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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

Advocacy Initiatives

LAVCA represents its members and the broader investment community in interactions with Latin American regulators and policy makers. Please contact LAVCA with any comments, issues, or questions on PE/VC industry regulation and policy. Below is public policy activity and news related to private capital investment in Latin America and a list of commentaries LAVCA has submitted to various Latin American governments in direct response to policies affecting private equity and venture capital.

  • All
  • Colombia
  • Mexico
  • Peru
  • Commentary: PE/VC Tax Treatment to Mexican SHCP

    Commentary: PE/VC Tax Treatment to Mexican SHCP

    LAVCA submitted documentation presented by AMEXCAP to Mexican finance minister commenting on regulatory changes affecting direct investing by local pension funds in private equity, tax treatment of PE/VC funds and investments as well as fund formation and operation.

    Download
  • LAVCA Advocates for Increasing the Investment Limit for PE in Colombia

    LAVCA Advocates for Increasing the Investment Limit for PE in Colombia

    In response to the draft regulation regarding the Colombian pension fund regime “Revisión al Régimen de Inversión de los Fondos de Pensiones Obligatorias y Cesantía, LAVCA produced a letter advocating on behalf of member firms to increase the pension fund’s limits on alternative investment allocations providing an alternative proposal and evidence for increasing the limit based on: international best practice, knowledge of economies of scale, profitability and diversification, illiquidity and demographic consideration, changes in volatility and cash limits.

    Download
  • LAVCA Comments on Mandatory Third Party Valuation to Colombian SFC

    LAVCA Comments on Mandatory Third Party Valuation to Colombian SFC

    At the request of ColCapital and as a follow-on to topics discussed in the LAVCA Colombia public policy meeting held in November 2014, LAVCA produced a letter and review of third-party valuation practices to the Colombian Superintendency explaining why mandatory third party valuations are adverse to the growth of the private equity industry. LAVCA staff led this project and was able to produce this with input from Advisors and Board Members.

    Download
  • LAVCA Comments on Pension Fund & Private Equity Regulation to Peruvian SBS

    LAVCA Comments on Pension Fund & Private Equity Regulation to Peruvian SBS

    LAVCA held a meeting on behalf of the PP-GS Council and LAVCA member firms with representatives of the Peruvian Superintendencia Bancaria in Peru on August 12, 2015 to discuss commentary on recently passed regulation affecting pension funds investing in private equity.

    Download
  • LAVCA Comments on Pension Fund Limits & Alternative Investments to Peruvian SBS

    LAVCA Comments on Pension Fund Limits & Alternative Investments to Peruvian SBS

    LAVCA submitted a letter to the Peruvian Superintendency with the collaboration of Francisco Arboleda of Member firm HarbourVest in response to changes in regulations affecting local pension funds investing in private equity.

    Download
  • LAVCA Comments on Pension Fund Limits on Alternative Investments to Peruvian SBS

    LAVCA Comments on Pension Fund Limits on Alternative Investments to Peruvian SBS

    In response to the draft regulation Prepublicacion Indicador regarding the Peruvian pension fund’s limits on alternative investment, LAVCA submitted a letter to the Peruvian Superintendency advocating on behalf of member firms to remove the indicator that will allow pension funds to make new commitments. Based on international best practices, LAVCA proposed to measure exposure based solely on NAV.

    Download
  • LAVCA Comments on Separately Managed Accounts to Peruvian SBS

    LAVCA Comments on Separately Managed Accounts to Peruvian SBS

    In response to the recently published draft resolution and information on Separately Managed Accounts, LAVCA produced a letter which carefully reviews Peruvian regulation on separately managed accounts and makes specific recommendations on each article of the resolution

    Download
  • LAVCA Comments on Third Party Valuation to Colombian Superintendencia Financiera de Colombia

    LAVCA Comments on Third Party Valuation to Colombian Superintendencia Financiera de Colombia

    In response to the Proyecto de Circular 023 de 2015, LAVCA produced a letter and review of valuation best practices in Europe to the Colombian Superintendency explaining why mandatory third party valuations run contrary to international best practice and how this requirement will impact the future formation of alternative investment funds.

