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Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm
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Santa Fe Foro De Capital Innovacion September 5 2012 V3 Sm

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  • 1. Foro de Capital para la Innovación Santa FéCapital Emprendedor en Argentina Panorama Actual Santa Fe, Septiembre2012 Lisandro Bril Founder & Managing Partner AxVentures-Pymar Fund, Holdinvest Technology Fund & EMVC1 Twitter: @lisandrobril 1
  • 2. AgendaI. Capital Emprendedor y la creación de valorII. El Ecosistema Emprendedor en la ArgentinaIII.El Ambiente del CEIV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series AV. Las Oportunidades para las empresas del ecosistema emprendedor de Santa FéVI. Anexo 3
  • 3. AgendaI. Capital Emprendedor y la creación de valorII. El Ecosistema Emprendedor en la ArgentinaIII.El Ambiente del CEIV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series AV. Las Oportunidades para las empresas del ecosistema emprendedor de Santa FéVI. Anexo 4
  • 4. Los fondos de Capital Emprendedor invierten en emprendimientos de alto potencial de crecimiento Tipo de Inversores  Inversores privados Inversores calificados “Family Offices”  Inversores Institucionales Capital Distribuciones  Bancos de Inversión  Corporaciones Rol de la Administración  Evaluar modelos de negocios y Administración equipos profesionales  Identificar Oportunidades  Monitorear y agregar valor a las inversiones  Venta por Salida Estratégica u Inversiones Ventas Oferta Publica Compañía 1 Compañía 2 Compañía 3Fuente: Wikipedia 5
  • 5. Estas inversiones funcionan como un catalizador del crecimiento económico Diferencias en los Crecimiento de la patrones de Economía crecimiento entre los países Otros factores Funcionamiento de la Compañía Diferencias en la Capital industria del capital Emprendedor emprendedor entre los países Oferta Gestores de Fondos de Demanda (inversores) Capital Emprendedor (emprendedores) Disponibilidad de Experiencia para Ideas / Creatividad Espíritu Empresarial Capital para Proyectos analizar y asistir Riesgosos a empresas de alto riesgo Barreras a Diferencias en las Sistema educativo, Emprendimientos, Relación costo-beneficio entre Cultura, barreras a Estructura de emprendimientos riesgo y retorno, eficiencia de los Etc. Incentivos entre países mercados financieros, estructura Etc. de incentivos, condiciones macroeconómicas, etc.Fuente: OCDE 6
  • 6. El CE provee a los emprendedoras de Capital Inteligente  Equipos con experiencia en el desarrollo de estrategias y nuevos modelos de Brazil, Chile, USA Silicon negocios Valley , Europa, and India Accesso a sucesivas rondas de inversores  Network de VCs y servicios de desarrollo emprendedor globales • Financiero, Legal, Impositivos, IP • Clientes • Key Professional and Board Recruiting Reclutamiento de puestos claves y  Acceso a Directorio mentores locales e • Inversores internacionales  Maxímización de las capacidades del fondo con las de las empresasFuente: New Fund 7
  • 7. Permitiéndoles a los emprendedores capturar todo el potencial de sus proyectos a nivel local, regional y global $ Oportunidades en varios mercados Nichos globa Valuación entre $20/50 MM US$500K to Crecimiento US$ 5/10MM Rondas de inversión para:  Completar el desarrollo de prototipos y conseguir clientes.  Escalara a mercados Capital internacionales inteligente  Reclutar al equipo  Desarrollar el producto Seguir pequeño 1 2 3 4 5 6 7 8 AñosFuente: New Fund V 8
  • 8. Las empresas reciben capital de distintas fuentes en función de su grado de desarrollo y su tamaño` Ciclo de vida USD emprendedor 500MM 100MM 50MM IPO o venta estratégica 20MM Growth 5MM Capital • Diversificación y 2MM expansión geográfica Venture Capital 1MM • Lanzamiento comercial 500K Semilla • Prototipo 200K • Piloto en mercado 100K Ángeles • MVP • Prueba de concepto 50K Amigos • Armado plan de 20K negocios 10K Semilla Comienzo Temprana Crecimiento Maduración ConsolidaciónNota: Valores estimativos. Puede haber VC y PE por montos muy superiores 9
