1

Capital Emprendedor en ArgentinaPanorama Actual

Santa Fe, Septiembre2012

Lisandro Bril

Founder & Managing PartnerAxVentures-Pymar Fund, Holdinvest Technology Fund & EMVC1

Twitter: @lisandrobril

Foro de Capital para la InnovaciónSanta Fé

3

Agenda

I. Capital Emprendedor y la creación de valor

II. El Ecosistema Emprendedor en la Argentina

III. El Ambiente del CE

IV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series A

V. Las Oportunidades para las empresas del ecosistema emprendedor de Santa Fé

VI. Anexo

4

Agenda

I. Capital Emprendedor y la creación de valor

II. El Ecosistema Emprendedor en la Argentina

III. El Ambiente del CE

IV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series A

V. Las Oportunidades para las empresas del ecosistema emprendedor de Santa Fé

VI. Anexo

5

AdministraciónAdministración

Rol de la Administración Evaluar modelos de negocios y

equipos profesionales Identificar Oportunidades Monitorear y agregar valor a las

inversiones Venta por Salida Estratégica u

Oferta Publica

Fuente: Wikipedia

Los fondos de Capital Emprendedor invierten en emprendimientos de alto potencial de crecimiento

InversoresInversores

Tipo de Inversores Inversores privados

calificados “Family Offices”

Inversores Institucionales

Bancos de Inversión Corporaciones

Capital Distribuciones

Compañía 1Compañía 1 Compañía 2Compañía 2 Compañía 3Compañía 3

Inversiones Ventas

6

Fuente: OCDE

Estas inversiones funcionan como un catalizador del crecimiento económico

Crecimiento de la Economía

Funcionamiento de la Compañía

Capital Emprendedor

Oferta(inversores)

Gestores de Fondos de Capital Emprendedor

Demanda (emprendedores)

Espíritu Empresarial

Relación costo-beneficio entre riesgo y retorno, eficiencia de los

mercados financieros, estructura de incentivos, condiciones macroeconómicas, etc.

Barreras a Emprendimientos,

Estructura de Incentivos

Etc.

Diferencias en las barreras a

emprendimientos entre países

Diferencias en la industria del capital emprendedor entre

los países

Diferencias en los patrones de

crecimiento entre los países

Otros factores

Experiencia para analizar y asistira empresas de alto riesgo

Ideas / Creatividad

Sistema educativo,Cultura,

Etc.

Disponibilidad de Capital para Proyectos

Riesgosos

7

Agregar Valor

=Smart Money

Estrategia

Contactos

SinergíasTecnología

Expansión

Equipos con experiencia en el desarrollo de estrategias y nuevos modelos de negocios Brazil, Chile, USA Silicon

Valley , Europa, and India Accesso a sucesivas

rondas de inversores Network de VCs y servicios de desarrollo emprendedor globales• Financiero,

Legal, Impositivos, IP

• Clientes• Key Professional

and Board Recruiting Reclutamiento de puestos claves y Directorio

• Inversores

Acceso a mentores locales e internacionales

Maxímización de las capacidades del fondo con las de las empresas

Fuente: New Fund

El CE provee a los emprendedoras de Capital Inteligente

8

Rondas de inversión para: Completar el desarrollo de

prototipos y conseguir clientes. Escalara a mercados

internacionales Reclutar al equipo Desarrollar el producto

Crecimiento

Años

$

1 2 3 4 5 6 7 8

Oportunidades en varios mercados

Nichos globa

Valuación entre $20/50

MM

Capitalinteligente

US$500K to US$ 5/10MM

Seguir pequeño

Fuente: New Fund V

Permitiéndoles a los emprendedores capturar todo el potencial de sus proyectos a nivel local, regional y global

9

Las empresas reciben capital de distintas fuentes en función de su grado de desarrollo y su tamaño`