    Download
  • LAVCA Country Policy Overviews

    LAVCA Country Policy Overviews

  • LAVCA Hosts Policy Luncheon with Colombian SFC

    LAVCA Hosts Policy Luncheon with Colombian SFC

    LAVCA held a “Regulatory Luncheon” with the Superintendencia Financiera de Colombia in August 2015, the URF (Unidad de Regulacion Financiera) and ColCapital (local PE/VC Association) to address the PE/VC regulatory issues in that market. As a note, Colombia was downgraded on the indicator “Laws on PE/VC Fund Formation.” The chief concerns LAVCA expressed to Colombian regulators were in reference to the following norms.

    Download
  • Pension Funds & Private Equity – An Approach to Funds, Co-investing, and Directs

    Pension Funds & Private Equity – An Approach to Funds, Co-investing, and Directs

    LAVCA recently sat down with David Druley, leader of Cambridge Associates’ global pension practice, Aaron McKay, a private investments specialist and leader of Cambridge’s Latin America initiative, and Andrea Auerbach, global head of private equity research and co-investments, to talk about a global pension funds’ approach to funds, co-investing, and directs as a model for local institutional investors.

    Download
  • LAVCA Advocates for Increasing the Investment Limit for PE in Colombia

    LAVCA Advocates for Increasing the Investment Limit for PE in Colombia

    In response to the draft regulation regarding the Colombian pension fund regime “Revisión al Régimen de Inversión de los Fondos de Pensiones Obligatorias y Cesantía, LAVCA produced a letter advocating on behalf of member firms to increase the pension fund’s limits on alternative investment allocations providing an alternative proposal and evidence for increasing the limit based on: international best practice, knowledge of economies of scale, profitability and diversification, illiquidity and demographic consideration, changes in volatility and cash limits.

    Download
  • LAVCA Comments on Mandatory Third Party Valuation to Colombian SFC

    LAVCA Comments on Mandatory Third Party Valuation to Colombian SFC

    At the request of ColCapital and as a follow-on to topics discussed in the LAVCA Colombia public policy meeting held in November 2014, LAVCA produced a letter and review of third-party valuation practices to the Colombian Superintendency explaining why mandatory third party valuations are adverse to the growth of the private equity industry. LAVCA staff led this project and was able to produce this with input from Advisors and Board Members.

    Download
  • LAVCA Comments on Third Party Valuation to Colombian Superintendencia Financiera de Colombia

    LAVCA Comments on Third Party Valuation to Colombian Superintendencia Financiera de Colombia

    In response to the Proyecto de Circular 023 de 2015, LAVCA produced a letter and review of valuation best practices in Europe to the Colombian Superintendency explaining why mandatory third party valuations run contrary to international best practice and how this requirement will impact the future formation of alternative investment funds.

    Download
  • LAVCA Hosts Policy Luncheon with Colombian SFC

    LAVCA Hosts Policy Luncheon with Colombian SFC

    LAVCA held a “Regulatory Luncheon” with the Superintendencia Financiera de Colombia in August 2015, the URF (Unidad de Regulacion Financiera) and ColCapital (local PE/VC Association) to address the PE/VC regulatory issues in that market. As a note, Colombia was downgraded on the indicator “Laws on PE/VC Fund Formation.” The chief concerns LAVCA expressed to Colombian regulators were in reference to the following norms.

    Download
  • Commentary: PE/VC Tax Treatment to Mexican SHCP

    Commentary: PE/VC Tax Treatment to Mexican SHCP

    LAVCA submitted documentation presented by AMEXCAP to Mexican finance minister commenting on regulatory changes affecting direct investing by local pension funds in private equity, tax treatment of PE/VC funds and investments as well as fund formation and operation.

    Download
  • Pension Funds & Private Equity – An Approach to Funds, Co-investing, and Directs

    Pension Funds & Private Equity – An Approach to Funds, Co-investing, and Directs

    LAVCA recently sat down with David Druley, leader of Cambridge Associates’ global pension practice, Aaron McKay, a private investments specialist and leader of Cambridge’s Latin America initiative, and Andrea Auerbach, global head of private equity research and co-investments, to talk about a global pension funds’ approach to funds, co-investing, and directs as a model for local institutional investors.