  • 9. AgendaI. Capital Emprendedor y la creación de valorII. El Ecosistema Emprendedor en la ArgentinaIII.El Ambiente del CEIV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series AV. Las Oportunidades para las empresas del ecosistema emprendedor de Santa FéVI. Anexo 10
  • 10. El éxito del emprendimiento depende fuertemente del entorno en el que se desarrolla el proyecto • Gobiernos • Family Offices • Multilaterales • Semilla y VC • Talento • Corporaciones • Bancos • Contabilidad • Liderazgo • Ángeles • Competiciones Legal • Compromiso • Asesores • Apetito por el • Corporaciones riesgo • Incubadoras • Motivación x la • ICTs Fuentes de Innovación financiamiento Áreas de Capital humano soporte y tecnología • Redes, eventos • Emprendedores y asociaciones Entrepeneur • Agencias de • Historias desarrollo exitosas Enseñanza, • Aceleradoras Inserción en el aprendizaje y • Web, Medios y ecosistema apoyo • Ángeles Prensa emprendedor • Miembros emprendedor • Universidades • Escuelas de • Corporaciones negocios Marco R&D&I regulatorio • Universidades • Corporaciones • Legislación • Universidades favorable • Centros de • Estándares Investigación contables • Parques tecnológicosFuente: FOMINT 11
  • 11. El ecosistema emprendedor está más desarrollado en Brasil, Chile, Colombia y Perú NO POSEEN REGULACIÓN ADECUADA NI HAY DESARROLLO DE LA INDUSTRIA Panama, Barbados, Bahamas, Jamaica, Suriname, Trinidad & ENCAMINADOS A MARCOS Tobago, Bolivia, Paraguay, Belize, REGULATORIOS Y DESARROLLOS Dominican Republic, El Salvador, DE NEGOCIOS ADECUADOS Guatemala, Haiti, Honduras, ECOSISTEMAS DE VC MÁS Mexico, Uruguay, Argentina, Nicaragua, Ecuador, Guyana, DESARROLLADOS Costa Rica Venezuela Brazil, Chile, Colombia, Peru • Creciente espíritu emprendedor • Primeros pasos en el reconocimiento de • Ecosistemas de VC más la importancia de la governanza • Existen algunosi nversores ángeles prometedores corporativa • Comercialización de incubadoras • Marcos legales, impositivos y • Empiezan a aparecer inversores regulatorios aceptables • Crecieente conocimiento de la ángeles industria de VC por emprendedores • Fund managers con track records • Escasez de managers competentes • Los gobiernos corporativos y los • Salida a Mercado de capitales y • Clima de negocios difícil estándares contables están ganando ventas estratégicas locales • No hay reglas locales para VC. Todos creciente atención posibles los fondos son off-shore • Pocos VC Managers capacitados • Numerous SMEs and • IED e inversores externos son la fuente entrepreneurship culture • Track record sólo en Fondos de PE de inversiones de VC Numerosas PYMES y rica cultura • Algunas medidas gubernamentales • Los fondos de pensión no invierten en emprendedora negativas para los negocios VC • Aún queda mucho margen para • El marco legal de be ser mejorado • El tamaño del mercado no permite un mejorar y crecer (ej. Argentina y Méjico) adecuado deal flow • Brasil tiene la industria de PE más • El tratamiento impositivo de VC debe • Pocas opciones de salida desarrollada, pero aún no hay un mejorar gran desarrollo de VCs tempranas • Ausencia de apoyo gubernamental a la • Pocas opciones de salida e inversores ángeles industria • Los Fondos de Jubilación no tienen • Poca cultura emprendedora permitido invertir en VC • Pocas incubadoras • Ausencia de apoyo gubernamental a la industria • La calidad de los estándares contables es ambigua • Los derechos de los accionistas minoritarios son ambiguos • Poco conocimiento de los VCs e inversores ángelesFuente: “Venture Capital at the MIF: Empowering SMEs and entrepreneurs in Latin America and the Caribbean”, presentation bySusana Garcia-Robles, FOMIN, April 2010 12
