VC Fund Dossiers

Adobe Capital is now effectively Deetken Impact's Mexico arm after the 2021 acquisition - they're the OG impact investor in Mexico but have largely gone quiet on new deals since the partnership. Their mezzanine/revenue-based financing model is clever - avoids equity dilution while generating decent returns. Wallsten knows the Mexican market cold and has solid relationships with institutional LPs. The fund has a clean track record with no write-offs through Fund I, but their small team size (basically just Wallsten) limits deal flow. They're great if you're doing social impact in Mexico and need patient capital, but don't expect Silicon Valley-style growth checks or hands-on operational help.

These guys are the real deal in LATAM VC - they actually live in the region and understand it deeply, unlike coastal funds making tourist investments. Luis Bermejo made his reputation betting on Betterfly when it had 'only one running race and one donation,' showing he can spot founder-market fit even when the metrics aren't there yet. The team expansion with Giner and Suárez in 2021 was smart timing - they brought corporate finance chops and impact investing expertise right as they were scaling up Fund III. They're genuinely hands-on with portfolio support across Mexico, Colombia, Peru, Chile, and Argentina, not just sending money and hoping for the best. The Aquabyte exit in December 2025 proves they can deliver returns even in tough markets.

Alexia is one of the more credible Series A shops in Brazil, built by operators who actually understand both Silicon Valley and LatAm markets. Patrick's 25-year track record spanning both regions gives them real deal sourcing advantage, while Bianca's Endeavor pedigree means she knows how to spot and develop global-caliber founders. They're betting big on the thesis that Latin American talent can build world-class companies – and their portfolio suggests they're right. The fund's emphasis on 'intellectual honesty' and fast-tracking junior talent shows they're thinking long-term about relationship building, not just financial returns. Watch for their ability to help portfolio companies scale internationally.

Top 3 management firms in Brazil preferred by entrepreneurs, according to a survey by Spectra. Here at Astella, if we take our 9 funds under management (active and inactive; portfolio and dedicated) we would have an aggregate IRR of 44% per year. Overall, Astella portfolio has seen 1 unicorn and 12 acquisitions including key companies like HealthHelp, Omie and RD Station. The fund has a solid track record with major exits like RD Station's sale to TOTVS, though they're not flashy about it. Laura Constantini is legitimately a pioneer as one of the first female VCs in LatAm, and the team brings real operational experience rather than just finance backgrounds. They're knowledge-obsessed with their "Matrix" content hub and genuinely seem to add value beyond just capital. Watch for their focus on 'value investors in VC' - they're not chasing unicorns at any price.

Here's the reality: Ataria hasn't made any investments in 2025 and has averaged zero new investments annually over the last 5 years. Their team doesn't sit on any boards, which is either refreshingly hands-off or concerning depending on how you look at it. They do co-invest alongside serious names like Sequoia, Founders Fund, and Andreessen Horowitz, which suggests decent deal flow and due diligence. JP's Stanford/Harvard pedigree and PE background at a $1B fund is legit, and Alejandro's ToN Ventures track record shows he's been in the game. The Peru-based team positioning themselves as a "gateway" to global ecosystems is smart positioning for LATAM corporates, but founders should know this isn't your typical high-velocity VC - they're more corporate venture arm than traditional fund.

These guys made history in 2018 as the first Brazilian agtech fund to actually return capital to investors, multiplying their Strider investment 16x when Syngenta acquired it. They're one of the few Brazilian VCs to complete a full investment cycle with positive returns, which in Brazil's notoriously tough VC landscape is like finding a unicorn. Zaclis and Mendes have deep operational experience - not just finance bros who stumbled into agtech. Seven of their current portfolio companies have raised follow-on rounds at higher valuations, with only one going through a down round. The risk? They're struggling to close their third fund and had to push deadlines due to market conditions, which could mean they're being pickier about new investments or LPs are getting cold feet about Brazil.

Here's the real deal on Bertha Capital: This is a well-connected Brazilian fund with serious government ties through Rafael Moreira's extensive public sector background, which could be gold for regulatory navigation but also suggests they might move at bureaucratic speed. With over R$600 million allocated across more than 10 funds and supporting 30+ startups, they're not just talking big - they're deploying real capital. The Amazon focus isn't just marketing fluff - they actually have boots on the ground in Manaus, which is rare for VCs. However, their team doesn't sit on boards of portfolio companies, which could mean either light-touch support or lack of deep operational involvement. The fact that they're co-investing with corporate players like Rede D'Or suggests strong strategic relationships, but founders should expect longer decision cycles given the multi-fund structure and government connections.

Allan openly admits there's 'a lot of BS in the funds stating they are value add' and says VCs should be humble about when to take board seats - in many cases Carao doesn't ask for board seats, preferring to get engaged through other means. This is refreshingly honest for a VC. Allan had no prior venture track record when starting Carao, which was 'even harder to get off the ground,' but managed to build momentum and grow their LP base to 40 members over 3 years. They've had limited exits so far (just 2 portfolio exits, latest being Megabite in March 2024), but they do bring real value through regional market expansion expertise and corporate structures knowledge from their PE backgrounds, plus a strategic alliance with EY. They're betting on an underserved market that could pay off big if Latin America's startup ecosystem matures as expected.

Caravela is the scrappy Brazilian fund that's actually backing winners while everyone else is chasing the same hot deals in São Paulo. Caravela is known both for their go-to market approach, having analyzed more than 3.5k companies in less than 4-years, and their rigorous analytical approach, seeking high returns and sustainable growth. Mario de Lara sits on Mottu's board - that's the motorcycle rental unicorn that hit R$1B ARR - and they co-led OCN's $86M Series A. When we met with Caravela, it was obvious they were going to be a great partner for the business. Caravela has a very impressive track record having backed many successful companies. The fund operates out of Curitiba (not the obvious choice) but their network reaches across LatAm. Brunna Zogbi who leads the platform team at Caravela works with founders to identify the best ways to help them and their companies get better. They're sector-agnostic but seem to nail fintech and B2B plays consistently. They focus on buying companies at fair prices and selling them at significantly higher values, aiming for a 30x return.

Cedro Capital is the real deal in Brazil's underserved central region, but they're not playing in the big leagues yet. Since 2016, they've invested in 19 IT companies and conducted 5 exits, which shows they know how to spot winners and get out profitably - a rarity in Brazil. Their focus on the Center-West region is smart geographic arbitrage, as the Midwest corresponded to about 10% of the national GDP, but at that time it didn't have even 1% of Brazil's Venture Capital and Private Equity money. The partners have solid traditional finance backgrounds from pension funds and investment banks, not startup experience, which can be both good (disciplined due diligence) and bad (slower to understand tech trends). Their GovTech fund with KPTL is genuinely innovative and growing fast, but their main fund's sweet spot of $1.5M means they're not writing the checks that move the needle for high-growth startups.

Felipe's a corporate finance guy turned VC who actually did the work to learn the game - took a sabbatical in Silicon Valley and convinced Chilean family offices to give him a shot when everyone said they wouldn't touch startups. That persistence shows, and he's built one of the more focused funds in Chile with a clear recurring revenue thesis. The ZeroQ IPO gives them real credibility, and their portfolio companies like Fintual and AgendaPro are genuine success stories in LatAm. Felipe's Sonda background means he gets B2B software, but watch out - they're pretty rigid on the recurring revenue model and won't stray far from their wheelhouse. CORFO co-investment structure means they're patient capital but also bureaucratic.