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26 March 2026

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LatAm Private Capital Update

DEAL CASES

Trelia Energy | Manzanillo

 

In January 2021, Trelia Energy Advisors invested in Manzanillo Gas & Power, a Dominican Republic-based natural gas and power generation project which includes an LNG regasification terminal, two combined-cycle power plants and transmission infrastructure.
    Trelia-Manzanillo-Gas-Power-Image
    With Trelia’s support, the project expanded to include a second 420MW combined-cycle plant, bringing total expected capacity to ~840MW and supporting the country’s transition toward more efficient and reliable power generation. In May 2025, Trelia led the merger of both blocks into a single platform under Manzanillo Gas & Power, streamlining construction, financing and operations. The project is expected to generate approximately 3,000 jobs, boosting local employment and supporting broader economic activity in one of the country's less developed regions, near the Haitian border.
    Read Deal Case

    INDUSTRY EVENTS

    LAVCA in Asunción

     

    LAVCA was on the ground in Asunción for the 2026 Inter-American Development Bank Annual Meetings, where global policymakers, investors and private-sector leaders focused on expanding development financing and mobilizing private capital across Latin America and the Caribbean. Conversations centered on scaling investment, strengthening public-private collaboration and accelerating private-sector-led growth.

      Emanuel at IDB Group event

      During the week, LAVCA joined the launch of the PARCAPY VC Report and the iThink VC LP Summit, engaging with investors, fund managers and ecosystem leaders from across the region. At both events, LAVCA’s Managing Director of Research, Emanuel Hernandez, shared insights from the latest Trends in Tech report, highlighting capital concentration, sector shifts and evolving exit pathways.

      LAVCA RESEARCH

      Fundraising Consolidates with Established Managers

       

      According to LAVCA’s 2026 Industry Data & Analysis, fundraising continues to consolidate among large established managers and customized mandates. Over the past two years, experienced managers captured 76% of capital raised for Latin American strategies, with five firms — Patria Investments, BTG Pactual, Lumina Capital Management, Siguler Guff & Company and Vinci Compass — accounting for half of all capital raised in the region.
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        LAVCA Members can log in  to download the 2026 Industry Data & Analysis Excel file. Non-members may purchase access to the data.

        Access Full Report

        Industry News

        ◼︎ H.I.G. Capital agreed to exit Desktop, a Brazil-based fiber optic broadband provider, via a BRL4b (USD757m) strategic sale to Claro. #PE

         

        ◼︎ IDB Invest and Banco de Crédito del Perú provided a USD250m loan to Grupo Tramarsa, a Peru-based integrated port infrastructure platform. #PrivateCredit

         

        ◼︎ The Rohatyn Group raised a USD200m SPAC to pursue strategic opportunities in Argentina. #PE

         

        ◼︎ Global Infrastructure Partners and EQT agreed to acquire the AES Corporation, a US-based clean energy platform operating across the Americas. #RealAssets

         

        ◼︎ KASZEK and Kevin Efrusy led a BRL125m (~USD24m) Series C for Azos, a Brazil-based health insurance platform. #VC

         

        ◼︎ Carlyle agreed to sell Colombia-based oil producer SierraCol Energy to Prime Infrastructure Capital. #RealAssets

         

        ◼︎ Volpe Capital reached a USD50m first close for its second fund focused on venture capital in Brazil. #VC

         

        ◼︎ ArtCap Strategies provided a USD50m loan facility to Transferport, a Colombia-based operator of freight trains and integrated logistics services. #PrivateCredit

         

        ◼︎ Mundi Ventures reached a first close for its first fund focused on the next generation of technology-driven companies expanding access to financial and health protection across Latin America and the Caribbean. #VC

        ◼︎ 23S Capital increased its stake in Ademicon, a Brazil-based consortium administrator in the real estate and goods segments. #PE

         

        ◼︎ IDB Invest committed USD15m to Silvipar and Astarte’s SA Impact Forestry Fund II, focused on forest plantations in southern Paraguay. #RealAssets

         

        ◼︎ Maha Capital agreed to exercise a call option to acquire a 24% indirect equity stake in PetroUrdaneta, a Venezuela-based oil company. #PE

         

        ◼︎ Pampa Camarones, a Chile-based mining company controlled by Minería Activa, agreed to sell the Ciclón-Exploradora polymetallic project to Norfolk Metals for USD50m. #RealAssets

         

        ◼︎ Mexico’s Fondo de Fondos has formally announced an additional ~USD232m in available capital to invest in fund managers and entrepreneurs developing solutions for the Mexican market. #PE

        Upcoming Events

        LAVCA Week 2026

        19-21 October 2026
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        INDUSTRY EVENTS

        GPC Conference 2026

        11-13 May 2026
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        23-24 September 2026
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        LAVCA RESEARCH

          2026 Trends in Tech
          2026 Trends in Tech
          2026 Industry Data & Analysis
          2026 Industry Data & Analysis
          2025 Top & Emerging Women Investors in LatAm
          2025 Top & Emerging Women Investors in LatAm
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