    Download
  • LAVCA Comments on Pension Fund & Private Equity Regulation to Peruvian SBS

    LAVCA Comments on Pension Fund & Private Equity Regulation to Peruvian SBS

    LAVCA held a meeting on behalf of the PP-GS Council and LAVCA member firms with representatives of the Peruvian Superintendencia Bancaria in Peru on August 12, 2015 to discuss commentary on recently passed regulation affecting pension funds investing in private equity.

    Download
  • LAVCA Comments on Pension Fund Limits & Alternative Investments to Peruvian SBS

    LAVCA Comments on Pension Fund Limits & Alternative Investments to Peruvian SBS

    LAVCA submitted a letter to the Peruvian Superintendency with the collaboration of Francisco Arboleda of Member firm HarbourVest in response to changes in regulations affecting local pension funds investing in private equity.

    Download
  • LAVCA Comments on Pension Fund Limits on Alternative Investments to Peruvian SBS

    LAVCA Comments on Pension Fund Limits on Alternative Investments to Peruvian SBS

    In response to the draft regulation Prepublicacion Indicador regarding the Peruvian pension fund’s limits on alternative investment, LAVCA submitted a letter to the Peruvian Superintendency advocating on behalf of member firms to remove the indicator that will allow pension funds to make new commitments. Based on international best practices, LAVCA proposed to measure exposure based solely on NAV.

    Download
  • LAVCA Comments on Separately Managed Accounts to Peruvian SBS

    LAVCA Comments on Separately Managed Accounts to Peruvian SBS

    In response to the recently published draft resolution and information on Separately Managed Accounts, LAVCA produced a letter which carefully reviews Peruvian regulation on separately managed accounts and makes specific recommendations on each article of the resolution

    Download

Contact for Policy Issues


LAVCA welcomes comments, issues, or questions on PE/VC-related regulation. Contact [email protected] with any inquires.

Advocacy Initiatives was last modified: January 25th, 2018 by Editor
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Contact LAVCA Policy

LAVCA welcomes comments, issues, or questions on PE/VC-related regulation. Contact [email protected] with any inquires.

Council

Models, Guidelines, and Standards

This section provides relevant industry resources for Latin America private equity and venture capital fund managers and investors in areas including valuation, LP-GP relations and corporate governance. Guidelines are gathered from multiple industry associations, many of whom have worked together to develop consistent policies and to promote best practices in the global private equity and venture capital community.

LAVCA PE/VC TERM SHEETS

Argentina Map 2 Argentina (Spanish) (English)
Brazil Brazil (Portuguese) (English)
Mexico Mexico (Spanish) (English)

Valuation Guidelines

International Private Equity and Venture Capital Valuation Guidelines
LAVCA endorses the International Private Equity Valuation Guidelines (IPEV Guidelines) and considers them an acceptable method to be used by Latin America private equity and venture capital funds. The Valuation guidelines provide fund managers and investors with a framework to examine the value of existing investments. The guidelines are consistent with International Financial Reporting Standards (IRFS) and US Generally Accepted Accounting Principles (US GAAP).

LP-GP Relations

ILPA Private Equity Principles
The Institutional Limited Partners Association (ILPA) has developed a set of Private Equity Principles with the goal of strengthening the relationship and communication between limited partners and general partners. The ILPA Principles are structured around three guiding principles – alignment of interest, governance and transparency.
Environmental, Social, and Corporate Governance (ESG) Disclosure Framework for Private Equity
The Environmental, Social and Corporate Governance (ESG) Disclosure Framework for Private Equity was developed to help general partners (GPs) better understand the reporting requirements of limited partners (LPs) for ESG related information.

The Framework was produced in a process involving more than 40 limited partners from 11 countries, 20 Private Equity Associations – including LAVCA- and 10 general partners.

Other Guidelines

  • EVCA Risk Measurement Guidelines (EVCA)
  • EVCA Corporate Governance Guidelines (EVCA)
  • BVCA Guide to Responsible Investment (BVCA)

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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.

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