A Latin American buyout industry group whose members control assets worth over $65 billion has tapped an industry veteran to take over as chairman, as it seeks to facilitate dealmaking across a region emerging from a lengthy downturn.
The Latin American Private Equity & Venture Capital Association (Lavca) said in a statement on Monday that it was naming Carlos Garcia, a managing partner at Buenos Aires-based Victoria Capital Partners LP, as its new chairman.
Garcia is a three-decade industry veteran who had previous stints at Bankers Trust Corp and Donaldson Lufkin & Jenrette Corp’s private equity unit.
He will replace Advent International Corp’s Patrice Etlin, who had completed the maximum of two sets of three-year terms.
Under Etlin, one of Brazil’s best-known private equity executives, Lavca membership increased to 190 active member firms, up 50 percent from six years ago.
The appointment of Garcia comes as some of Latin America’s largest economies slowly emerge from severe downturns or, in the case of Brazil, from long and harsh recessions that have created acquisition opportunities for buyout firms. Borrowing costs in Brazil are seen touching all-time lows soon, fueling interest in private equity investments.
Lavca’s board also appointed Mauricio Salgar, another Advent managing director, as a member. Miguel Olea, Abraaj Group’s head of Latin America, recently assumed the role of Lavca’s treasurer.