Nota: Valores estimativos. Puede haber VC y PE por montos muy superiores

USD

500MM

100MM

50MM

20MM

5MM

2MM

1MM

500K

200K

100K

50K

20K

10KSemilla Comienzo Temprana Crecimiento Maduración Consolidación

Amigos

Ángeles

Semilla

Venture Capital

Growth Capital

IPO o venta estratégica

Ciclo de vida emprendedor

• Diversificación y expansión geográfica

• Lanzamiento comercial

• Prototipo • Piloto en mercado

• MVP • Prueba de concepto

• Armado plan de negocios

10

Agenda

I. Capital Emprendedor y la creación de valor

II. El Ecosistema Emprendedor en la Argentina

III. El Ambiente del CE

IV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series A

V. Las Oportunidades para las empresas del ecosistema emprendedor de Santa Fé

VI. Anexo

11

El éxito del emprendimiento depende fuertemente del entorno en el que se desarrolla el proyecto

• Talento• Liderazgo• Compromiso• Apetito por el

riesgo• Motivación x la

Innovación

• Redes, eventos y asociaciones

• Historias exitosas

• Web, Medios y Prensa

• Universidades• Corporaciones

• Universidades• Corporaciones• Universidades• Centros de

Investigación• Parques

tecnológicos

• Legislación favorable

• Estándares contables

• Contabilidad Legal

• Asesores• Corporaciones• Incubadoras• ICTs

• Gobiernos• Multilaterales• Corporaciones• Ángeles

• Family Offices• Semilla y VC• Bancos• Competiciones

• Emprendedores• Agencias de

desarrollo• Aceleradoras• Ángeles• Miembros• Escuelas de

negocios

Entrepeneur

Fuentes de financiamiento

Áreas de soporte y tecnología

Enseñanza, aprendizaje y

apoyo emprendedor

Marco regulatorioR&D&I

Inserción en el ecosistema

emprendedor

Capital humano

Fuente: FOMINT

12Fuente: “Venture Capital at the MIF: Empowering SMEs and entrepreneurs in Latin America and the Caribbean”, presentation by

Susana Garcia-Robles, FOMIN, April 2010

ECOSISTEMAS DE VC MÁS DESARROLLADOSBrazil, Chile, Colombia, Peru

ENCAMINADOS A MARCOS REGULATORIOS Y DESARROLLOS DE NEGOCIOS ADECUADOSMexico, Uruguay, Argentina, Costa Rica

NO POSEEN REGULACIÓN ADECUADA NI HAY DESARROLLO DE LA INDUSTRIAPanama, Barbados, Bahamas, Jamaica, Suriname, Trinidad & Tobago, Bolivia, Paraguay, Belize, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Nicaragua, Ecuador, Guyana, Venezuela

• Creciente espíritu emprendedor • Existen algunosi nversores ángeles• Comercialización de incubadoras• Crecieente conocimiento de la

industria de VC por emprendedores• Los gobiernos corporativos y los

estándares contables están ganando creciente atención

• Pocos VC Managers capacitados• Track record sólo en Fondos de PE• Algunas medidas gubernamentales

negativas para los negocios• El marco legal de be ser mejorado

(ej. Argentina y Méjico)• El tratamiento impositivo de VC

debe mejorar• Pocas opciones de salida• Los Fondos de Jubilación no tienen

permitido invertir en VC• Ausencia de apoyo gubernamental a

la industria• Los derechos de los accionistas

minoritarios son ambiguos

• Primeros pasos en el reconocimiento de la importancia de la governanza corporativa

• Empiezan a aparecer inversores ángeles

• Escasez de managers competentes• Clima de negocios difícil• No hay reglas locales para VC. Todos

los fondos son off-shore• IED e inversores externos son la fuente

de inversiones de VC• Los fondos de pensión no invierten en

VC• El tamaño del mercado no permite un

adecuado deal flow• Pocas opciones de salida• Ausencia de apoyo gubernamental a la

industria• Poca cultura emprendedora• Pocas incubadoras• La calidad de los estándares contables

es ambigua• Poco conocimiento de los VCs e

inversores ángeles

• Ecosistemas de VC más prometedores

• Marcos legales, impositivos y regulatorios aceptables

• Fund managers con track records• Salida a Mercado de capitales y

ventas estratégicas locales posibles

• Numerous SMEs and entrepreneurship culture Numerosas PYMES y rica cultura emprendedora

• Aún queda mucho margen para mejorar y crecer

• Brasil tiene la industria de PE más desarrollada, pero aún no hay un gran desarrollo de VCs tempranas e inversores ángeles

