Endeavor Catalyst just launched its fifth flagship fund with a USD300m target. LAVCA sat down with Igor Piquet, Head of Latin America, to get a deep dive on the vision for the new vehicle and key learnings from prior vintages. 

LAVCA: Fund V marks a new chapter for Endeavor Catalyst. What’s materially different this time — whether in size, LP base, geographic scope or investment strategy? And what remains consistent with the original vision behind Fund I?

Igor Piquet: Fund V is both a continuation and an evolution of what we’ve built over the last decade. The core remains the same: we’re a rules-based, co-investment fund that backs Endeavor Entrepreneurs in rounds led by top-tier investors. That model hasn’t changed — and we believe it’s more relevant than ever. We’ve backed 360+ companies in 30 countries, and it feels like it’s just the beginning.

What’s new is scale and scope. Fund V will be the most geographically diversified vehicle in our history, reflecting Endeavor’s intentional expansion across Africa, Southeast Asia and the Middle East. As our network grows — with a goal to be in 100 countries by 2030 — we’re unlocking access to high-quality companies in places that have historically been undercapitalized by venture.

Endeavor Catalyst has quietly become a unique vehicle to access the most compelling venture opportunities in emerging markets. We offer global diversification, local expertise and a double filter: every company we back has been selected through Endeavor’s rigorous process and has a top institutional lead. That combination is rare — and it’s what sets us apart.

Latin America has long been a cornerstone of Endeavor Catalyst’s portfolio, from early bets in Rappi, Creditas, and NotCo to recent investments like Simetrik. How are you thinking about the region’s role in Fund V?

Latin America will remain a major pillar of the portfolio — but the pie is getting bigger. We’re not investing less in the region — we’re just doing more everywhere else.

When we launched Fund I in 2012, Endeavor operated in 14 countries, mostly in Latin America. Today, we’re in more than 45 countries with over 600 full-time team members working around the clock to select, support, connect and invest in top-performing companies globally.

Because the fund mirrors Endeavor’s operations and strategic footprint, we’re scaling our investment activity alongside our global presence — and aiming to become one of the most relevant investors in emerging markets.

As a non-lead investor, Endeavor relies on a lead to price and diligence the round. With market corrections and shifting power dynamics, has this model become riskier?

We’ve always viewed our model as disciplined capital. Yes, Endeavor Catalyst follows a non-lead, co-investment strategy — but in our case, that’s quite different from traditional passive capital.

Every company we back has been vetted through Endeavor’s rigorous, multi-layered selection process — one of the most selective in the world. Our team screens thousands of founders globally, and only a handful are chosen each year.

By the time we invest, these founders have often been part of our network for years — sometimes a decade — working closely with our local teams and advisors. So while we follow a lead investor, we’re not just tagging along. We’re backing founders we’ve supported long before the term sheet arrives.

In a more selective market, that proximity is a real advantage. We avoid hype cycles and stay focused on fundamentals: team, traction and long-term vision. And because of our relationships and geographic reach, we often access closed or oversubscribed rounds that others simply can’t.

Looking across your LatAm portfolio, what founder traits stand out that traditional VCs might overlook?

What sets Endeavor Entrepreneurs apart isn’t just ambition — it’s their long-term mindset. These are founders thinking in decades, not cycles. They’re not optimizing for a quick exit; they’re building companies designed to redefine entire industries.

In Latin America, that long view is often shaped by the challenges of operating in complex regulatory environments, with limited capital and talent pools. It demands resilience and creativity that’s hard to teach. Traditional VCs sometimes overlook that edge, but we’ve seen it translate into stronger execution, deeper insight and outsized performance.

With over a decade of fund performance, what has most surprised you — either in what’s driven returns or where the model has been tested?

One big surprise has been how quickly global tech ecosystems have matured. When we backed companies like Creditas, Ebanx, Rappi, VTEX, Clip, or dLocal, they were early bets in unproven markets. Today, they’re standard bearers. That validated our thesis that world-class companies can come from anywhere — and often do.

What hasn’t always worked is timing. We’ve seen strong companies struggle with delayed liquidity events or local macro shocks. But our long-term model helps us weather those cycles. With over 350 investments, we’ve learned that outsized returns often come from a few breakouts — and that staying close to founders through every stage really pays off.

Endeavor Catalyst’s LP base has traditionally included philanthropic backers and seasoned entrepreneurs. How has that evolved with Fund V?

In the early days, our LPs were backing a belief — that billion-dollar companies could emerge from markets most investors ignored. It was a bold bet, and it attracted visionary, mission-aligned individuals.

Today, that belief is backed by results. We have 63 unicorns in the portfolio, more than 30 exits — including 11 IPOs — and a consistent track record of strong net returns. That performance has shifted the profile of our LP base. What was once primarily philanthropic is now more market-driven — still values-aligned, but anchored in conviction.

That said, we’re intentional about who we bring in. Endeavor Catalyst is a closed, invitation-only vehicle. We prioritize entrepreneurial families and individuals who bring more than capital — they strengthen the community. They understand the founder journey, think long-term and help reinforce the multiplier effect we aim to create.

What’s your outlook on the next generation of LatAm founders? And where do you think global venture still underestimates the region?

I’m incredibly bullish. We’re seeing second- and third-time entrepreneurs, former unicorn operators, and highly technical founders building in AI, fintech, healthtech and climate. The talent pool is maturing fast.

What global venture still underestimates is how resilient and creative this generation is. These founders have navigated volatility throughout their entire careers. That adaptability, paired with experience and ambition, is a powerful combination. The next wave of global winners could very well be born in Latin America.