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Private Equity & Venture Capital in La4n America
Jamaica Venture Capital Conference September 9, 2013
Cate Ambrose President & Execu4ve Director La4n American Private Equity & Venture Capital Associa4on
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LAVCA Overview
Mission § To spur regional economic growth by advancing venture capital and private equity
investment through programs of research, networking, investor educa4on, the promo4on of best investment prac4ces, and the advocacy of sound public policy.
Members § LAVCA’s membership is comprised over 150 firms which control assets in excess
of US$50 billion, directed at capitalizing and growing La4n American businesses. § Some of the best known global and regional fund managers are members of LAVCA:
LAVCA is supported by:
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Research and Products
2012 LAVCA Industry Data and Midyear Reports § Cited in multiple publications including, WSJ.com, NYTimes.com,
Bloomberg BusinessWeek, Reuters, Private Equity International, and peHUB Wire.
2011 LAVCA Scorecard § Produced in collaboration with the EIU the LAVCA Scorecard
ranks 12 countries based on 13 indicators.
The Latin America PE VC Report
The Latin America PE VC Report is the official newsletter of the Latin American Venture Capital Association.
LAVCABase
The Latin American Investor Network, is the only comprehensive online database of Latin America private equity and venture capital fund managers.
Coller Capital / LAVCA LP Survey The first comprehensive survey of Latin American PE of its kind, providing a unique perspective of the issues and opportunities facing private equity investors in the region.
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5 years of PE/VC AcGvity in LatAm
© 2013 LAVCA Industry Data
• 34 Billion raised by more than 200 funds
• 964 LatAm companies backed by PE Funds, with investments of 29.4 Bn
• 375 LatAm companies backed by VC Funds, with investments of US$ 1.3 Bn
Private Equity 61.1%
Venture Capital 38.9%
PE/VC Investments in LatAm by Type (# of Deals, 2008-‐2012)
Seed/Incubator 14%
Early Stage 42%
Expansion Stage 44%
VC Investments in LatAm by Stage (# of Deals, 2008-‐2012)
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5 years of PE/VC AcGvity in LatAm
© 2013 LAVCA Industry Data
PE/VC Investments in LatAm by Country (in USD million and # of Deals, 2008-‐2012)
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Silicon Valley heads to LatAm
© 2013 LAVCA Industry Data
With LatAm PorYolio Companies
With LatAm PorYolio Companies & Local Offices
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Member Firms in the VC space
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A New Era for VC Investments
Seed, Early and Expansion Stage Investments (in # of deals, 2010-‐2012)
Seed, Early and Expansion Stage deals grew 47% in 2012 compared to 2011.
© 2013 LAVCA Industry Data
Brazil accounted for 2/3 of VC investments, followed by Chile (10%) and Argentina (6%).
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A new generaGon of IT deals
Deals in the IT Sector in LaGn America (in # of deals, 2008-‐2012)
© 2013 LAVCA Industry Data
The number of IT deals in Latin America have grown faster than any other sector in the last five years, driven by early stage investments
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A New Era for VC Investments
Highlighted VC Investments E-commerce
Others
Education
Healthcare
Mobile games
© 2013 LAVCA Industry Data
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The Ecosystem explodes in LatAm Incubators & Business Accelerators Public Support
Angel Investor Networks
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Case Study:
Angel Capital
Early Stage Capital
Expansion Capital
© 2013 LAVCA Industry Data
Funding a Start-‐up
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LAVCA Scorecard
Countries are ranked based on the following indicators
• Laws on VC/PE fund formation and operation
• Tax treatment of VC/PE funds and investments
• Protection of minority shareholder rights
• Restrictions on local institutional investors
• Protection of intellectual property rights
• Bankruptcy regulation
• Capital market development and feasibility of local exits
• Registration/reserve requirements on inward investments
• Corporate governance requirements
• Strength of the judicial system
• Perceived corruption
• Use of international accounting standards
• Entrepreneurship
© 2013 LAVCA Industry Data
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LAVCA Scorecard – 2013 Ranking
Overall score – 0-‐100 where 100=best environment
© 2013 LAVCA Industry Data
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LAVCA Scorecard – 2013 Ranking
Entrepreneurship Scored from 0-4 where 4=best
UK
Argen4na Brazil Chile Colombia Mexico
Costa Rica Dominican Republic El Salvador Peru Trinidad & Tobago Uruguay
Panama
© 2013 LAVCA Industry Data
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LAVCA Scorecard – 2013 Ranking
ProtecGon of minority shareholder rights Scored from 0-4 where 4=best
UK
Brazil Chile Colombia Mexico
Argen4na Dominican Republic Panama Trinidad & Tobago Uruguay
Costa Rica El Salvador Peru © 2013 LAVCA Industry Data
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LAVCA Scorecard – 2013 Ranking
Intellectual Property Rights
© 2013 LAVCA Industry Data
Scored from 0-4 where 4=best
UK
Chile Costa Rica Trinidad & Tobago
Argen4na Brazil Colombia El Salvador Mexico Panama Peru Uruguay
Dominican Republic
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LAVCA Scorecard – 2013 Ranking
Bankruptcy procedures
© 2013 LAVCA Industry Data
Scored from 0-4 where 4=best
UK Brazil Chile Uruguay
Argen4na Colombia El Salvador Mexico Panama Peru Costa Rica Trinidad & Tobago
Dominican Republic
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Thank You!
Regional Office Av. Figueroa Alcorta 3351, office 001 Buenos Aires,
Argen4na, 1425 Tel: +54.11.4806.1154
New York Headquarters 589 Eighth Avenue, 18th floor New York,
NY 10018 Tel: 1.646.315.6735 Fax: 1.646.349.1047
Cate Ambrose a
President [email protected]