1. Limited Partners Opinion Survey
Highlights
Findings from the most recent LP Opinion Survey
by the Latin American Venture Capital Association
Q1, 2009
w w w. l avca . o rg
© 2009 La(n American Venture Capital Associa(on. All rights reserved.
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2. Survey description
• The survey was sent to a LAVCA-selected sample of over
100 Limited Partners that in the past have indicated that they
do or will do business in the region
• A total of 40 representative Limited Partners answered the full
survey, and several more sent partial responses
• Survey was conducted in February 2009 through an online
questionnaire
© 2009 La(n American Venture Capital Associa(on. All rights reserved.
Visit us at www.lavca.org

3. Sample Demographics
35% 31% 100%
30%
Top types of inves4ng ins4tu4on 90%
88% Investment strategies
80% 72%
25% 70% 63% 59%
20% 60%
50% 41%
15% 34% 31%
10% 10% 10% 40%
10% 7% 30% 19% 16%
3% 3% 20% 13% 9% 9% 9%
5% 6%
10%
0% 0%
Es4mated assets allocated to La4n America Are you currently:
None of the
Less than $50 million 9% above; 28% Doing due
$50 million ‐ $100 million 9% diligence to
More than $1B 44% invest in
$100 million ‐ $500 million 16% Alloca(ng La(n
$500 million ‐ $1 billion funds in America;
22% La(n 39%
America;
33%
© 2009 La(n American Venture Capital Associa(on. All rights reserved.
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4. Selected charts show confidence in the region
How do you predict your portfolio allocation to Latin Name the best market opportunities to invest your
America GPs will change over the next 12 and 36 35% portfolio in
months?
30%
44%
25%
Next 12 Months
20%
Next 36 Months
15%
15%
10%
10%
3% 5%
0%
Decrease Increase Brazil Mexico Colombia Peru Chile Other
How would you qualify the following in terms of private capital markets
in Latin America
Posi(ve; Posi(ve;
Deal flow 39% Availability of
28%
opportunities experienced GPs
Very
Very Neutral;
Posi(ve;
Posi(ve; 25%
11%
11%
Nega(ve; Neutral;
8% 42% Nega(ve;
36%
© 2009 La(n American Venture Capital Associa(on. All rights reserved.
Visit us at www.lavca.org

5. Key findings
• More than 65% of respondents indicated that they see the region
better positioned than other Emerging Markets in the long term
• 82% of respondents selected Brazil as one of their top 3 choices
for best investment opportunities in the region
• The biggest negative influences on the LPs perception of the
region were the level of political and economic risk and the
availability of experienced GPs.
• However, almost the same % of respondents saw the availability of
experienced GPs as a positive influence. Other positive influence
widely mentioned was the availability of deal flow
© 2009 La(n American Venture Capital Associa(on. All rights reserved.
Visit us at www.lavca.org

6. Contact us
© 2009 La(n American Venture Capital Associa(on. All rights reserved.
Visit us at www.lavca.org