El ecosistema emprendedor está más desarrollado en Brasil, Chile, Colombia y Perú

13

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% de la población de 18- 64 que participa de un emprendimiento

Brazil

Chile

China

Colom

bia

Israe

l

Mexico Pe

ruUSA

Urugu

ay0

10

20

30

40

50

60

4653

3441

55

4147 50

54

Peso relativo de la mejora en el potencial de la actividad em-

prendedora  

Argentina rankea muy bien en generación de emprendedores de capacidad de crecimiento

(*)Improvement-Driven Opportunity Entrepreneurial Activity: Relative Prevalence: Percentage of those involved in TEA who (i) claim to be driven by opportunity as opposed to finding no other option for work; and (ii) who indicate the main driver for being involved in this opportunity is being independent or increasing their income, rather than just maintaining their income

Source: Global Entrepreneurship Monitor (GEM) 2009

14

Pero el ambiente de “doing business” es muy burocrático y desestimulante a nivel del marco regulatorio de negocios

Fuente: www.doing business.com; World Bank

Economy Ease of Doing Business Rank ▲

Starting a Business

Dealing with Construction Permits

Getting Electricity

Registering Property

Getting Credit

Protecting Investors

Paying Taxes

Trading Across Borders

Enforcing Contracts

Resolving Insolvency

Singapore 1 4 3 5 14 8 2 4 1 12 2

Hong Kong SAR, China

2 5 1 4 57 4 3 3 2 5 16

New Zealand

3 1 2 31 3 4 1 36 27 10 18

United States

4 13 17 17 16 4 5 72 20 7 15

Denmark 5 31 10 13 11 24 29 14 7 32 9

Norway 6 41 60 12 8 48 24 27 9 4 4

United Kingdom

7 19 22 60 68 1 10 24 13 21 6

Korea, Rep. 8 24 26 11 71 8 79 38 4 2 13

Iceland 9 37 34 1 11 40 46 35 81 3 11

Ireland 10 13 27 90 81 8 5 5 21 62 10

Argentina 113 146 169 58 139 67 111 144 102 45 85

15

Abrir una nueva empresa requiere mucho tiempo, trabajo y dinero

Fuente: www.doing business.com; World Bank

Indicator ArgentinaLatin America &

Caribbean OECD

Procedures (number) 14 9 5

Time (days) 26 54 12

Cost (% of income per capita)

11.9 37.3 4.7

Paid-in Min. Capital (% of income per capita)

2.2 4.3 14.1

No. Procedure Time to Complete Associated Costs

1

The name of the company is verified by the Office of Corporations (Inspección General de Justicia) (IGJ)

1 day ARS 75

2Certify signatures of partners by a notary public

1 dayARS 650 (cost of 5 notarized signatures)

3

Deposit initial capital in National Bank (Banco de la Nación Argentina) and obtain proof of payment

1 day ARS 30

4

Publish the new company’s notice in the official paper (Boletín Oficial)

1-3 daysARS 2,035 (expedited publication fee)+ ARS 100 (legalization of signature)

5Payment of the incorporation fee

1 day ARS 30

6

Registration with the IGJ, entity operating the Public Registry of Commerce in the City of Buenos Aires.

5 days ARS 250

7 Buy special books 1 dayfees included in procedure 8

8

Get a form from the Public Notaries College and have a notary public submit the company books for rubrication by IGJ

5 days ARS 760

No. Procedure Time to Complete Associated Costs

9Corporate manager needs to obtain a Fiscal Code (Clave Fiscal)

1 day no charge

10

Obtain a tax identification number (CUIT) from the National Tax Office (Administración Federal de Ingresos Públicos, AFIP) and register for social security

4 days no charge

11

Register turnover tax at local level at the Dirección General de Rentas (DGR) in the City of Buenos Aires

1 day ARS 50

12Register with the Unified System for Labor Registration (USLR)

1 day no charge

13

Contract an insurance for employees with a risk labor company (ART, Aseguradora de Riesgos del Trabajo)

1 day no charge

14

Rubricate books of wages in the Ministerio de Trabajo (Ministry of Labor)

