Top Private Equity Firms in Latin America (2025): Who’s Really Moving Capital—and Why It Matters

Top Private Equity Firms in Latin America (2025): Who’s Really Moving Capital—and Why It Matters

Latin America remains a paradox for private equity: structurally underpenetrated by institutional capital yet rich with control opportunities, corporate carve-outs, and resilient consumer and infrastructure theses. In 2025, the global fundraising slowdown has made capital scarcer and choosier, but the region’s deal engine keeps turning—helped by local champions with deep operating playbooks and global managers leaning in through sector platforms and co-controls. In Brazil, Chile, Colombia, and Mexico, mid-market buyouts, special situations, and infrastructure-adjacent themes (energy transition, digital, logistics) continue to draw durable LP interest.

Here’s the soundbite to keep in your back pocket: “Fundraising is no longer about static Rolodexes — it’s about live signals.” Teams winning in Latin America are those pairing verified allocator data with timely market triggers: fund closes, carve-out chatter, regulatory shifts, and event footprints.

This briefing profiles ten of the most consequential private-equity managers investing in Latin America today—what they manage, where they focus, and how they source and create value—so GPs, IR leads, and placement teams can calibrate their 2025–2026 outreach and co-investment strategies with precision.

Market Context

Global private-equity fundraising fell to $310 billion for the first nine months of 2025, down from $399 billion in the same period of 2024, with fewer fund closings across regions. That top-down pressure has pushed LPs toward managers showing repeatability (portfolio operations, value-creation playbooks) and better liquidity prospects. At the same time, large diversified platforms continue to marshal capital for energy transition and real assets, increasingly overlapping with control-oriented PE in Latin America. For instance, Brookfield closed a $20 billion second energy-transition fund in 2025 and reports $61 billion of AUM tied to South America across strategies—signaling persistent institutional appetite for the region’s infrastructure and adjacencies.

On the regional GP side, Patria Investments reports $40–48+ billion in AUM across PE, infrastructure, credit, and real estate, positioning it as a leading LatAm manager with a multi-decade track record. Vinci Partners, following its combination with Compass, now manages or advises roughly R$304 billion (about US$55–56 billion depending on FX), expanding coverage well beyond Brazil into the broader Andean corridor.These platforms are complemented by focused specialists—Southern Cross Group, Victoria Capital Partners, Riverwood Capital, IG4 Capital, Aqua Capital—and global players active in Latin America such as Advent International, General Atlantic, Actis, and L Catterton.

Why this matters for LP/GP workflows: in a slower fundraising tape, credible local operators and global platforms with proven LatAm teams are still getting meetings. They offer co-control comfort, sourcing density, and exit channels (strategics, locals, IPO windows when open). For GPs courting these LPs as co-investors—or pitching them as downstream buyers—knowing who actually deploys in-region, and how, is the difference between warm and cold.

The Top 10 Private Equity Firms in Latin America (Analyst Profiles)

Ordered alphabetically; each profile highlights mandate, scale, edge, and recent signals.

1) Actis (General Atlantic’s Sustainable Infrastructure Business)

What they manage: Actis is a leading growth-market investor in sustainable infrastructure, now part of General Atlantic’s platform (combined ~$107–108 billion AUM as of 2024–2025 disclosures). Actis itself references ~$16 billion AUM within the sustainable infrastructure sleeve following the combination.

Where they play: Energy infrastructure, long-life infrastructure, and digital infrastructure, with active Latin America exposure in power, transmission, and digital assets. In May 2025, Actis closed $1.7 billion for its second Long Life Infrastructure fund, reinforcing its appetite for brownfield assets across high-growth regions, including Latin America.

Why it matters: For buyout teams, Actis is a natural co-investor or exit pathway in infrastructure-adjacent PE (data centers, distributed generation, grid, transport logistics). Their operating and development DNA, regulatory fluency, and sustainability framing remain attractive to global LPs seeking durable cash yields alongside growth.

2025 signal: The Franklin Templeton partnership for private-wealth infrastructure solutions (Sept 2025) underscores capital access and distribution muscle—relevant if you’re positioning platform roll-ups or carve-outs that straddle PE and infra.

2) Advent International (Latin America Platform)

What they manage: ~$92 billion AUM globally (2023) across buyouts and growth strategies, with a long-standing Latin America Private Equity Fund (LAPEF) series and on-the-ground presence since the mid-1990s. In July 2025, Fitch rated the subscription facility for Advent LatAm PE Fund VII at ‘AA+’/Stable, a telling datapoint about LP demand and banking counterparties’ confidence.

Where they play: Control and significant minority positions across five core sectors, with a deep LatAm portfolio history in financial services, healthcare, industrials, and retail.

Why it matters: Advent’s scale, cross-border deal teams, and exit playbook make it a key buyer and partner in larger Latin American buyouts. For regional GPs, Advent is both a competitor and a credible syndication partner when ticket sizes climb.

2025 signal: Facility rating on Fund VII points to steady fundraising momentum despite the broader market’s cooling.