  • 12. Argentina rankea muy bien en generación de emprendedores de capacidad de crecimiento Peso relativo de la mejora en el potencial de la actividad emprendedora 60 53 55 54 % de la población de 50 50 46 41 41 47 18- 64 que participa 40 34 de un emprendimiento 30 20 10 0 Dinama… Reino… Hungría Croacia Brasil Grecia Japón Argentina Perú China Chile Sudáfrica Francia Noruega Finlandia Italia Uruguay Bélgica Holanda Eslovenia Alemania EE.UU. España Letonia Colombia E. Arabes Rusia Islandia Malasia(*)Improvement-Driven Opportunity Entrepreneurial Activity: Relative Prevalence: Percentage of those involved in TEA who (i) claim to be driven by opportunity as opposed to finding no other option for work; and (ii) who indicate the main driver for being involved in this opportunity is being independent or increasing their income, rather than just maintaining their incomeSource: Global Entrepreneurship Monitor (GEM) 2009 13
  • 13. Pero el ambiente de “doing business” es muy burocrático y desestimulante a nivel del marco regulatorio de negocios Ease of Doing Dealing with Trading Business Starting a Construction Getting Registering Getting Protecting Paying Across Enforcing Resolving Economy Rank ▲ Business Permits Electricity Property Credit Investors Taxes Borders Contracts Insolvency Singapore 1 4 3 5 14 8 2 4 1 12 2 Hong Kong 2 5 1 4 57 4 3 3 2 5 16 SAR, China New 3 1 2 31 3 4 1 36 27 10 18 Zealand United 4 13 17 17 16 4 5 72 20 7 15 States Denmark 5 31 10 13 11 24 29 14 7 32 9 Norway 6 41 60 12 8 48 24 27 9 4 4 United 7 19 22 60 68 1 10 24 13 21 6 Kingdom Korea, Rep. 8 24 26 11 71 8 79 38 4 2 13 Iceland 9 37 34 1 11 40 46 35 81 3 11 Ireland 10 13 27 90 81 8 5 5 21 62 10 Argentina 113 146 169 58 139 67 111 144 102 45 85Fuente: www.doing business.com; World Bank 14
  • 14. Abrir una nueva empresa requiere mucho tiempo, trabajo y dinero Latin America & Indicator Argentina Caribbean OECD Procedures (number) 14 9 5 Time (days) 26 54 12 Cost (% of income 11.9 37.3 4.7 per capita) Paid-in Min. Capital (% of income per 2.2 4.3 14.1 capita)No. Procedure Time to Complete Associated Costs No. Procedure Time to Complete Associated Costs The name of the company Corporate manager needs is verified by the Office of 9 to obtain a Fiscal Code 1 day no charge 1 1 day ARS 75 Corporations (Inspección (Clave Fiscal) General de Justicia) (IGJ) Obtain a tax identification Certify signatures of ARS 650 (cost of 5 number (CUIT) from the 2 partners by a notary 1 day notarized signatures) National Tax Office public 10 (Administración Federal 4 days no charge Deposit initial capital in de Ingresos Públicos, National Bank (Banco de 3 1 day ARS 30 AFIP) and register for la Nación Argentina) and social security obtain proof of payment Publish the new ARS 2,035 (expedited Register turnover tax at company’s notice in the publication fee)+ ARS local level at the 4 1-3 days 11 Dirección General de 1 day ARS 50 official paper (Boletín 100 (legalization of Oficial) signature) Rentas (DGR) in the City Payment of the of Buenos Aires 5 1 day ARS 30 incorporation fee Register with the Unified Registration with the IGJ, 12 System for Labor 1 day no charge entity operating the Public Registration (USLR) 6 5 days ARS 250 Registry of Commerce in Contract an insurance for the City of Buenos Aires. employees with a risk fees included in procedure 7 Buy special books 1 day 13 labor company (ART, 1 day no charge 8 Aseguradora de Riesgos Get a form from the del Trabajo) Public Notaries College and have a notary public Rubricate books of wages 8 5 days ARS 760 in the Ministerio de submit the company 14 1 day ARS 75 books for rubrication by Trabajo (Ministry of IGJ Labor)Fuente: www.doing business.com; World Bank 15
  • 15. AgendaI. Capital Emprendedor y la creación de valorII. El Ecosistema Emprendedor en la ArgentinaIII.El Ambiente del CEIV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series AV. Las Oportunidades para las empresas del ecosistema emprendedor de Santa FéVI. Anexo 16
  • 16. El soporte institucional al CE en Latinoamérica es muy heterogéneo y Brasil es el país mejor preparadoFuente: LAVCA 17
