(PEHub) Private equity and venture capital investing in Latin America climbed for a third straight year in 2013, as fund managers put $8.9 billion to work in 233 deals, according to the Latin American Private Equity and Venture Capital Association.

Brazil continued to dominate the region, but activity was also strong in Columbia and Chile. Almost half of all deals were information technology-related with venture capitalists playing a financing role.

At the same time, fundraising held steady with $5.5 billion raised in 52 partial or final funding closings, the LAVCA said. Fundraising spiked in 2011 and has not regained that level since.

The region’s exits generated $3.7 billion last year, down slightly from $3.8 billion in 2012. Eight PE-backed IPOs took place in Brazil, Mexico and Chile, the LAVCA reported.

Investments rose 13% in 2013 after a 21% rise in 2012, the association said. Deal volume was largely unchanged. Oil and gas transactions accounted for 18% of dollars invested in 2013.

Brazil accounted for more than two-thirds of the capital deployed and 43% of money raised. Columbia saw $1.1 billion invested in 20 deals, a record.

In Mexico, six funds raised more than $1 billion in capital. Funds targeting the Andean region, Peru and Columbia raised $1.4 billion.