LAVCA RESEARCH

Q3 2025 Industry Data & Analysis

LAVCA just released its Q3 2025 Industry Data & Analysis report.

Natural resources are taking root in institutional portfolios, primarily driven by growing interest in timberland and critical minerals. Pension funds and development banks are increasingly seeing natural capital as a strategic asset class in Latin America, not only through the lens of uncorrelated and stable returns, but also as a tool to pursue environmental outcomes and policy objectives.

LAVCA Members can log in to download LAVCA’s Q3 2025 Industry Data & Analysis Excel report. Non-members can purchase to access the data. 

DEAL CASE

SPX Capital & Lightrock | ComBio Energia

In July 2023, SPX Capital and Lightrock invested in ComBio Energia, a Brazil-based developer and operator of biomass-fired boilers that convert organic materials into thermal energy for industrial clients.

With SPX Capital and Lightrock’s support, ComBio launched two new facilities in partnership with Ingredion and expanded its steam generation capacity, operating 13 boilers nationwide with a combined capacity of over 750 tons per hour. The company also strengthened its management team and secured additional debt financing from IFC and BNDES. Since 2012, ComBio’s steam generation projects have prevented an estimated 3.5 million tons of greenhouse gas emissions. The company estimates that its clients have slashed carbon dioxide emissions by an average of 90%, while reducing energy costs by 30-50%.

CALL FOR NOMINATIONS

2025 LAVCA Women Investors in Private Capital

Nominations are now open for LAVCA's longstanding annual lists of Top & Emerging Women Investors in Latin American Private Capital.

Complete the form below to nominate senior-, mid- and junior-level female investment professionals in private capital (VC, PE, Real Estate, Infrastructure, Natural Resources, Private Credit) and female angel investors investing in 3 or more LatAm tech startups per year (over USD50k directly into startups)
 
Nominees must actively lead or participate within the investment team at their firms in order to be eligible for consideration.

Nominations close next Wednesday, 19 November.

◼︎ Ant International invested in R2, a Mexico-based embedded lending platform for consumer-facing applications. #VC

◼︎ Patria Investments-backed Omnia and Casa dos Ventos to build a BRL50b (~USD9.3b) Brazil-based data center for ByteDance. #RealAssets

◼︎ CVC Capital Partners closed the acquisition of GSH, a Brazil-based healthcare services provider, for BRL1.6b (~USD298.7m). #PE

◼︎ Credix, a Brazil-based credit platform, raised a USD90m equity and debt round with participation from Patria Investments, BTG Pactual, Valor Capital Group, Prisma Capital and ParaFi Capital. #VC

◼︎ Way, Kinea’s toll road platform, secured two highway concession contracts totalling BRL9.7b (USD1.84b) in investments. The group won the auction for Rota Sertaneja and Rota Agro to build roads in the states Mato Grosso, Goiás and Minas Gerais. #RealAssets

◼︎ Lucens Capital acquired the Chilean franchise operations of Chili’s and P.F. Chang’s from Mexico-based restaurant operator Alsea. #PE

◼︎ Patria Investments reached a USD140m first close for its private equity fund focused on investing in Colombia. #PE

◼︎ Siguler Guff acquired a 20% stake in Lass Legal Capital, a Brazil-based investment manager specializing in legal assets. #PrivateCredit

◼︎ Astarte Capital Partners and SilviPar launched their second Impact Forestry Fund focused on greenfield projects in Paraguay, with USD80m in capital commitments. #RealAssets

◼︎ Ecosystem Integrity Fund led a USD45m Series B for Vammo, a Brazil-based battery swapping startup for electric bikes, with participation from Qualcomm Ventures, Endeavor Catalyst, monashees and others. #VC

◼︎ XP invested in ACT Investimentos, a Brazil-based investment firm. #PE

◼︎ Brookfield acquired Pampa Transmissão de Energia, a Brazil-based transmission company. #RealAssets

◼︎ IFC led a USD30m Series B for ISA Saúde, a Brazil-based at-home medical service, with participation from IDB Lab, Dalus Capital, Endeavor Catalyst and others. #VC

◼︎ Auster Capital invested BRL80m (~USD15m) in Best Açaí, a Brazil-based self-service açaí franchise. #PE

◼︎ IFC invested USD10m in EcoEnterprises Partners’ fourth fund, focused on nature-based climate solutions in Latin America and the Caribbean. #PE

◼︎ eB Capital launched Flying Rivers Capital, a spin-off from the firm's climate vertical focused on companies committed to transitioning to a low-carbon economy. #PE

◼︎ Goldman Sachs, Fasanara and BBVA Spark announced USD71m in incremental debt commitments for Addi, a Colombia-based commerce and financial platform. #VC

◼︎ Mexico-based Bocel Private Equity acquired a minority stake in Palco Ticketing, a provider of software solutions for ticket sales. #PE

LAVCA RESEARCH