1 day ARS 75

16

Agenda

I. Capital Emprendedor y la creación de valor

II. El Ecosistema Emprendedor en la Argentina

III. El Ambiente del CE

IV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series A

V. Las Oportunidades para las empresas del ecosistema emprendedor de Santa Fé

VI. Anexo

17

El soporte institucional al CE en Latinoamérica es muy heterogéneo y Brasil es el país mejor preparado

Fuente: LAVCA

18

Argentina rankea 11°de 12 países americanos analizados en la calidad del marco institucional para el Capital Emprendedor

Fuente: LAVCA

|

19Source: Emerging Markets Private Equity Association “Global limited partners survey” May 2012

Latin America (ex. Brazil)

Southeast Asia

Brazil

China

Turkey

India

Sub-Saharan Africa

Central/Eastern Europe

Russia/CIS

MENA

0% 10% 20% 30% 40% 50% 60%

38%

41%

24%

26%

29%

16%

20%

11%

11%

11%

16%

12%

28%

18%

14%

20%

21%

13%

10%

17%

LPs' Planned Changes to EM PE Investment Strategy Over the Next 2 Years

Expand Investment Begin investment

Colombia, Méjico y Perú son los países en los que se prevé mayor crecimiento de PE en los próximos 2 años

20

Argentina tiene la oportunidad de generar un mejor marco institucional para impulsar más al Capital Emprendedor

Fuente: LAVCA

21

Fondos locales/regionales

Promotora

Kaszek

Monashees

Austral

Aurus

CAP Ventures

Ax Ventures / Pymar Fund

Storm Ventures

Atomik (Skype Founders)

Techstars

Tomorrow Ventures (Eric Schmidt)

Marc Andreessen

FINEP

CORFO

NAFINSA

Bancoldex

GPs, Agencias y Gobiernos Nacionales han entrado recientemente al sistema regional de Capital Emprendedor

22

Agenda

I. Capital Emprendedor y la creación de valor

II. El Ecosistema Emprendedor en la Argentina

III. El Ambiente del CE

IV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series A

V. Las Oportunidades para las empresas del ecosistema emprendedor de Santa Fé

VI. Anexo

23

Las incubadoras son fuentes frecuentes de empresas de base tecnológica con potencial de crecimiento

Argentina

24

Los inversores ángeles y fondos semilla aportan capital en las primeras etapas de los emprendimientos

• Miguel Rozental• Grupo AMTEC• Jorge Grad

Red Rosario

Clubes Ángeles Aceleradoras Fondos semilla

25

Fondo Manager Sectores Montos Inversores Capital

Nicolás Szekasy,

Hernán Kazah

Internet, Videojuegos

USD 500k to 3MM

Sequoia, Accel, Tiger, Marcos

Galperin, Family Offices,Horsley Bridge

USD90M

Lisandro Bril

Biotech, Internet,

Videojuegos,Movil

USD 500k to 3MM

FEC, MIF, COFIDES, CAF,

Private USD18M

Eduardo Elsztein,

Federico Weil, Ariel Muslera

Agro, Alimentos, Servicios

USD 400k to 3MM

CAF, MIF, Consultores, TGLT, Storm USD15M

Los fondos Serie A son utilizados en una etapa posterior, con ideas más testeadas y modelos de negocios más definidos

26

COPYCAT VENTURES

DISRUPTIVE VENTURES

Exploit ideas in the Latin America market

Major challenge: execution

Global play Rapid execution Major challenge: execution and

rapid global expansion 2 or 3 accelerators:

Internet

Biotechnology applied to agribusiness

New Materials

BigData AnalyticsVideogames

La mayoría del capital emprendedor está concentrado en copycats, pero hay espacio para tecnologías disruptivas

27

Industry Highlights

Software

Marketing

Biotechnology

Medical

KECLON

Empresa de software enfocada en aplicaciones para redes sociales. También desarrolla projectos vinculados al software como spin-offs.

Investigación, desarrollo y producción de equipamiento de diagnóstico médico para neurología, neurofisiología y cardilogía.

Página de agregación diaria de cupones de descuento para 50 ciudades en Argentina, Brasil, España, México, Colombia, Chile y Perú.

Desarrolla una enzima que aumenta la calidad del biodiesel de aceite vegetal, al reducir los niveles de esteril glucosido.

Software Plataforma integrada de productos para las empresas de servicios financieros.

