SVB Financial Group (NASDAQ: SIVB), a Santa Clara, Calif.-based venture debt bank, closed a new $30m venture and growth debt fund.
Along with Partners for Growth (PFG) and IDB Invest, the Latin America Growth Lending Fund aims to provide 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.
It will invest in a fast growing area. 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.
Established in 2004, Partners for Growth 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.
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.
SVB Financial Group (NASDAQ: SIVB) and its subsidiaries serve 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.