  • 17. Argentina rankea 11°de 12 países americanos analizados en la calidad del marco institucional para el Capital Emprendedor |Fuente: LAVCA 18
  • 18. Colombia, Méjico y Perú son los países en los que se prevé mayor crecimiento de PE en los próximos 2 años LPs Planned Changes to EM PE Investment Strategy Over the Next 2 Years 0% 10% 20% 30% 40% 50% 60% Latin America (ex. Brazil) 38% 16% Southeast Asia 41% 12% Brazil 24% 28% China 26% 18% Turkey 29% 14% India 16% 20% Sub-Saharan Africa 20% 21% Central/Eastern Europe 11% 13% Russia/CIS 11% 10% MENA 11% 17% Expand Investment Begin investmentSource: Emerging Markets Private Equity Association “Global limited partners survey” May 2012 19
  • 19. Argentina tiene la oportunidad de generar un mejor marco institucional para impulsar más al Capital EmprendedorFuente: LAVCA 20
  • 20. GPs, Agencias y Gobiernos Nacionales han entradorecientemente al sistema regional de Capital EmprendedorNAFINSA Atomik (Skype Founders) Bancoldex FINEP Fondos locales/regionales  Promotora Marc  Kaszek Andreessen  Monashees CORFO  Austral Techstars  Aurus Storm Ventures  CAP Ventures Tomorrow Ventures (Eric Schmidt)  Ax Ventures / Pymar Fund 21
  • 21. AgendaI. Capital Emprendedor y la creación de valorII. El Ecosistema Emprendedor en la ArgentinaIII.El Ambiente del CEIV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series AV. Las Oportunidades para las empresas del ecosistema emprendedor de Santa FéVI. Anexo 22
  • 22. Las incubadoras son fuentes frecuentes de empresas de basetecnológica con potencial de crecimiento Argentina 23
  • 23. Los inversores ángeles y fondos semilla aportan capital enlas primeras etapas de los emprendimientos Clubes Ángeles Aceleradoras Fondos semilla Red Rosario• Miguel Rozental• Grupo AMTEC• Jorge Grad 24
  • 24. Los fondos Serie A son utilizados en una etapa posterior, conideas más testeadas y modelos de negocios más definidos Fondo Manager Sectores Montos Inversores Capital Sequoia, Accel, Nicolás Tiger, Marcos Internet, USD 500k Szekasy, Hern Galperin, Videojuegos to 3MM USD90M án Kazah Family Offices, Horsley Bridge Biotech, FEC, MIF, Internet, USD 500k Lisandro Bril COFIDES, CAF, Videojuegos, to 3MM USD18M Private Movil Eduardo Agro, CAF, MIF, Elsztein, Feder USD 400k Alimentos, Consultores, ico Weil, to 3MM USD15M Servicios TGLT, Storm Ariel Muslera 25
  • 25. La mayoría del capital emprendedor está concentrado encopycats, pero hay espacio para tecnologías disruptivas COPYCAT DISRUPTIVE VENTURES VENTURES  Exploit ideas in the Latin  Global play America market  Rapid execution  Major challenge: execution  Major challenge: execution and rapid global expansion  2 or 3 accelerators:  Internet  Biotechnology applied to agribusiness  New Materials BigData Analytics Videogames 26
  • 26. Por ejemplo, AxVentures-Pymar invirtió en Argentina envarios emprendimientos de base tecnológica Industry Highlights Software Plataforma integrada de productos para las empresas de servicios financieros. Empresa de software enfocada en aplicaciones para Software redes sociales. También desarrolla projectos vinculados al software como spin-offs. Investigación, desarrollo y producción de equipamiento Medical de diagnóstico médico para neurología, neurofisiología y cardilogía. Página de agregación diaria de cupones de descuento para 50 ciudades en Marketing Argentina, Brasil, España, México, Colombia, Chile y Perú. KECLON Biotechnology Desarrolla una enzima que aumenta la calidad del biodiesel de aceite vegetal, al reducir los niveles de esteril glucosido.Viedeogames Entertainment Desarrolla aplicaciones sociales para móviles. BigData Internet B2B Análisi de usuarios para el sector financiero, telecomunicaciones y comercio electrónico. 27
  • 27. AgendaI. Capital Emprendedor y la creación de valorII. El Ecosistema Emprendedor en la ArgentinaIII.El Ambiente del CEIV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series AV. Las Oportunidades para las empresas del ecosistema emprendedor de Santa FéVI. Anexo 28
