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ALI Membership Benefits Website Gain full access to the only available content discussing alternative asset classes within Latin America Full content of all articles and archives. Special Reports Latin American Infrastructure Investment: 2011 Latin Art Investment: 2011 Panama Outlook 2011 Latin American Real Estate Investment: 2010

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Christina Kappaz brings a unique perspective to bear on private equity (PE) and venture capital (VC) investment in Latin America. She is an associate at Cimarron Capital Partners, a firm that has managed regional funds of funds in such U.S. states as Iowa, Oklahoma and Arkansas for close to two decades, helping them develop fund-focused and market-driven approaches to investment. While the firm worked in these essentially emerging market spaces in the U.S., its managers and directors were active in industry-building activities and were among the early members of the ILPA and, through an affiliate firm, helped launch the Latin American Venture Capital Association (LAVCA)  ...

Colombia’s taxation offers some "hidden" surprises for small and mid cap PE investors. The DIAN (Colombian IRS equivalent) and other local taxing authorities have created some rules that complicate the lives of investors unnecessarily. However, with a well-managed strategy, companies can minimize the impact. Here is a primer, but by no means an exhaustive explanation, of what to expect. Multiple relatively independent taxing authorities: In addition to the DIAN, your business in Colombia will be subject to a number of other local taxes. Perhaps the best example would be the states’ franchise tax ...

Private Equity investing is usually limited by the firm’s ability to protect its capital.  In the Latin America of today a good PE investor can find opportunities to make high returns with relatively lower risk than 10 to 20 years ago.   This is mainly due to the newfound stability in countries like Peru, Colombia, Chile, and Brazil.  This high return/low risk can only be accomplished by managing risks.  Finding the right local adviser is therefore key unless someone on your team is intimately familiar with the methods and structures for doing business in that particular country.  If there’s a hedge in cross-border Private Equity it is precisely in finding the right local partners ...

As foreign investors have flooded the Brazilian market in recent years, much of their capital has gone toward select blue-chip companies with international reputations, leading to increases in competition, prices, and multiples.  “There is some overcrowding at the high end of the market, where there are fewer companies,” said Duncan Littlejohn, the Latin American representative at Paul Capital, a global alternative investment firm.  “Traditionally you´ve had a handful of players and managers that have been active in that space, and now they are being joined by a number of U.S. and European private equity managers that have come in for big deals.” ...

In the coming years, a strong secondary market will emerge in LatAm – and particularly Brazil – for funds launched toward the middle or end of last decade, offering foreign and local LPs new investment and exit opportunities. According to Duncan Littlejohn, the Latin American representative at Paul Capital, a global alternative investment firm that includes a US$1.6 billion fund for secondary assets in emerging markets, the LatAm secondary market is only in its infancy.  “If you think of the inventory of existing LatAm funds,” he says, “the bulk of them were raised 2007 onwards, so most of the funds aren´t yet five years old ...

In the midst of the Brazilian economy´s continuing surge – it grew 7.5% in 2010, its highest rate of growth in twenty-five years, and is forecast to grow another 4% this year – some skeptics have emerged warning of an overheating system and a swelling bubble poised to burst.  They are particularly concerned with the soaring real estate prices in São Paulo and Rio de Janeiro and a booming middle-income housing market fueled by unprecedented levels of consumer credit being dispensed to the enormous and growing middle class.   Paul Marshall, the CEO of Marshall Wace ...

 One of the major stories of the Brazilian boom is the growth of its domestic consumer market fueled by a swelling middle class with rising purchasing power.  This middle class, or Class C (according the official class stratification scheme), with family incomes between US$750 and US$3,229 a month, has grown by almost 40 million since 2003, and now includes about 105 million people, or half the Brazilian population, accounting for nearly half of the country´s total purchasing power.  Class AB (the upper-middle and upper classes) has also grown in the last decade.  All classes of the population are spending more … 

 This is perhaps the mother of all issues when considering the more common challenges in successfully raising private equity capital. And it’s not an issue solely relevant to Brazil and/or Latin America, as it is an issue facing any early-stage or middle-market company worldwide looking to raise capital via the private equity market. It is the subject of much frustration among private equity professionals and company executives alike, and perhaps the single most common reason why most potential transactions reach an unfortunate and untimely death. Let’s first remember that a principal factor of the current financial crisis was … 

 After a decade of steady growth Central America is weathering the global financial downturn comparatively well and continues to offer regional opportunities for private equity. Historically, this small, diversified region has suffered from armed conflict, political instability, weak institutions and a lack of legal frameworks and enforcement. However, stable democratic governments allied with disciplined fiscal policies brought an unprecedented period of growth in the past decade with steady growth rates on average above 5%. According to IMF figures from 2006 Central America with 5.5% Real GDP growth was second only to Latin America … 

 Brazil is quickly becoming a political and economic leader in Latin America and the world. As with the rest of the global economy, Brazil entered into a recessionary period in 2009, but economic data that have been emerging from the Instituto Brasileiro de Geografia e Estatística (“IBGE”) increasingly point to a stabilization in the economy, further suggesting that the country has perhaps been less impacted than other markets in this global recession. After the 4.4% quarter-on-quarter decline in 4Q08 and a subsequent 3.5% decline in 1Q09, the country’s GDP reached US$417.8 billion at 2Q09, up 5.2% …