LAVCA | The Association for Private Capital Investment in Latin America
  • About
    • About LAVCA
    • Board, Team, & Advisors
    • Media
    • Contact
  • Members
    • Membership Benefits
    • Current Members
    • Member Access
  • Education & Programs
    • About
    • LAVCA Week
    • Calendar & Past Programs
    • LAVCA Education
  • Research & Directories
    • LAVCA Research
    • Industry data
    • LP Survey
    • Directories
  • ESG & Impact
    • Deal Book
    • LAVCA ESG Deal Awards
    • Impact Report
    • ESG Guidelines
  • Articles
    • Featured Articles
    • Industry News
  • VC
  • Member Login
  • Member Access

LAVCA | The Association for Private Capital Investment in Latin America

A non-profit member organization

  • About
    • About LAVCA
    • Board, Team, & Advisors
    • Media
    • Contact
  • Members
    • Membership Benefits
    • Current Members
    • Member Access
  • Education & Programs
    • About
    • LAVCA Week
    • Calendar & Past Programs
    • LAVCA Education
  • Research & Directories
    • LAVCA Research
    • Industry data
    • LP Survey
    • Directories
  • ESG & Impact
    • Deal Book
    • LAVCA ESG Deal Awards
    • Impact Report
    • ESG Guidelines
  • Articles
    • Featured Articles
    • Industry News
  • VC

LP Profile: An Interview with Urs Wietlisbach, Partners Group

May 10, 2010

Urs Wietlisbach, founding Partner and current Executive Vice Chairman of Partners Group, spoke with LAVCA about the firm’s experience in Latin America and its investment outlook for 2010 and beyond.

LAVCA: Please give some background on Partners Group. What are your assets under management?  What is your diversification strategy, by asset class and geography?

Wietlisbach: Partners Group, listed on the SIX Swiss Exchange, is a global private markets asset management firm with over USD 25 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure, employing over 360 people. We manage a broad range of funds and customized portfolios for an international clientele of institutional investors and are headquartered in Zug, Switzerland with a total of ten offices worldwide. As a globally integrated asset manager, we are capable of deploying all instruments including directs, secondaries and primaries in all private markets segments around the globe for the benefit of our clients.

LAVCA: Roughly what percentage of your portfolio do you generally allocate to emerging markets private equity and to Latin America specifically?

Wietlisbach: We have a strong focus on emerging markets, and allocate approximately 20% of our portfolio to the segment as a whole. Within emerging markets, we are particularly active in Asia and Latin America, given the attractive growth profiles of these regions. In Latin America we have for several years been a very active direct investor, as well as investing in secondary opportunities as well as the top tier funds in the region.

LAVCA: Will this change moving forward?

Wietlisbach: Looking ahead, we expect to continue to be highly committed to Latin America, with increased levels of investment through directs, secondaries and primaries. We believe that Latin America presents a very attractive opportunity given its growing consumer class and infrastructure needs, and will continue to engage actively with top tier companies and managers within the region to reach a portfolio allocation in the range of 30% going forward.

LAVCA: What would be a typical size of an investment that you make? Does Latin America differ from other emerging markets?

Wietlisbach: Globally, Partners Group typically invests USD 20m to USD 50m in directs, either through equity or private debt; for secondary transactions the typical investment size ranges from USD 2m up to several hundred million, and our regional primary fund investments range from USD 5m to USD 30m. We do not specifically limit the investment size depending on the country or region, but rather adjust it on a case by case basis, depending on the opportunity and its fit within a specific portfolio.

LAVCA: What markets in Latin America are the most interesting to Partners Group right now? Why?

Wietlisbach: Currently, we view Brazil as the largest and most mature market in the region, but are also very active in several other countries, such as Chile and Mexico. In each of these, we pursue direct investments as well as fund relationships. Additionally, we have investments in several pan-regional companies and funds, which can capitalize on opportunities in more than one market.

LAVCA: Are there markets you’re watching for possible investments in the future? Why?

