LIV Capital

Alfredo Castellanos, Francisco Lelo de Larrea, and Alexander Rossi serve as Managing Partners and form the core investment committee. Castellanos and Lelo de Larrea co-founded the firm in 2006; Rossi joined shortly after and has been a public-facing lead on multiple portfolio company boards. The partnership brings a finance and private equity background rather than a founder-operator profile, which shapes the firm's diligence-first culture.

LIV writes initial checks of $2 million to $10 million, targeting post-seed through Series B rounds. The firm positions itself as a first-institutional-check investor — meaning it often leads or co-leads rounds where no prior venture capital firm had board-level governance. This stage focus puts LIV directly in competition with regional multi-stage players like Kaszek and monashees, though LIV targets smaller absolute round sizes.

The firm's clearest sector concentrations are FinTech and proptech, based on announced deals. Portfolio company examples include Clara (corporate cards and spend management), Yave (digital mortgage origination), and Homie (rental marketplace). LIV also actively evaluates enterprise software, healthcare services, education technology, and mobility investments across Mexico, Colombia, and Brazil.

LIV's 2006 founding date gives it a structural sourcing advantage: the firm built relationships with Mexican entrepreneurs, universities, and corporate spinout teams a full five to seven years before the 2012–2015 venture wave brought competing funds. The Managing Partners' networks in Mexican private equity and banking circles also generate proprietary referrals from non-tech family offices and industrial conglomerates transitioning into digital.

Public records and regional industry coverage indicate LIV maintains a related wealth advisory or multi-family office structure, though the firm does not market itself as a single-family office. The venture and growth equity funds operate through a standard GP/LP structure, with the founding partners co-investing personal capital alongside external limited partners. This hybrid setup is common among Mexico City-based investment platforms.

Three distinctions: first, LIV's 2006 vintage gives it a deal flow network that predates the Mexican venture ecosystem's institutional maturation. Second, the partners came from private equity, not startup operations — leading to earlier-stage governance and unit-economics scrutiny than founder-led peer funds typically apply. Third, LIV's LP base skews toward Mexican family offices and development finance institutions rather than global endowments or tech founders.

Mexico represents the bulk of historical deployment, based on known portfolio company headquarters. LIV also invests in Colombia and has made selective commitments in Brazil. The firm does not publicly report a Pan-LatAm ex-Brazil or exclusively Mexico mandate, but disclosed portfolio composition suggests north-of-60% Mexican domicile concentration in most vintage years.