Venture capital in Latin America, led by Brazil, Chile and Mexico, has come a long way since 2003, when the industry raised just $417 million in funds. Last year, the figure reached $2 billion, according to the Latin American Venture Capital Association and, if Brazil can realize its potential, the figure could double by 2008. Brazilian pension funds, with about $120 billion in their portfolios, are making venture capital-linked investments for the first time ever this year, led by state oil workers pension fund Petros.
The awakening of Brazil’s venture capital business owes something to the São Paolo stock exchange, which is cultivating an over-the-counter market – the Bovespa Mais project – that gives financiers an exit option as it allows venture capital-backed companies to raise up to $50 million.
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