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The fund, named Bicycle I from growth equity firm Bicycle Capital, targets a total size of $500 million and aims to partner with startups across the continent, it said in a statement.
Latin America has a large and young population that sees a macro-economic tailwind, according to Bicycle Capital. Mexico and Brazil, its two largest economies, are expected to be among the top six economies in the world by 2050, it added.
The region already has companies within the tech environment that bring disrupted business models, Claure told Reuters, and “there is (still) a lot to be disrupted.”
In January, Claure made an investment of $100 million in Shein, the fast-growing Chinese online retailer, and became the company’s chairman in Latin America.
Bicycle is focused primarily on founders in Latin America, but the fund may also invest in leading global growth-stage companies, the statement added.
The new fund is anchored by Abu Dhabi’s Mubadala Investment Company and Claure Group, Claure’s family office. The additional capital commitments come from prominent global tech investors and founders, it said.
The firm will be led by Claure as executive chairman and managing partner and Mwashuma Nyata, former managing partner at SoftBank Group International, also as managing partner.