3) Aqua Capital

What they manage: A sector-specialist manager focused on agribusiness and food across Latin America, reporting $1.1+ billion AUM as of its Fund III announcements and public partner materials (2024–2025).

Where they play: Control and significant influence deals in mid-market agribusiness supply chains, inputs, processing, food logistics, and adjacent sustainability themes.

Why it matters: In markets where food security, export competitiveness, and supply-chain formalization are policy priorities, Aqua offers operational edge and consolidation theses that travel across borders (Brazil, Southern Cone, Mexico). For co-investors and strategics, the platform gives clean exposure to a critical GDP backbone with visibility on value creation (efficiency gains, market access, professionalization).

2025 signal: IDB Invest’s participation in Fund III supports the developmental and governance credentials that many institutional LPs screen for in LatAm PE.

4) BTG Pactual (Private Equity & Alternatives)

What they manage: BTG Pactual Private Equity reports ~US$4.5 billion AUM (6 vehicles) and Infrastructure ~US$3 billion AUM (7 vehicles) on the firm’s own materials; the broader Global Alternatives division references ~US$9.4 billion AUM.

Where they play: Control and growth deals in Brazil and across Latin America, coupled with infrastructure and impact sleeves. As a Brazilian financial institution with investment banking and credit arms, BTG enjoys origination and structuring advantages, especially in complex carve-outs and public-to-private transactions.

Why it matters: Local banking DNA plus alternatives breadth means BTG can underwrite across capital structures and hold periods. For international co-investors, they are often a first call on situations that require nuanced stakeholder work in Brazil.

2025 signal: BTG’s continued role in Brazilian asset sales processes—often alongside or opposite global platforms—keeps them central to deal flow.

5) General Atlantic (Growth Equity with Strong LatAm Presence)

What they manage: Approximately US$100+ billion AUM (late-2024 disclosures), with a dedicated Latin America team investing across software, fintech, healthcare, and consumer. Recent Brazil-based deals (2024–2025) underscore continued deployment in the region’s growth assets.

Where they play: Non-control growth equity and significant minority stakes in category-leading platforms, often partnering with founders to professionalize go-to-market, M&A, and governance.

Why it matters: Even if you’re a buyout team, GA is a relevant partner and potential buyer for high-growth, lightly levered assets—particularly in Brazil’s software and consumer ecosystems. GA’s global network can accelerate cross-border expansion and late-stage exit readiness.

2025 signal: Ongoing LatAm deal announcements amid a tougher fundraising tape suggest strong LP alignment with the firm’s growth playbook in the region.

6) IG4 Capital

What they manage: A special-situations and transformation-focused PE manager with ~US$500 million AUM across Funds I–II in recent disclosures; new platforms expand into infrastructure across the Andean region.

Where they play: Control or co-control in stressed, complex, or under-managed assets; heavy emphasis on operational turnarounds and governance resets. Landmark exposure includes water and sanitation (Iguá Saneamento) and potential involvement in large industrials.

Why it matters: IG4’s “fix it” DNA makes the firm a magnet for Brazil-centric special situations where public stakeholders and legacy liabilities make execution tricky.

2025 signal: Reuters (Aug 2025) reported IG4 obtained exclusivity to acquire billions of reais in Novonor debt as a path to control Braskem, pending Petrobras’ consent—an archetypal IG4 move at the complex end of the market.

7) L Catterton (Latin America)

What they manage: A global consumer-specialist with ~US$37 billion AUM as of December 31, 2024, and a long record investing in Latin America’s consumer champions.

Where they play: Control and significant minority investments in branded consumer, food & beverage, retail, beauty, fitness, and pet categories. The LatAm practice builds on local insights—pricing power, distribution, and formalization trends—paired with L Catterton’s brand-building toolkit.

Why it matters: For consumer roll-ups or founder-led transitions in Mexico, Brazil, and the Southern Cone, few sponsors match the depth of category knowledge, talent bench, and global exit channels that L Catterton brings.

2025 signal: Continued portfolio activity across the region’s resilient consumer verticals positions L Catterton as both a partner and a credible buyer for sponsor-backed assets.

8) Patria Investments

What they manage: A Latin America-led alternatives platform with 37 years of history and $40–48+ billion AUM across PE, infrastructure, credit, and real estate (2024–2025 company and ratings disclosures).

Where they play: Control and growth investments across Brazil and broader Latin America, with dedicated sector teams and the ability to syndicate or club for larger bites.

Why it matters: Patria’s longevity, regional footprint, and multi-asset flexibility make it a cornerstone allocator and partner for co-invests. Its brand among local management teams and regulators often eases execution risk.

2025 signal: Ratings commentary and IR messaging show consistent scale and fee-earning diversity—helpful in today’s slower recycling environment.

9) Riverwood Capital

What they manage: A growth-equity firm active across the Americas, with $5.8 billion AUM reported in late 2023 alongside the close of a $1.8 billion fund; subsequent updates in 2025 highlight North America and Latin America as the two largest markets for the franchise.