  • 28. Las empresas del Foro… Nombre Industria Etapa Mercado Inversión Valuación Lipomize Nanotecnología Crecimiento Regional ? Novartek Varias Global ? PMP Maquinaria Crecimiento Regional ? Amarenteno Biotecnología Semilla Regional ? Vigorem Biotecnología Regional ? Anyfig Data+Biotech Earlly Global ? Tecnobiocomb BIotecnología Global ? ? Blue Dot Software Crecimiento Regional ? Reciclados del Sur Productos sustentables ? Dinoia Software 29
  • 29. Email: lbril@axventures.comTwitter: @lisandrobrilLinkedin: http://ar.linkedin.com/pub/lisandro-bril/7/709/17ªBlog: lisandrobril.wordpress.com 30
  • 30. AgendaI. Capital Emprendedor y la creación de valorII. El Ecosistema Emprendedor en la ArgentinaIII.El Ambiente del CEIV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series AV. Las Oportunidades para las empresas del ecosistema emprendedor de Santa FéVI. Anexo 31
  • 31. Latinoamérica es un destino importante para inversiones dado su vasto y creciente mercado interno  20 countries  580 million people  Combined GDP USD 5.15 trillion  Average GDP growth 5.7% for 2010 and 4% expected for 2011  Portuguese language: 200 MM, including Portugal  Spanish language: 480 Million people including Spain and US Hispanic  5 cities with over 7MM people  Challenges: sustain growth, reduce poverty and inequality  Innovation and entrepreneurship are critical  Key player in Open Innovation and Hybrid projectsSource: World Economic Outlook, April 2010, IMF 32
  • 32. …y un veloz crecimiento del 5% basado en mercados internos y externos Selected Latin American Countries Size and Performance 2011 GDP Real GDP Growth International US$ PPP Billion 10.0% 15,065 8.0% 8.0% 6.9% 6.0% 5.1% 4.4% 38% 4.0% USA 2.0% 3.0% -0.9% Selected Countries 1.5% 1.8% 5,790 0.0% 2008 -0.3% 2009 2010 2011 2012 -2.0% -4.0% -3.5% Selected LA Countries USA -6.0% Selected Countries: Argentina, Brasil, Chile, Colombia, Mexico, Peru and UruguaySource: Euromonitor 33
  • 33. El Fondo busca invertir en empresas de Latam que se puedan escalar globalmente New Fund Investment Strategy Pan-Regional Focus The Approach  Scalability  Seed and Early stage investments  Best Practices  US$ 0.5 to 10 MM per target  World and local network  Disruptive models (50%)  Local Team that combines successful businessmen with  Copy-cat models (50%) strategic consulting  Internet/3.0 Ventures capabilities  Biotechnological Ventures  Investment Process  Software applications  Medical Equipment and Services  Tripple Bottom Line  IncubatorsSource: New Fund 34
  • 34. El socio gerente combina una gran experiencia en sus fondos pasados con una gran red de contactos BGS i5 - A Hicks Venture Holdinvest Technology Muse Tate PYMAR Technology Based Seed Capital & First Fund Fund Fund Seed Fund Company Invested in Seed  Early stage  1998 –  2006 – 2010  2009 – Present Rounds of Internet venture capital Present (13 plays with Hicks fund for  Nexo  Sponsored by years) Muse investments in Emprendedor Fundación infrastructure  HTF is currently Empresa y Related initiatives in invested in Crecimiento and services for Argentina, Brasil, Finansys LLC (FEC), MIF internet. Mexico, and Series A of the Invested in Venezuela such as (Technisys Latam InterAmerican AMTEC (now Comunia, Gemelo, business) Development NEORIS) , a PalmSite, and BtoB Bank (IDB), software Latin America COFIDES, CAF development BGS was the company for and Argentine Management electronic Private Affiliate of Hicks commerce Investors Muse for the Cable applications  Invest TV business in in Argentine Latam. innovative and BGS activities were technology merged later to i5 companies such Fund. as Bioscience, Keclon, Zauber and Cupoint 35
