Latin America’s private equity and venture capital industry, like its economy, has taken a few knocks lately. Growth has slowed sharply across much of the region; Brazil, the largest market, issuffering a serious recessionwith no end in sight, and foreign capital has been flowing out of the area recently, part of the global retreat fromemerging markets。
然而，由于许多国家的小型和中型球员的兴起以及墨西哥的投资活动繁荣，这一行业在令人惊讶的情况下，在墨西哥的投资活动中的繁荣，这是令人惊讶的。
Mexico offers two big attractions, industry executives say. The liberalization of the energy sector by the government ofPresident Enrique Peña Nieto正在为投资者开辟新的机会。1月份，墨西哥墨西哥城市私募股权公司墨西哥基础设施合作伙伴表示，通过发布结构性股权安全，将筹集4280万美元的能源投资。
此外，墨西哥养老基金越来越多地占据外国投资者留下的懈怠，并致力于私募股权。这是一个积极的发展，因为资金 - 管理机构De Fondos Para El Retiro - 在资产中总计2.5万亿比索（1400亿美元）。
“Whenever an international flight to quality has taken place in the past, it has been impossible for private equity managers in Latin America to continue fundraising,” says Fernando Lelo de Larrea y de Haro, managing partner at ALL Venture Partners, a Mexico City–based early stage private equity firm. “This time round things are different because local pension funds have a great deal of dry powder and are carrying on financing the industry, especially the local managers. The local industry has become much more resilient.”
Private equity and venture capital firms invested a record $2.3 billion in Mexico in 88 transactions in 2015, according to the Latin American Private Equity and Venture Capital Association (Lavca), a New York–based group. Those numbers were up 72 percent and 80 percent, respectively, from 2014. In Brazil, by contrast, investment fell by 31 percent, to $3.2 billion. Much of the decline simply reflected the weakness of the Brazilian real; in local currency terms, the fall was a more modest 11 percent.
“Emerging markets never grow in a straight line and Brazil is no exception, but I think the country’s problems are a bit exaggerated,” says Álvaro Gonçalves, CEO of São Paulo–based Stratus Group, one of Brazil’s biggest private equity managers. “For example, the cinema industry — a market in which we invest — grew by 25 percent last year. The whole country is still working hard. It is only a few big, state-owned companies that are suffering.”
巴西去年的经济萎缩了3.8％，分析师认为，随着所谓的洗车腐败丑闻继续瘫痪政府总统帝国卢苏夫夫和关于她的弹劾或辞职的燃料猜测。国际货币基金组织预测今年将经济下降3.5％。
Yet the sharp decline of the real, which has plunged by nearly 30 percent against the dollar since the end of 2014, has a silver lining for the PE industry, making assets cheaper for foreign buyers. Deal flow may be down but London-based CVC Capital Partners opened a São Paulo office early this year, headed by Jean-Marc Etlin, the ex-CEO of investment bankItaú BBA那to cover Brazil and Latin America. Canada Pension Plan Investment Board is looking to boost its exposure to Brazilian real estate and infrastructure, says Rodolfo Spielmann, head of Latin America for the pension fund.
Brazil’s economic difficulties are also creating opportunities for distressed investors. In December, Brasil Plural, a Brazilian structured finance specialist, raised a 150 million reais ($40 million) distressed fund.
拉维加的说法，拉丁美洲的拉丁美洲总筹款从2014年的103.9亿美元下降到72.1亿美元。巴西几乎占据了所有下降，比去年仅筹集了25.8亿美元，而2014年的55.6亿美元，当时三家公司筹集了十亿美元的基金。Advent International主要在巴西，墨西哥和哥伦比亚收集21亿美元的投资;巴西投资课程由Blackstone集团拥有40％的巴西店，筹集了18亿美元的买断基金，专注于巴西，GáveaInvestiments筹集了11亿美元的基金。
去年该地区的大部分资金in the range of $100 million to $750 million. “We have seen an increased number of midmarket funds being raised by Latam managers in the last couple of years, indicating a growing community of local funds,” says Cate Ambrose, president of Lavca. “We have also witnessed a rise in co-investment, whereby an international firm with considerable financial firepower invests alongside a local manager, who has a strong network of local contacts.”
Private equity executives express growing optimism about the prospects for investment in Argentina following the election last year ofPresident Mauricio Macri，终止了14年的遗传规则的商务友好政治家。他们说，活动在哥伦比亚和秘鲁举起良好的，而智利遭受投资者信心的下降。从这个原因是Sembrador Capital de Riesgo，专门从事专门支持农业综合企业初创企业的公司，最近在哥伦比亚而不是智利筹集了1500万美元的基金。
“在智利中，国际投资者不仅是因为担心而不是支持市场emerging markets一般来说，当地投资者变得非常不愿意投资，“首席执行官Jorge Karadima说。“另一方面，哥伦比亚是该地区增长最快的主要经济体之一，以及秘鲁。正在投资大量新鲜资本，包括当地养老基金。“
根据Lavca的说法，去年公司去年通过68美元的优惠投资22亿美元，从2014年的25.8亿美元和78份优惠。近一半的2015年交易是信息技术（IT）和与消费者相关的部门。风险投资公司去年将投资增长13％至5.94亿美元，其中致力于IT部门5亿美元。
尽管有力量的袋，但该行业面临着一些显着的逆风，包括抑制估值。许多经理人决定坐在资产上，而不是在今天的沮丧价格和预订损失时销售。拉维加的说法，拉丁美洲私募股权基金仅在2015年出售了30亿美元的持股，这是自2009年以来的最低水平。阿布罗斯说，今年销售可能会再次下跌。
在翻盖方面，管理人员表示，该地区的经济困难使公司更容易招募人才。“经济危机意味着更多高质量的专业人士可以为技术初创企业工作，”NXTP实验室的创始合伙人Ariel Arieta表示，Buenos Aires为基础的基金的建立合作伙伴，其中15名以上的技术初创公司支持了超过160个技术初创企业国家。“目前，没有竞争来自大公司的才华横溢的员工。”•