Wietlisbach: We believe that Peru and Colombia will become increasingly important markets for private equity in Latin America going forward. While they are smaller than the markets mentioned above, the macroeconomic foundation is already there, there is a large number of interesting businesses that can be acquired at attractive valuations, and several private equity players are currently building out attractive track records in these countries.

LAVCA: How many investments are you currently completing within Latin America?

Wietlisbach: In addition to several very successful direct investments we have made in the region, we are also investing with more than a handful of primary funds which we believe are the top tier managers in Latin America. While we have met with dozens of teams, our approach is to be very selective and pursue opportunities only with established teams with proven track records. As private equity in the region continues to mature, we expect the number of such players to increase as well.

LAVCA: How do you go about finding and selecting the best investment partners?

Wietlisbach: Partners Group believes in local presence within all of our key markets, and we therefore travel very frequently to the various countries in the region in order to meet with the main players in each market. In looking for the best investment partners for a direct or fund investment, we consider local presence, quality and cohesiveness of the team, quality of track record, and general strategic approach. While we only invest with the most established top tier general partners, we also make an effort to regularly meet with all of the newer up-and-coming managers as well.

LAVCA: Do you plan on making new investments in 2010? If so, how many do you expect to make?

Wietlisbach: We certainly do intend to continue investing in the region throughout 2010 through both direct investments and fund commitments, and are in fact about to close on several opportunities. While we have set general portfolio construction guidelines for the year, the specific number of investments will largely depend on the opportunities present and on the overall market.

LAVCA: Do you invest in any secondary opportunities? Under what circumstances?

Wietlisbach: Over the past 10 years Partners Group has invested more than USD 5 billion in secondary transactions on a global basis.  Utilizing a network of over 360 employees located in 10 offices worldwide, the firm sources and executes secondaries with specific focus on high quality assets with proven managers. The firm’s secondary practice derives deep insights into assets and managers by virtue of its integration with Partners Group’s well-established direct and primary investment businesses. Despite the difficult environment in which to close privately negotiated transactions post crisis, Partners Group has, in the last 15 months alone, closed over USD 1 billion in dozens of secondary transactions at attractive discounts to net asset value. The firm continues to see attractive secondary opportunities from around the world, including increasingly from Latin America and other emerging economies, where Partners Group has successfully underwritten transactions in the past and aims to expand further in the near future.

LAVCA: You’ve been active in Latin America since 2001. What have been the most significant changes in the industry you’ve witnessed and what do you see as having the greatest impact in the future? How does this affect your investment strategy?

Wietlisbach: The main changes we have witnessed are the political stabilization and incredible consumption driven economic growth that has occurred in most of the region over the past few years. Both of these factors have contributed (and will further contribute) to the growth we expect to continue to see in the private equity industry in Latin America. Additionally, as the industry continues to mature, general partners have become more accustomed to working on direct investments with us, and to make use of the Partners Group global network to add value to and potentially even exit their portfolio companies. Taking all of these factors together, we expect our interest in the region to remain very strong, and our presence and investment levels to continue to grow.

LP Profile: An Interview with Urs Wietlisbach, Partners Group was last modified: April 11th, 2017 by Editor
LPsProfiles
0
Facebook Twitter Google +

Leave a Comment

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign up for LAVCA’s bi-weekly Latin American Private Capital Update and the LatAm Venture Bulletin, produced specifically for venture investors, entrepreneurs, and technology startups in the early stage ecosystem.






Which LAVCA Newsletter would you like to receive?