  • 35. Managing Partner of Holdinvest Technology Fund and AxVentures-Pymar FundLisandro Bril is Managing Partner of AxVentures – Pymar Fund’s manager in Argentina. He is the founder and ManagingDirector of Holdinvest S.A., a company focused on providing advisory on venture capital issues to investors andentrepreneurs in Argentina. He has almost 30 years of experience as an entrepreneur and a Top ManagementConsultant on Strategy, Organization and Executive Search for world class companies.The trajectory of Mr. Bril in the field of venture capital is associated with his auspicious experience as Angel investor(Sales ESS sold to Oracle) CEO of BGS Seed Capital Fund in Latin America –Argentina-Brazil-Mexico and Venezuela) andCEO i5/Hicks Fund in Argentina, those funds invested U.S. $ 17.5 MM in emerging technology companies. The fund wasable to repay money to investors through the successful case of Amtec Software Company, now Neoris, as well asComunia, B2B Latin America, PalmSite, Gemelo.Prior to this, Mr. Bril founded Booz Allen Hamilton in Argentina, and was it’s Managing Director. He worked on severalprojects in South American financial services, automotive industry restructuring, privatization and diversification ofconglomerates in the chemical and steel industries, both in the public and private sector. Mr. Bril also worked for sevenyears as Partner at both Spencer Stuart and Korn/Ferry, the Executive Search firms.Between 1985 and 1989, he was Undersecretary of State for Foreign Trade, and as such, he was responsible for theadministration of exports and imports and for the exports promotion policies of Argentina’s non traditional sectors. Heactively participated in the creation of MERCOSUR.Mr. Bril is co-founder of Endeavor Argentina and currently advises its Global Management on Seed Capital Financingand is a participant in Endeavor Catalyzer VC Fund; co-Founder and Treasurer of Fundación Equidad; former Presidentof Harvard Club Argentina; former member of the Foreign Trade Commission of the American Chamber of Commerce inArgentina (AmCham) and the International Organizations Commission of the Unión Industrial Argentina (ArgentineIndustry Organization). Mr. Bril also participated in the organization of the Group of 50 Latin-American BusinessLeaders, based in Washington (Carnegie Endowment for International Peace).Mr. Bril holds a BA in Economics (Cum Laude) from University of Buenos Aires, and a MPA from Harvard John F.Kennedy School of Government. He also worked as a Case Writer for Harvard Business School. 36
  • 36. The Management TeamLocal Managersin Financial executives with broad experience in mergers and acquisitions and private equity &Argentina, Brazil venture capital transactions, with solid knowledge, Chile in business analysis, valuation and deal structuring & negotiationBusiness Association with small consulting boutiques, as A2C Advisors in Argentina, to assist the Local Managersanalysts in the opportunity assessments, market analysis, valuation and monitoring 37
  • 37. The Advisors Board Main FeaturesMario Vázquez http://axventures.com/mario_vazquezPart of the Local Management team of PYMAR Fund as well as one of its LP.Vice President of Telefonica Holding de Argentina S.A. and in the Council of Administration of Telefónica S.A.Served as a Director of Banco Santander Rio S.A. since August 22, 1997, and has been a Director of YPF S.A. since 2008 and Director ofTelefonica of Argentina since 2000. He has been an Independent Director of Mercadolibre, Inc., since May 2008 and serves as a Director ofPortal Universia S.A.; Ríobank International; Central Puerto S.A.; Motorcare Argentina, S.A.; Acsa Loss Control, S.A.; Indra SI SA; HellerFinancial Argentina, S.A.; Corporacion Metropolitana de Finanzas S.A.; Heller Sud S.A; Heller-Sud Servicios Financieros, S.AMember of the boards of various companies in Argentina and abroad.Eduardo Orteu http://axventures.com/eduardo_orteuPart of the Local Management team of PYMAR Fund as well as one of its LP.Currently involved in several investment projects in Latin America, aimed at capitalizing on competitive structural advantages, acting mainly asa private equity investor but also, as consultant specialized in general management