisclosed amount. The closing is scheduled for the end of August. Read more |
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| LAVCA Members receive a discount on select events. For information, contact Kaela Kennedy. |
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Investment in Latin America
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