Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
Two weeks ago, James Aitken suggested sharpening your pencil to find specific individual assets that have been beaten down, while Louis-Vincent Gave declared Latin America an attractive place to look. Combining these themes, I reached out to today’s guest, Rodrigo Bitar, Co-founder of 3B1 Partners, to get his perspective on opportunities in the region. Rodrigo was a past guest on the show three years ago, and that conversation is replayed in the feed. Our conversation this time around covers the investment case for Latin America, 3B1’s experience in Venezuela, lessons learned from operating in high-risk, illiquid markets, the value of bringing capital to the region, the necessity of patience, and a specific individual asset 3B1 is pursuing in Central America. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
Original Release Date: 08/29/2022 On today’s show we’ll discuss a classic empty room – an opportunity ignored by most investors. In this case, we dive into the investment case for Venezuela, a non-starter for pretty much every institution because of the country’s autocratic political regime, sanctions, and headline risk. But alongside those known risks are the potential for significant rewards. Rodrigo Bitar is the Co-Founder and Managing Partner of 3B1 Partners, the leading private equity fund making growth investments in Venezuela. 3B1 invests in high-quality companies with leading positions in basic industries, while looking to capture a change in macroeconomic conditions in the country. Our conversation covers Rodrigo’s upbringing in Chile, professional background, and investment opportunity in Venezuela. We discuss Venezuela’s sanctions, economic contraction, and dollarization of the economy. We then turn to investing in the country, including sourcing, due diligence, and an example of a recent transaction. We close with a discussion of the upside and risks to investing in Venezuela. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Show Notes (3:18) Rodrigo’s background (6:50) Family dynamics (10:13) Investible assets in Venezuela (12:03) Impact of Russian oil restrictions (13:38) Surviving economic turmoil (17:27) Private vs. public markets in Venezuela (19:31) Identifying companies (21:51) Due diligence process (23:49) Assessing valuations (25:28) Risks unique to Venezuela (28:09) Conversations with potential investors (32:05) Closing questions
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WTT: What it Takes to Raise Capital
No one wants to invest in a small manager. There, I said it. But everyone wants to invest in a great small manager. So how does a small manager try to prove that they’re great? Read Ted’s blog here.
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Ben Forman – Unlocking Blockchain’s Potential (EP.441)
Ben Forman is the Founder and Managing Partner of ParaFi Capital, a $1.5 billion manager of financial applications of blockchain technology and digital assets across long, arbitrage, venture, and GP seeding strategies. Ben last came on the show in 2022 as part of our Crypto for Institutions mini-series, and that conversation is replayed in the feed. Our conversation dives into the evolution of blockchain over the past few years, including the industry's "Lehman moment" and subsequent recovery. We discuss Bitcoin, memecoins, the rise of stablecoins as blockchain's killer app, tokenized assets, prediction markets, credit, and the intersection of AI and blockchain technologies. Ben also shares insights into ParaFi’s approach to investing and his long-term vision for building a business in this dynamic industry. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
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[REPLAY] Ben Forman – Opportunities in DeFi (EP.256, Crypto for Institutions 2, EP.03)
Ben Forman is the Founder and Managing Partner of ParaFi Capital, a $1 billion investment and technology firm that focuses on decentralized finance across digital assets, venture equity, and quantitative strategies. Ben launched ParaFi in 2018 after a decade in traditional finance roles across investment banking, credit investing, and private equity at venerable institutions such as Rothschild, TPG, and KKR. Our conversation covers Ben’s background, pivot to crypto, and launch of ParaFi into a bear market. We then discuss opportunities in the world of DeFi, including borrowing and lending, stablecoins, scaling, insurance, governance, and capital allocation. We close with ParaFi’s research and valuation approach, engagement with DeFi protocols, and seeding crypto managers. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
Acerca de Capital Allocators – Inside the Institutional Investment Industry
Allocator and asset management expert, Ted Seides, conducts in-depth interviews with leaders in the institutional investing industry. Guests include Chief Investment Officers from leading allocators, asset managers, strategists, thought leaders, and many more. Our mission is to learn, share, and help implement the process of premier investors. Learn more and join our community at capitalallocators.com.
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