Entertainment Viedeogames Desarrolla aplicaciones sociales para móviles.

Internet B2BBigData Análisi de usuarios para el sector financiero, telecomunicaciones y comercio electrónico.

Por ejemplo, AxVentures-Pymar invirtió en Argentina en varios emprendimientos de base tecnológica

28

Agenda

I. Capital Emprendedor y la creación de valor

II. El Ecosistema Emprendedor en la Argentina

III. El Ambiente del CE

IV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series A

V. Las Oportunidades para las empresas del ecosistema emprendedor de Santa Fé

VI. Anexo

29

Las empresas del Foro…

Nombre Industria Etapa Mercado Inversión Valuación

Lipomize Nanotecnología Crecimiento Regional ?

Novartek Varias Global ?

PMP Maquinaria Crecimiento Regional ?

Amarenteno Biotecnología Semilla Regional ?

Vigorem Biotecnología Regional ?

Anyfig Data+Biotech Earlly Global ?

Tecnobiocomb BIotecnología Global ?

Blue Dot Software Crecimiento Regional ?

Reciclados del Sur Productos sustentables ?

Dinoia Software ?

30

Email: lbril@axventures.com

Twitter: @lisandrobril

Linkedin: http://ar.linkedin.com/pub/lisandro-bril/7/709/17ª

Blog: lisandrobril.wordpress.com

31

Agenda

I. Capital Emprendedor y la creación de valor

II. El Ecosistema Emprendedor en la Argentina

III. El Ambiente del CE

IV. CE: Incubadoras, Aceleradoras, Ángeles, Semilla, Series A

V. Las Oportunidades para las empresas del ecosistema emprendedor de Santa Fé

VI. Anexo

32

20 countries 580 million people Combined GDP USD 5.15

trillion Average GDP growth 5.7% for

2010 and 4% expected for 2011

Portuguese language: 200 MM, including Portugal

Spanish language: 480 Million people including Spain and US Hispanic

5 cities with over 7MM people Challenges: sustain growth,

reduce poverty and inequality Innovation and

entrepreneurship are critical Key player in Open Innovation

and Hybrid projects

Source: World Economic Outlook, April 2010, IMF

Latinoamérica es un destino importante para inversiones dado su vasto y creciente mercado interno

33Source: Euromonitor

Selected Latin American Countries Size and Performance

Selected LA Countries USA

5,790

15,065

Selected Countries: Argentina, Brasil, Chile, Colombia, Mexico, Peru and Uruguay

2011 GDPInternational US$ PPP Billion

2008 2009 2010 2011 2012

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-0.3%

-3.5%

3.0%

1.5% 1.8%

4.4%

-0.9%

8.0%

6.9%

5.1%

USASelected Countries

Real GDP Growth

38%

…y un veloz crecimiento del 5% basado en mercados internos y externos

34

Seed and Early stage investments

US$ 0.5 to 10 MM per target

Disruptive models (50%)

Copy-cat models (50%)

Internet/3.0 Ventures

Biotechnological Ventures

Software applications

Medical Equipment and Services

Tripple Bottom Line

Incubators

New Fund Investment Strategy

Source: New Fund

Pan-Regional Focus The Approach

Scalability

Best Practices

World and local network

Local Team that combines successful businessmen with strategic consulting capabilities

Investment Process

El Fondo busca invertir en empresas de Latam que se puedan escalar globalmente

35

Invested in Seed Rounds of Internet plays with Hicks Muse

Related initiatives in Argentina, Brasil, Mexico, and Venezuela such as Comunia, Gemelo, PalmSite, and BtoB Latin America

BGS was the Management Affiliate of Hicks Muse for the Cable TV business in Latam.

BGS activities were merged later to i5 Fund.