VC Partner Events

    Tweets

    • Private capital funds deployed a total of USD5.5b across 215 transactions in Q1 2022, representing an 88% increase… https://t.co/U2ljIBGrFp

      20-May-2022

      Reply Retweet Favorite
    • #LAVCAData for Q1 2022 recorded a total investment of USD2.8b across 190 transactions in Latin America. Compared to… https://t.co/AZRsVwOcbn

      19-May-2022

      Reply Retweet Favorite
    • LAVCA's Associate Director of Research Emanuel Hernandez and Executive Director @naitafur explain trends in regiona… https://t.co/jMIUJfa6KZ

      16-May-2022

      Reply Retweet Favorite
    • Today's top takeaways from the #LatAmVentureBulletin: https://t.co/TdVT3WZ6YT

      12-May-2022

      Reply Retweet Favorite
    • Despite the political challenges in Latin America, LAVCA's Executive Director @naitafur, highlights that the privat… https://t.co/DiI1dGwFGr

      10-May-2022

      Reply Retweet Favorite

    Submit VC News

    Have private equity or venture capital related news that you would like to share? Submit your press releases and news to [email protected]rg.

    VC Industry News

    • Vinci Partners Acquires USD20m Stake in Brazilian Credit Provider DMCard

      February 21, 2022
    • 8VC Leads ~USD35.4m Round for Brazilian Insurtech 180 Seguros (em português)

      February 2, 2022
    • Glade Brook Capital Leads USD125m Series C for Chilean Insurtech Betterfly

      February 2, 2022
    • SP Ventures and Acre.VC Lead USD10m Series A for Brazilian Carbon Trading Marketplace Moss (em português)

      January 31, 2022
    • Brazilian Healthtech Nilo Saúde Raises USD10m Series A from Canary, MAYA, SoftBank, GFC and Tau Ventures

      January 28, 2022
    • Valor Capital Group Leads ~USD16m Series A for Brazilian Agtech Agrolend (em português)

      January 23, 2022
    • DILA Capital and Kayyak Ventures Lead USD15m Series A for Mexican Financing Platform Fairplay

      January 18, 2022
    • Astella Investimentos Leads ~USD4.6m Seed Round for Brazilian Blockchain Trading Platform Gavea (em português)

      January 12, 2022
    • SoftBank Leads USD48m Series B for Colombian E-commerce Laika

      January 12, 2022
    • KASZEK Leads USD13.2m Round for Mexican Fantasy Sports Platform Draftea

      January 7, 2022
    • IDC Ventures Leads ~USD5m Series A for Brazilian Microcredit Platform SuperSim (em português)

      January 6, 2022
    • Mexican Verification Platform MetaMap Raises USD70m Series B

      January 5, 2022
    • DRADS Capital Leads USD7m Pre-Series A for Chilean Foodtech The Live Green Co. (en español)

      January 3, 2022
    • SoftBank Leads USD127m Round for Brazilian Healthcare Provider Alice

      December 21, 2021
    • DILA Capital and ALIVE Ventures Lead USD14m Series A for Edtech Slang

      December 20, 2021
    • Astella Investimentos and SoftBank Lead ~USD3m Seed Round for Brazilian Automation Platform BotCity (em português)

      December 20, 2021
    • GIC Leads USD80m Round for Colombian POS Lending Platform ADDI (em português)

      December 20, 2021
    • Yara Growth Ventures Leads USD30m Series C for Argentine Agtech Agrofy (em português)

      December 16, 2021
    • Tiger Global Leads USD60m Series B for Mexican Freight Platform Nowports

      December 16, 2021
    • SoftBank Leads ~USD120m Round for Brazilian Fintech OpenCo (em português)

      December 15, 2021
    • DN Capital Leads ~USD22.2m Series A+ for Brazilian Healthtech Sami

      December 14, 2021
    • Riverwood Capital Leads ~USD52m Series B for Brazilian Fiscal Management Platform Arquivei (em português)

      December 14, 2021
    • KASZEK Leads USD2.7m Seed Round for Peruvian Edtech Crack the Code

      December 13, 2021
    • GIC Leads ~USD32m Series C for Brazilian Delivery Platform Shopper (em português)

      December 13, 2021
    • Tiger Global Leads USD20.5m Round for Mexican Freight Platform Nuvocargo

      December 10, 2021
    • Advent International and SoftBank Lead USD60m Series B+ in E-Commerce Aggregator Merama

      December 9, 2021
    • Volpe Capital Leads ~USD5m Series A for Brazilian Corporate Governance Platform Atlas Governance

