SANTA CLARA, Calif.,
July 14, 2020 /PRNewswire/
-- SVB Financial Group ("SVB") (NASDAQ: SIVB) today announced
the close of the Latin America Growth Lending Fund, a new
$30 million venture and growth debt
fund with Partners for Growth (PFG) and IDB Invest. The Fund aims
to unlock innovation by providing capital to help emerging growth
companies across Latin America and
the Caribbean scale
operations.
The fund will provide structured debt to later stage companies
in the region in sectors such as software, technology, life
sciences, healthcare and fintech, among others.
According to LAVCA, the Association for Private Capital
Investment in Latin American, venture funding in Latin America more than doubled in 2019 to a
record $4.6 billion compared to
nearly $2 billion in 2018. Leading
sectors by dollars invested include fintech, logistics and
distribution, proptech and marketplaces.
"The innovation sector in Latin
America has experienced incredible growth and venture
capital interest in recent years," said John China, president of SVB Capital. "We've had
the opportunity to work with many of the leading entrepreneurs and
companies in the region and can attest to the vibrancy and strength
of the innovation industry. We are excited to collaborate on this
fund with Partners for Growth and IDB Invest to support high-growth
Latin American and Caribbean
companies."
"We have enjoyed a strong partnership with SVB over the decades
across many markets globally and we are pleased to be partnering in
this initiative to bring innovative debt solutions to emerging
growth companies in Latin America. We are glad to have
support from IDB Invest as a cornerstone institution in the region
and look forward to working together with SVB's impressive and
growing client base," noted Andrew
Kahn, CEO of Partners for Growth.
"We are grateful for the partnership with SVB and PFG in order
to bring this transaction to market, especially in the context of
this unprecedented global pandemic. The Fund's impact will be very
relevant for the region at a time when innovative tech-companies
are looking to be more efficient to deliver products and services,
particularly for SMEs and vulnerable populations, and when
financing of productivity-enhancing investments is needed as the
crisis could otherwise delay it. In this sense, this partnership is
also key to IDB Invest's current strategy to alleviate the economic
and social impacts of the pandemic, and to reignite growth," said
Gema Sacristan, CIO of IDB Invest.
About Partners for Growth (PFG)
Established as Partners for Growth in 2004, the firm's investment
strategy dates to the mid-1980s when the co-founding partners
managed the lending practice of technology investment bank
Hambrecht & Quist, purchased by JPMorgan Chase in 1999. The PFG
team provides custom debt solutions to revenue stage emerging
growth companies leveraging decades of experience gained in
structuring tailored debt facilities to support growth and
expansion, working capital, and acquisition financing needs for
over 200 portfolio companies globally since inception. For more
information on PFG, please see www.pfgrowth.com.
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral
development bank committed to promoting the economic development of
its member countries in Latin
America and the Caribbean
through the private sector. IDB Invest finances sustainable
companies and projects to achieve financial results and maximize
economic, social and environmental development in the region. With
a portfolio of $12.1 billion in asset
management and 333 clients in 24 countries, IDB Invest provides
innovative financial solutions and advisory services that meet the
needs of its clients in a variety of industries.
About SVB Financial Group
For more than 35 years, SVB Financial Group (NASDAQ: SIVB) and its
subsidiaries have helped innovative companies and their investors
move bold ideas forward, fast. SVB Financial Group's businesses,
including Silicon Valley Bank, offer commercial and private
banking, asset management, private wealth management, brokerage and
investment services and funds management services to companies in
the technology, life science and healthcare, private equity and
venture capital, and premium wine industries. Headquartered in
Santa Clara, California, SVB
Financial Group operates in centers of innovation around the world.
Learn more at www.svb.com.
SVB Financial Group is the holding company for all business
units and groups © 2020 SVB Financial Group. All rights reserved.
SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW
and the chevron device are trademarks of SVB Financial Group, used
under license. Silicon Valley Bank is a member of the FDIC and the
Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial
Group.
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