BGS Venture Capital

Seed Fund

Holdinvest Technology

Fund

i5 - A Hicks Muse Tate

& First Company

Early stage venture capital fund for investments in infrastructure and services for internet. Invested in AMTEC (now NEORIS) , a software development company for electronic commerce applications

1998 –Present  (13 years)

HTF is currently invested in Finansys LLC Series A (Technisys Latam business)

PYMARFund

2009 – Present 

Sponsored by Fundación Empresa y Crecimiento (FEC),  MIF of  the InterAmerican Development Bank (IDB), COFIDES, CAF and Argentine Private Investors

Invest in Argentine innovative and technology companies such as Bioscience, Keclon, Zauber and Cupoint

Technology Based

Seed Fund

2006 – 2010

Nexo Emprendedor

El socio gerente combina una gran experiencia en sus fondos pasados con una gran red de contactos

36

Managing Partner of Holdinvest Technology Fund and AxVentures-Pymar Fund

Lisandro Bril is Managing Partner of AxVentures – Pymar Fund’s manager in Argentina. He is the founder and Managing Director of Holdinvest S.A., a company focused on providing advisory on venture capital issues to investors and entrepreneurs in Argentina. He has almost 30 years of experience as an entrepreneur and a Top Management Consultant on Strategy, Organization and Executive Search for world class companies.

The trajectory of Mr. Bril in the field of venture capital is associated with his auspicious experience as Angel investor (Sales ESS sold to Oracle) CEO of BGS Seed Capital Fund in Latin America –Argentina-Brazil-Mexico and Venezuela) and CEO i5/Hicks Fund in Argentina, those funds invested U.S. $ 17.5 MM in emerging technology companies. The fund was able to repay money to investors through the successful case of Amtec Software Company, now Neoris, as well as Comunia, B2B Latin America, PalmSite, Gemelo.

Prior to this, Mr. Bril founded Booz Allen Hamilton in Argentina, and was it’s Managing Director. He worked on several projects in South American financial services, automotive industry restructuring, privatization and diversification of conglomerates in the chemical and steel industries, both in the public and private sector. Mr. Bril also worked for seven years as Partner at both Spencer Stuart and Korn/Ferry, the Executive Search firms.

Between 1985 and 1989, he was Undersecretary of State for Foreign Trade, and as such, he was responsible for the administration of exports and imports and for the exports promotion policies of Argentina’s non traditional sectors. He actively participated in the creation of MERCOSUR.

Mr. Bril is co-founder of Endeavor Argentina and currently advises its Global Management on Seed Capital Financing and is a participant in Endeavor Catalyzer VC Fund; co-Founder and Treasurer of Fundación Equidad; former President of Harvard Club Argentina; former member of the Foreign Trade Commission of the American Chamber of Commerce in Argentina (AmCham) and the International Organizations Commission of the Unión Industrial Argentina (Argentine Industry Organization). Mr. Bril also participated in the organization of the Group of 50 Latin-American Business Leaders, based in Washington (Carnegie Endowment for International Peace).

Mr. Bril holds a BA in Economics (Cum Laude) from University of Buenos Aires, and a MPA from Harvard John F. Kennedy School of Government. He also worked as a Case Writer for Harvard Business School.

37

The Management Team

Local Managers in Argentina, Brazil, Chile

Financial executives with broad experience in mergers and acquisitions and private equity & venture capital transactions, with solid knowledge in business analysis, valuation and deal structuring & negotiation

Business analysts

Association with small consulting boutiques, as A2C Advisors in Argentina, to assist the Local Managers in the opportunity assessments, market analysis, valuation and monitoring

38

The Advisors Board Main Features

Advisor (Confidential)

Currently Fund Managing Partner at a Global Hedge Fund. Responsible for portfolio management and development of various special situations and private equity strategies globally.  

Held numerous senior positions at a Leading Wall Street Investment bank over a 21-year career, including Head of Global Emerging Markets Sales, Trading, and Research and the Head of Latin America Emerging Markets.

Currently serves on the board of a leading Telecommunications Company operating in Latin America.  

Eduardo Orteu http://axventures.com/eduardo_orteu

Part of the Local Management team of PYMAR Fund as well as one of its LP.

Currently involved in several investment projects in Latin America, aimed at capitalizing on competitive structural advantages, acting mainly as a private equity investor but also, as consultant specialized in general management and strategy, providing advice to top executives and owners.

Throughout his career, he participated in the acquisition, merger, transfer and sale of over forty companies in the fields of manufacturing, finance, banking and retail, including initial public offerings and deletions of company’s names from the official lists of the New York Stock Exchange (NYSE) and other local stock exchanges.