      December 8, 2021
    • Lachy Groom Leads USD14.8m Series A for Brazilian Fintech Stark Bank (em português)

      December 8, 2021
    • Prosus Ventures Leads USD60m Series B for Colombian Edtech Platzi

      December 6, 2021
    • KASZEK Leads USD10m Series A for Brazilian Workspace Marketplace Beer or Coffee (em português)

      November 30, 2021
    • Galapagos Capital Invests ~USD20m in Brazilian Cosmetics MedBeauty (em português)

      November 18, 2021
    • Oak HC Leads USD27m Series A for Mexican Payment Platform Aplazo

      November 15, 2021
    • Colombian E-commerce Fulfillment Platform Melonn Raises USD4.5 Seed Round

      November 3, 2021
    • DNA Capital, Temasek and Fit Participações Lead ~USD20m Round for Brazilian Healthtech Memed

      November 1, 2021
    • Astella Investimentos Leads ~USD5m Round for Brazilian Proptech Homelend (em português)

      October 28, 2021
    • KASZEK Leads USD8m Round for Brazilian Car Documentation Platform Gringo

      October 27, 2021
    • SoftBank Leads USD75m Series C for Brazilian BPO Platform Pipefy

      October 26, 2021
    • Mexican Delivery Platform Skydropx Raised USD20m Seres A from Cometa, Base10 Partners, 645 Ventures

      October 26, 2021
    • Brazilian Car Insurtech Justos Raises ~USD35.8m Series A from SoftBank, KASZEK and Others

      October 25, 2021
    • Andreessen Horowitz and Base Partners Lead USD15m Series A for Colombian Foodtech Foodology

      October 22, 2021
    • Unbox Capital Leads USD30m Series B for Brazilian Marketing Platform Rock Content (em português)

      October 22, 2021
    • L Catterton Leads Investment in Mexican DTC Eyewear Brand Ben & Frank

      October 21, 2021
    • Anthos Capital Leads USD18m Series A for Venezuelan Delivery Platform Yummy

      October 21, 2021
    • Flourish Ventures and GFC Lead USD10m Series A for Brazilian Wholesale Marketplace Merce do Bairro

      October 21, 2021
    • Tiger Global Leads USD35m Series A for Argentine Fintech Pomelo

      October 21, 2021
    • Brazilian Wholesale Marketplace Inventa Raises ~USD6m Seed Round (em português)

      October 20, 2021
    • QED Investors and KASZEK Lead USD40m Series C for Brazilian Fintech Hash

      October 20, 2021
    • SoftBank, Amazon and Accel Lead USD108m Series B for Brazilian Fintech Pismo (en español)

      October 19, 2021
    • SP Ventures and Astella Investimentos Lead USD17m Series A for Brazilian Fintech Traive (em português)

      October 18, 2021
    • Tencent and SoftBank Lead USD200m Series F for Brazilian Trucking Marketplace CargoX (em português)

      October 15, 2021
    • Valor Capital Group Leads USD22m Series A for Mexican Edtech Aprende Institute

      October 11, 2021
    • Square Capital and Hard Yaka Invest USD15m in Colombian Digital Payments Platform Movii (en español)

      October 6, 2021
    • Atlantico Leads USD6m Series A for Brazilian Wholesale Marketplace ZAX

      October 5, 2021

    About LAVCA

     

    LAVCA is the Association for Private Capital Investment in Latin America, a not-for-profit membership organization dedicated to supporting the growth of private capital in Latin America and the Caribbean through research, education, networking and advocacy.

    LAVCA Office

        New York City:
        589 8th Ave, 18th Floor
        New York, NY 10018

    Explore LAVCA.org

    • About LAVCA
    • Board, Team, & Advisors
    • Media
    • Contact Us
    • Membership Benefits
    • Members Only Access
    • Education and Programs
    • Research
    • Policy
    • LAVCA VC
    • Contact Us

    @2020 - LAVCA. All Rights Reserved.


    Back To Top