Victoria Capital Partners

The firm was created in 2007 through the spinout of the Latin American private equity team from J.P. Morgan Partners and CCMP Capital. Partners Carlos Saiegh and Nicolás Aguzin led the transition, taking with them an existing portfolio of mid-market investments originally built beginning in 1996. The spinout allowed the team to operate independently while retaining institutional continuity across the credit and currency crises that marked Argentina’s economy.

Victoria focuses on the major markets of the Southern Cone and the Andean region: Argentina, Brazil, Chile, Colombia, and Peru. Brazil represents the largest addressable market in its mandate, but the firm has historically maintained a balanced exposure across all five countries to hedge against individual-country macroeconomic volatility.

Victoria seeks control or significant-minority equity positions, typically in founder-owned or family-run businesses seeking institutional capital for the first time. The firm underwrites for governance influence, often installing financial and operational controls post-acquisition. Minority positions are taken when a co-investor or family group maintains operational control under a negotiated governance framework.

The firm focuses on consumer goods, business services, and light industrial manufacturing. Within these categories, it has historically targeted defensible domestic brands with export potential—companies that can survive Argentine inflation and currency depreciation while generating hard-currency revenue from regional exports.

The firm has not publicly announced a fundraising timeline or target for a new vehicle. Prior institutional vehicles were raised with backing from development finance institutions and North American endowments. Any current fundraising activity would likely target a continuation vehicle given the age of the legacy portfolio and the disclosed 2022 exploration of strategic exit options.