Member of the boards of various companies in Argentina and abroad.

Mario Vázquez http://axventures.com/mario_vazquez

Part of the Local Management team of PYMAR Fund as well as one of its LP.

Vice President of Telefonica Holding de Argentina S.A. and in the Council of Administration of Telefónica S.A.

Served as a Director of Banco Santander Rio S.A. since August 22, 1997, and has been a Director of YPF S.A. since 2008 and Director of Telefonica of Argentina since 2000. He has been an Independent Director of Mercadolibre, Inc., since May 2008 and serves as a Director of Portal Universia S.A.; Ríobank International; Central Puerto S.A.; Motorcare Argentina, S.A.; Acsa Loss Control, S.A.; Indra SI SA; Heller Financial Argentina, S.A.; Corporacion Metropolitana de Finanzas S.A.; Heller Sud S.A; Heller-Sud Servicios Financieros, S.A

Member of the boards of various companies in Argentina and abroad.

Rahul Patwardhan http://in.linkedin.com/pub/rahul-patwardhan/0/350/48

Founder and Managing Parner of IndiaCo Ventures (P) Limited (2001). In 2003 the company received a grant from the World Bank , becoming, till date , one of the only private incubators to have received such a grant.

Founder of the first Nanotechnology initiative in India through IndiaNano (IndiaCo's Nanotechnology initiative).Rahul serves on several companies as a board member and is also on the board of several public institutions.He is a former member of the Advisory Committee for the Department of Science and Technology (STEP); former Chairman of the Incubation Committee of the NIF (National Innovation Foundation) of India and a former National Co Chair, Next Practices, Yi,CII.

Awarded by the Indian Economic Development Association (IEDRA) for "Outstanding Contributions to National Development". 

Member of the Royal Family of Miraj.

Advisors in Colombia, Brazil and Chile

39

The Advisors Board Main Features

Arturo Torres Link2 Emerging Markets

From 2008 to 2012, Mr. Arturo Torres held a position in the Commercial and Corporate Banking area – SMEs and Agribusinesses – Value Chain and Portfolio Manager of Nexo Emprendedor, Banco Santander.

In this position, Arturo Torres was responsible for originating and structuring the financial operations as well as providing financial services to SMEs that are part of the customer’s productive chains.

Also, Mr. Torres was in charge of the Bank’s operations with the system of “Mutual Guarantee Companies” (the portfolio served by the MGCs is of almost 100M), and of the administration of the bank’s portfolio of venture capital investments on technology based companies. He was also responsible for the Bank’s capital contribution and was member of PYMAR’s Investment Committe, where he provided his expererience in project analysis carried out by the local management.

Previously, from 1998 to 2007, he was Deputy Manager of Mergers and Acquisitions in the Corporate Finance area of Santander Inversiones.

Between 1996 and 1997, Mr. Torres worked as an equity analyst for a brokerage firm, and from 1992 to 1995 he worked as a financial analyst at Banco General de Negocios.

Mr. Arturo Torres holds a BA degree in Agricultural Economics from Universidad de Belgrano, a postgraduate degree in Capital Markets from Universidad de Buenos Aires, a Masters Degree in Finance from the University of Buenos Aires (UBA) and a Masters in Finance from Centro de Estudios Macroeconómicos de Argentina (CEMA). Economic Development Association (IEDRA) for "Outstanding Contributions to National Development". 

Elio Nudelman Link2 Emerging Markets

Experienced treasury manager with broad business and financial management expertise in Israel and in EMEA as well as venture capital investment experience in Latin America. Proven ability to form, develop, and lead teams in international, multi-cultural and competitive environments while working for a global multinational corporation. Strong communication and language proficiency, extensive professional knowledge with both strategic and tactical focus as well as strong skills in IT/systems and processes..

Advisors Silicon Valley-NY and Israel

40

Source: LAVCA 2011 Industry Data, pp. 2 and 4. Data prior to 2008 is based on VE-LA reports. Investment data prior to 1998 is missing.