and strategy, providing advice to top executives andowners.Throughout his career, he participated in the acquisition, merger, transfer and sale of over forty companies in the fields ofmanufacturing, finance, banking and retail, including initial public offerings and deletions of company’s names from the official lists of the NewYork Stock Exchange (NYSE) and other local stock exchanges.Member of the boards of various companies in Argentina and abroad.Rahul Patwardhan http://in.linkedin.com/pub/rahul-patwardhan/0/350/48Founder and Managing Parner of IndiaCo Ventures (P) Limited (2001). In 2003 the company received a grant from the World Bank , becoming, tilldate , one of the only private incubators to have received such a grant.Founder of the first Nanotechnology initiative in India through IndiaNano (IndiaCos Nanotechnology initiative).Rahul serves on several companies as a board member and is also on the board of several public institutions.He is a former member of the Advisory Committee for the Department of Science and Technology (STEP); former Chairman of the IncubationCommittee of the NIF (National Innovation Foundation) of India and a former National Co Chair, Next Practices, Yi,CII.Awarded by the Indian Economic Development Association (IEDRA) for "Outstanding Contributions to National Development".Member of the Royal Family of Miraj.Advisor (Confidential)Currently Fund Managing Partner at a Global Hedge Fund. Responsible for portfolio management and development of various specialsituations and private equity strategies globally.Held numerous senior positions at a Leading Wall Street Investment bank over a 21-year career, including Head of Global EmergingMarkets Sales, Trading, and Research and the Head of Latin America Emerging Markets.Currently serves on the board of a leading Telecommunications Company operating in Latin America.Advisors in Colombia, Brazil and Chile 38
  • 38. The Advisors Board Main FeaturesElio Nudelman Link2 Emerging MarketsExperienced treasury manager with broad business and financial management expertise in Israel and in EMEA as well as venture capitalinvestment experience in Latin America. 
Proven ability to form, develop, and lead teams in international, multi-cultural and competitiveenvironments while working for a global multinational corporation. 
Strong communication and language proficiency, extensive professionalknowledge with both strategic and tactical focus as well as strong skills in IT/systems and processes.. Arturo Torres Link2 Emerging Markets From 2008 to 2012, Mr. Arturo Torres held a position in the Commercial and Corporate Banking area – SMEs and Agribusinesses – Value Chain and Portfolio Manager of Nexo Emprendedor, Banco Santander. In this position, Arturo Torres was responsible for originating and structuring the financial operations as well as providing financial services to SMEs that are part of the customer’s productive chains. Also, Mr. Torres was in charge of the Bank’s operations with the system of “Mutual Guarantee Companies” (the portfolio served by the MGCs is of almost 100M), and of the administration of the bank’s portfolio of venture capital investments on technology based companies. He was also responsible for the Bank’s capital contribution and was member of PYMAR’s Investment Committe, where he provided his expererience in project analysis carried out by the local management. Previously, from 1998 to 2007, he was Deputy Manager of Mergers and Acquisitions in the Corporate Finance area of Santander Inversiones. Between 1996 and 1997, Mr. Torres worked as an equity analyst for a brokerage firm, and from 1992 to 1995 he worked as a financial analyst at Banco General de Negocios. Mr. Arturo Torres holds a BA degree in Agricultural Economics from Universidad de Belgrano, a postgraduate degree in Capital Markets from Universidad de Buenos Aires, a Masters Degree in Finance from the University of Buenos Aires (UBA) and a Masters in Finance from Centro de Estudios Macroeconómicos de Argentina (CEMA). Economic Development Association (IEDRA) for "Outstanding Contributions to National Development".Advisors Silicon Valley-NY and Israel 39