Where they play: $25–$250+ million checks into scaling technology and enterprise software businesses, frequently with roots or scale opportunities in Latin America. Riverwood’s “Scalability Playbook” is heavy on professionalizing systems, go-to-market, pricing, and M&A.

Why it matters: In the LatAm tech stack—payments, vertical SaaS, IT services, nearshore BPO—Riverwood is a repeat player that can accelerate growth and navigate cross-border listings or strategic exits.

2025 signal: The firm’s 2025 commentary underscores ongoing deployment momentum in enterprise software—an area where LatAm continues to produce global-quality assets at attractive entry multiples.

10) Vinci Partners (including Vinci Compass)

What they manage: Following the 2024–2025 tie-up with Compass, Vinci reports ~R$304 billion in AUM and advisory (roughly US$55–56 billion), spanning private equity, credit, real estate, infrastructure, forestry, and global investment products & solutions.

Where they play: Multi-asset origination across Brazil and Latin America via an 11-office footprint, with dedicated teams in PE and infra. The Compass combination adds distribution reach and cross-border LP relationships.

Why it matters: Vinci is building the regional “one-stop” alternative shop with genuine local depth. For GPs and corporates, that means a sophisticated counterparty in buyouts, privates, and structured solutions—and a consistent participant in Brazilian corporate events and carve-outs.

2025 signal: Investor updates in Aug 2025 emphasize double-digit fee growth and R$12 billion of new capital formation, indicating healthy LP engagement through the cycle.

The Altss Angle

If you’re fundraising or building a sell-side book in Latin America, you need to know who actually deploys in your slice of the market—and you need that view to be current. Altss was built for precisely this moment:

• Verified allocator data. Family offices, pensions, insurers, endowments, sovereigns, and PE funds—kept accurate with enterprise-grade verification and OSINT validation.
• Real-time LP coverage (≤30-day refresh). Profiles, contacts, mandates, and team moves updated on a rolling cycle so your outreach matches reality, not last quarter’s snapshot.
• Signals and warm paths. Event attendance, deal participation, regulatory headlines, and published fund activity—surfaced as actionable “why now” triggers and mapped to mutual connections.

Altss pricing: $15,500/year.
Use Altss to shortlist co-investors, identify likely buyers, and prioritize LPs whose mandates and activity align with your deal thesis today—not six months ago.

Conclusion & Takeaways

Capital scarcity favors prepared sellers and precise fundraisers. With global PE fundraising down in 2025, managers that can show repeatability and real operating levers still get attention—and better pricing

Infra and infra-adjacent theses are center stage. From Actis to Brookfield, the energy transition and digital backbone are pulling significant capital into Latin America—often overlapping with PE control plays.

Local champions matter. Patria, Vinci/Compass, and BTG Pactual keep winning processes because they combine origination reach, stakeholder fluency, and structuring flexibility.

Special situations and sector specialists create alpha. IG4 and Aqua prove that transformation and agri/food consolidation can produce uncorrelated outcomes—attractive in this macro tape.

Growth equity is alive where product-market fit is undeniable. General Atlantic and Riverwood continue to find scale assets across software and consumer services in Brazil and Mexico.

Workflows must be signal-driven. If your buyer or LP list isn’t refreshed monthly—and mapped to events, filings, and deal prints—you’re leaving process efficiency (and sometimes price) on the table.

12–24 months outlook: Expect more carve-outs from multinationals optimizing LatAm footprints, continuing energy-transition platforms, and a gradual thaw in exits as rates stabilize. LPs will keep rewarding managers who show consistent mark-to-market discipline and realizations—exactly where LatAm veterans tend to shine.

FAQ

What are the largest private-equity platforms active in Latin America?
By multi-asset AUM and visible regional activity, Patria, Vinci/Compass, Advent, BTG Pactual, Actis (GA), and Brookfield (across strategies) stand out, complemented by specialists and growth investors like General Atlantic, Riverwood, Southern Cross, Victoria, Aqua, and IG4.

Is fundraising actually down in 2025?
Yes. Through September 2025, global PE fundraising totaled $310 billion, down from $399 billion in 2024 over the same period.

Where are the busiest PE themes in Latin America now?
Energy transition, digital infrastructure, software/IT services, consumer brands, and industrial carve-outs—areas with clear operating levers and strategic buyer universes.

Which managers lean into special situations or complex turnarounds?
IG4 Capital (Brazil/Andean), with activity around water and sanitation and potential industrial control transactions; also several local Brazilian groups and pan-regional funds pursue bespoke situations.

Do global platforms still buy in LatAm?
Yes. Advent, General Atlantic, Actis, L Catterton, and Brookfield continue to deploy where they have sector and operating depth, often partnering with local teams.

How can Altss help my team build a better LatAm buyer or LP list?
Altss combines verified allocator data with signals (fund closes, event attendance, team moves) and a ≤30-day refresh, so you can target co-investors and LPs with live intent. Altss pricing: $15,500/year.