Capital conseguido e inversiones en Latam 1993-2011

41

Latinoamérica es un destino muy interesante para industrias de base tecnológica

42

0

5

10

15

20

25

30

35

40

45

50

97

4 3

8

46

22

96 6

4

25

Aggregate PE deal volume by sector 2010 and 2011

2010 2011

PE d

eal volu

me

Source: Thomson One, accessed 15 January 2012, and Ernst & Young resarch

Latinoamérica también es atractiva para inversiones de PE en agricultura, minoristas, tecnología y bienes raíces

43

Fundraising activity has been exponentially growing

Source: Preqin, accessed 17 January 2012

Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 2010 20110

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2,309 2,401 2,1581,405 1,927

7,431

3,0701,458

8,273

13,886

Fund-raising (US$m)

Fund Vintage Manager Type Industry Focus

Closing Location Focus

Final Fund size (US$ M)

Gavea Investment Fund IV

BTG Pactual Brazil Investment I

Vinci Capital Partners

Patria Brazilian Private Equity Fund IV

P2Brasil

2010

2011

2010

2011

2009

Gavea Investmentos

BTG Pactual

Vinci Capital Partners

Patria Investmentos

Patria Investmentos

Buyout

Hybrid

Buyout

Growth

Infrastructure

Diversified

Diversified

Retail,Diversified,restaurants

Healthcare,consumer products,consumer services

Infrastructure

Q 2 2011

Q 2 2011

Q 2 2011

Q 3 2011

Q 3 2011

Brazil

Brazil

Brazil

Brazil

Brazil

1,800

1,500

1,400

1,250

1,155

44

Brazil, Colombia and Mexico lead fund raising activity

Source: Emerging Markets Private Equity Association

US$ 8.1 B

US$1 B

US$0.80 B

US$ 0.3 BUS$ 0.3 B

US$ 0.7 B

Latin America and Caribbean investment by Country, 2009-

2011 (US$B)

Brazil

Colombia

Mexico

Chile

Argentina

Other

2009 2010 2011

No. of deals

Total Capital Invested (US$m)

No. of deals

Total Capital Invested (US$m)

No. of deals

Total Capital Invested (US$m)

Argentina 3 151 4 525 6 89

Brazil 20 989 53 4604 47 2461

Chile 5 40 7 298 2 3

Colombia 3 10 3 612 5 376

Mexico 10 67 13 150 14 128

Other 13 61 12 460 14 188

Total 54 1318 92 6649 88 3245

45

Latin American stock market is also providing a liquidity path for Private equity backed investments

Source: Global Private Equity Watch: Striving for growth – a return ti entrepreneurship

2010 2011 $-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

0

1

2

3

4

5

6

7

183

3475

2

6

PE-backed IPOs, 2010-2011 (in US$ millions)

IPO Deal Volume IPO deal value (US$m)

IPO

deal valu

e

IPO

deal volu

me

46

Africa

Asia

Austra

lia

Latin

Am

erica

Middl

e Ea

st a

nd Is

rael

048

121620

3

19

14

20.3

11.22

0.03 1.47 0.17

Breakdown of Asia and Rest of World Private Equity Fundraising by Region, Q1

2012

No. Funds Raised Aggegate Commitments ($bn)

Source: Preqin Funds In Market Online Service

47

Q1 2

005

Q3 2

005

Q1 2

006

Q3 2

006

Q1 2

007

Q3 2

007

Q1 2

008

Q3 2

008

Q1 2

009

Q3 2

009

Q1 2

010

Q3 2

010

Q1 2

011

Q3 2

011

Q1 2

012

0

50

100

150

200

250

62

10186

111119141

153133129

213

123

205

176

211

127

170

7895

587877

6480

5972

88

5573

62

All Private Equity Fundraising by Quarter, Q1-2005 - Q1- 2012

Aggre

gate

Com

mit

ments

($bn)

Source: Preqin Funds In Market Online Service

48

Emerging Asia

US and Canada

India

China

Western Europe

Africa

Russia/CIS

Turkey

Brazil

Central/Eastern Europe

Latam ex-Brazil

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

87%

81%

80%

77%

61%

57%

48%

41%

39%

31%

29%

77%

64%

42%

60%

69%

29%

25%

17%

21%

46%

27%

In the following selected mature and emerging mar-kets, will your firm increase acquisition activity in the

next 12 months?

Oct - 11 Apr - 12

Source: Private Equity Capital Barometer

49

50

51

52

53

54