CVC Capital Partners will be opening a new office in São Paulo, Brazil, in early 2016 and will hire former chief executive of Itaú BBA investment bank Jean-Marc Etlin as head of Latin America, it said.
Etlin had been a member of the bank’s management committee since 2005. He had also been a managing director and co-head of Latin American investment banking at UBS.
CVC plans on making investments in the region through its CVC Capital Partners VI, a 2013 vehicle with over €10.9 billion in committed capital, the firm said.
“Having closely monitored the Latin American market and in particular Brazil for several years, we believe now is the right time to build a strong, local and experienced team, further extending our global network,” CVC managing partner Bertrand Meunier said in a statement. “Latin America, with its 650 million population and its vast natural resources, provides interesting investment opportunities, as fast-growing companies see the benefit of partnering with a provider of thoughtful capital.”
With the new office in Brazil, CVC will have 24 locations globally.
The Latin American Private Equity and Venture Capital Association found in its annual survey that, despite a current backdrop of depreciating currencies, slowing growth and public market volatility, 68 percent of LPs expected to have direct exposure to Latin America in three years.
It also found that a third of LPs investing in the region had invested at least once in a debut Latin American fund in the past seven to eight years.