27 August 2026

MEMBER PROFILE

Starboard Asset Management | Fabio Vassel

LAVCA recently spoke with Fabio Vassel, CEO of Starboard Asset Management, about the firm’s approach to special situations investing in Brazil. He discussed Starboard’s focus on distressed-for-control investments, opportunities driven by Brazil’s prolonged ultra-high real interest rate environment and how the firm distinguishes between temporary financial distress and irreversible operational deterioration.

READ THE PROFILE

LAVCA DATA

Mid-Year 2026 LAVCA Industry Data & Analysis

PE investment reached USD4.4b in 1H 2026, the second-highest half-year total on record, behind only the USD5.2b deployed in 1H 2012. Private capital managers took advantage of corporations seeking to reduce their exposure to non-core markets, including General Atlantic’s USD2.5b investment alongside Mexican pension funds to acquire Citi’s stake in Banamex. Linzor Capital and Patria Investments’ pending USD1b acquisition of UnitedHealth Group’s South American assets through Banmédica remains subject to regulatory approval.

LAVCA’s Industry Data & Analysis is available on a quarterly basis as a benefit for LAVCA Members. The LAVCA Mid-Year 2026 Industry Data & Analysis highlights private capital transactions across Latin America in 1H 2026, with insights on investment trends by asset class, sector, and country, a VC activity breakout, fundraising trends, and key exits and listings shaping the region’s private capital landscape.

LAVCA Members can log in to download the Mid-Year 2026 Industry Data & Analysis Excel file. Non-members can purchase access to the data.

ACCESS DATA

LAVCA WEEK 2026

New Speakers Added

FEATURED SPEAKERS

Victor Muñoz

Managing Director, Equity Investments & Mezzanine

IDB Invest

Isaac Martinez

Investment Director

iAlumbra Capital

Maralty Ramirez Arroyo

Managing Director

BAL Ventures

Andrew Ziperski

Partner

General Catalyst

LAVCA Week convenes private capital investors from Latin America and around the globe each year for a series of meaningful discussions and private meetings covering the latest trends in private equity, venture capital and other private capital strategies.

LAVCA Members, non-member private capital investors and qualified institutional investors are invited to attend.

Early bird rates for LAVCA Members end Thursday, 10 September.

A limited number of guest rooms are available to conference attendees at a special rate. The deadline to reserve a discounted room is Monday, 31 August.

REGISTER NOW

DEAL CASE

Ashmore | Sociedad Portuaria SF Convias

In May 2020, Ashmore acquired SF Convías, the operator of a 5.4 km suburban road concession connecting Barranquilla’s port area with the city’s free trade zone and industrial corridor.

With Ashmore’s support, SF Convías restructured its debt, strengthened governance and management and modernized its maintenance and tolling systems. Between 2019 and 2023, traffic increased by 89% to more than one million vehicles, while revenue grew by 144% and EBITDA increased by 143%. Ashmore exited the investment through a sale to Globalvia in February 2024.

READ THE DEAL CASE

DEALS

◼︎ Uber invested in Galgo, a Chile-based motorcycle sales and financing platform. #VC

◼︎ Kaszek invested in TravelX, a US-based airline revenue management technology platform, as part of a Series A with participation from Thayer Ventures. The investment brought TravelX’s total funding to USD45m. #VC

◼︎ Brookfield and Celsia-backed Atera Energy plans to invest at least USD350m through 2030 in distributed generation and energy-efficiency infrastructure for industrial customers in Mexico. #RealAssets

◼︎ Credicorp Capital, through FCP Credicorp Capital Deuda Privada I, provided COP120b (~USD39.1m) in structured senior debt to a Colombia-based automotive company. #PrivateCredit

◼︎ Lucens Capital filed to raise a USD100m SPAC targeting companies with operations in Argentina. #PE

◼︎ Credicorp Capital, through FCP Credicorp Capital Deuda Privada I, provided COP26b (~USD7.3m) in structured senior debt to Naturmega, a Colombia-based nutraceutical company. #PrivateCredit

◼︎ Yellowstone Capital Partners, a Colombia-based Pan-American real estate investment manager, announced the monetization of its third fund and secured more than USD260m in commitments for its fifth real estate fund, which focuses on U.S. residential private credit. #RealAssets

◼︎ Next Utility Ventures, Augment Infrastructure and Norfund led a USD129m Series C for Erco, a Colombia-based renewable energy generation and storage company. #VC

◼︎ Credicorp Capital, through Fondo de Inversión Credicorp Capital Deuda Soles II, invested in a securitized bond program in Peru’s retail sector. #PrivateCredit

◼︎ Amapá Minerals, a Brazil-focused gold mining company backed by Starboard Asset, raised CAD140m (~USD101.7m) through an IPO on the Toronto Stock Exchange. #RealAssets

◼︎ Patria Investimentos reached a BRL550m (~USD106m) final close for its fourth venture capital fund focused on technology and financial services companies across Latin America. #VC

◼︎ Yellowstone Capital Partners, through the Yellowstone Flagship Opportunity Fund IV, invested COP220b (~USD70m) in Malachí, a residential real estate project in Soacha, Colombia. #RealAssets

◼︎ Battery Ventures and Kevin Efrusy led a BRL150m (~USD29.2m) Series D for Flash, a Brazil-based workforce management platform, with participation from Endeavor Catalyst. #VC

◼︎ Global PayTech Ventures led a USD45m Series B for Yuno, a Colombia-founded payments infrastructure platform, with participation from Andreessen Horowitz, Tiger Global, QuantumLight Capital, Monashees, KASZEK and others. #VC

PEOPLE & FIRMS

◼︎ Vinci Compass agreed to acquire Navi’s real estate platform, which has approximately BRL800m (~USD154m) in AUM across multi-strategy and residential real estate funds. #RealAssets