  • 39. Capital conseguido e inversiones en Latam 1993-2011Source: LAVCA 2011 Industry Data, pp. 2 and 4. Data prior to 2008 is based on VE-LA reports. Investmentdata prior to 1998 is missing. 40
  • 40. Latinoamérica es un destino muy interesante para industriasde base tecnológica 41
  • 41. Latinoamérica también es atractiva para inversiones de PE en agricultura, minoristas, tecnología y bienes raíces Aggregate PE deal volume by sector 2010 and 2011 50 46 45 40 35 PE deal volume 30 25 25 22 20 15 9 9 8 10 7 6 6 4 3 4 5 0 Technology Retail and Real estate Power and Consumer Others wholesale utilities products 2010 2011Source: Thomson One, accessed 15 January 2012, and Ernst & Young resarch 42
  • 42. Fundraising activity has been exponentially growing Fund-raising (US$m) 16,000 13,886 14,000 12,000 10,000 8,273 7,431 8,000 6,000 4,000 3,070 2,309 2,401 2,158 1,927 1,405 1,458 2,000 0 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 2010 2011 Industry Location Final FundFund Vintage Manager Type Closing Focus Focus size (US$ M)GaveaInvestment Gavea 2010 Hybrid Diversified Q 2 2011 Brazil 1,800Fund IV InvestmentosBTG PactualBrazil 2011 BTG Pactual Buyout Diversified Q 2 2011 Brazil 1,500Investment I Retail,Vinci Capital Vinci Capital Diversified, Q 2 2011 1,400 2010 Growth BrazilPartners Partners restaurantsPatria Brazilian Healthcare, PatriaPrivate Equity 2011 Buyout consumer products, Q 3 2011 Brazil 1,250 InvestmentosFund IV consumer services PatriaP2Brasil 2009 Infrastructure Infrastructure Q 3 2011 Brazil 1,155 Investmentos Source: Preqin, accessed 17 January 2012 43
  • 43. Brazil, Colombia and Mexico lead fund raising activity Latin America and Caribbean investment by Country, 2009-2011 (US$B) 2009 2010 2011 Total Total Total US$ 0.3 B US$ 0.7 B Capital Capital Capital US$ 0.3 B No. of Invested No. of Invested No. of Invested deals (US$m) deals (US$m) deals (US$m) US$0.80 B Brazil Argentina 3 151 4 525 6 89 Colombia US$1 B Brazil 20 989 53 4604 47 2461 Mexico US$ 8.1 B Chile 5 40 7 298 2 3 Chile Colombia 3 10 3 612 5 376 Mexico 10 67 13 150 14 128 Other 13 61 12 460 14 188 Total 54 1318 92 6649 88 3245Source: Emerging Markets Private Equity Association 44
  • 44. Latin American stock market is also providing a liquidity path for Private equity backed investments PE-backed IPOs, 2010-2011 (in US$ millions) $4,000 7 3475 $3,500 6 $3,000 5 6 IPO deal volume IPO deal value $2,500 4 $2,000 3 $1,500 2 2 $1,000 $500 1 183 $- 0 2010 2011 IPO Deal Volume IPO deal value (US$m)Source: Global Private Equity Watch: Striving for growth – a return ti entrepreneurship 45
  • 45. Breakdown of Asia and Rest of World Private Equity Fundraising by Region, Q1 2012 20 19 18 16 14 11.22 12 10 8 6 4 4 3 1.47 2 2 0.3 1 0.17 0.03 0 Africa Asia Australia Latin Middle East America and Israel No. Funds Raised Aggegate Commitments ($bn)Source: Preqin Funds In Market Online Service 46
  • 46. All Private Equity Fundraising by Quarter, Q1-2005 - Q1- 2012 250 Aggregate Commitments ($bn) 213 205 211 200 176 170 153 150 141 133 129 123 127 119 111 101 95 100 86 88 78 7877 80 72 73 64 59 62 58 55 62 50 0 Q3 2008 Q3 2010 Q1 2005 Q3 2005 Q1 2006 Q3 2006 Q1 2007 Q3 2007 Q1 2008 Q1 2009 Q3 2009 Q1 2010 Q1 2011 Q3 2011 Q1 2012Source: Preqin Funds In Market Online Service 47
  • 47. In the following selected mature and emerging markets, will your firm increase acquisition activity in the next 12 months? Latam ex-Brazil 27% 29% Central/Eastern Europe 46% 31% Brazil 21% 39% Turkey 17% 41% Russia/CIS 25% 48% Africa 29% 57% Western Europe 69% 61% China 60% 77% India 42% 80% US and Canada 64% 81% Emerging Asia 77% 87% 0% 20% 40% 60% 80% 100% Oct - 11 Apr - 12Source: Private Equity Capital Barometer 48
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