2020 Global Limited Partners Survey: Latin America Snapshot

In 2020 LAVCA collaborated for the first time with EMPEA on its annual Global Limited Partners Survey to highlight limited partners (LPs) sentiment for the private capital opportunity in Latin America.

The survey, which was conducted in the midst of the COVID-19 pandemic (February-April), features the views of 109 LPs on the current conditions and outlook for private capital in emerging markets (EMs).



  • LATIN AMERICA (EX-BRAZIL): Although attractiveness scores fell across the board for EMs, Latin America moved up two spots in the market attractiveness ranking.
  • BRAZIL: While LP perception of political risk and the regulatory environment significantly improved in recent years, Brazil fell two positions in the attractiveness ranking, with respondents pointing to currency concerns as a major deterrent.
  • LP EXPOSURE TO LATIN AMERICA: The percentage of commercial LPs with exposure to Latin America has increased since 2014.
  • VC/TECH: Latin America is gaining traction as one of the most attractive EMs for VC/tech investment outside of Asia according to survey respondents.
  • CLIMATE CHANGE & ESG: Environmental factors have become critical in the investment decision making process and fund manager selection.