The First Private Equity Forum marks a new chapter for investment in Uruguay

With the aim of strengthening the development of the private equity ecosystem and generating new investment opportunities, Uruguay held the first edition of the Uruguay Private Equity Forum, a joint initiative of Uruguay XXI, Urucap, and the National Research and Innovation Agency (ANII).

The meeting brought together national and international leaders from the financial sector, entrepreneurs, investors, and government representatives for a day that combined panels on venture capital, angel investors, private equity, and spaces dedicated to mergers and acquisitions (M&A), along with opportunities for strategic networking.

A high-level international gathering

Among the international speakers were Paul Ahlstrom (Alta Ventures, USA), Abel Bezares (Cometa VC, Mexico), Patricia Sáenz (EWA Capital, Colombia), Karin Künnapas (EstBAN, USA), Lorena Suárez (Alaya Capital, Argentina), Antonio Peña (Overboost – Kamay Ventures, Argentina), Christian Van Der Henst (Región Cuatro, Guatemala), Alex Whiterspoon (Recognize, USA), Gabriela Cibils (Cibersons, Paraguay), and Shawn Flynn (SVH Capital, USA), among other leaders in global venture capital.

Key figures from the local innovation and financing ecosystem also participated, including Nicolás Jodal (Genexus), Sergio Fogel (dLocal), Carolina Gutiérrez (Tumo, formerly Vesta), Marcelo López (Nearsure–Nortal), and Andrés Cerisola (IC Ventures), among others.

The diversity of the panelists reflected the breadth and maturity of the Uruguayan ecosystem, capable of engaging in dialogue on equal terms with investment funds, accelerators, and angel capital networks from across the continent.

Investment as an engine of growth

The forum opened with a clear consensus among authorities and industry leaders: investment is at the heart of economic development and innovation in Uruguay.

From the public sector, Isabella Antonaccio, national director of Free Trade Zones at the Ministry of Economy and Finance, highlighted the state's support for this type of initiative.

“From a public policy perspective, we are available to support this type of activity. Investment is the key variable that we want to promote in order to achieve better economic growth rates,” she said.

Along the same lines, Bruno Gili, head of the Uruguay Innova program, underscored the need to coordinate efforts to move toward a more sophisticated economy.

“Uruguay Innova seeks to underpin a more sophisticated, more productive economy. Investment—and in particular investment geared toward innovation and risk—is essential to achieving this,” he said.

The executive director of Uruguay XXI, Mariana Ferreira, highlighted that the meeting “represents a perfect synthesis of the agency's three main objectives: attracting foreign investment, internationalizing companies, and generating strategic information.”

Ferreira also announced that, together with ANII, ANDE, and LATU, work is underway on a new program to support SMEs and startups to promote their internationalization, and she previewed the presentation of the agency's third private equity report.

“It is a key tool for understanding the evolution of private equity and guiding strategic decisions,” she said.

From the National Research and Innovation Agency (ANII), its president, Álvaro Brunini, celebrated the country's progress in linking capital and innovation, although he warned that challenges still lie ahead.

“We have to continue to sophisticate our ecosystem, channeling the savings of Uruguayans and encouraging investment funds to raise capital. It is key to strengthen the link between the public and private sectors,” he said.

The business perspective came from Sylvia Chebi, president of Urucap, who highlighted the maturity of the ecosystem and the joint work with public institutions.

“It is an honor for us to organize this together with state institutions. Uruguay has aroused great regional interest: more than 70% of the funds associated with Urucap are foreign,” she said.

Chebi recalled that the association was founded three years ago “with the mission of professionalizing the private capital industry in Uruguay” and that today it brings together more than 100 members, mostly angel investors and investment funds.

“The country's development will come from entrepreneurs who innovate and investors who dare to take risks. This industry is based on trust,” she emphasized.

Data, intelligence, and connection tools

The first presentation of the forum was given by Alejandro Ferrari, Investment and After Care Manager at Uruguay XXI, and Paola Mancino, Investment Promotion Specialist at the agency. Both presented the new edition of the Private Equity Report in Uruguay 2024 and the Investment Portfolio, two strategic tools that reflect the evolution of the market and facilitate the connection between capital and local projects.

Ferrari highlighted the value of the report as an “X-ray of the sector's growth.”

“At the regional level, we continue to see a growing trend in the volume of capital invested, although with fewer deals than in previous years. In Uruguay, the information we generate shows an increasingly active ecosystem, with an increase in M&A operations and a greater share of foreign capital,” he said.

The manager also noted that “the most dynamic sectors are services and technology, with a strong financial component and sustained progress in fintech, biotechnology, and health tech.”

Ferrari also emphasized that the report seeks “not only to record data, but also to contribute to decision-making and policy design that will consolidate the country as a sophisticated investment destination.”

“Our goal is to generate useful and transparent knowledge for investors, entrepreneurs, and public actors. This report is a living tool that reflects how private capital is evolving and what opportunities are emerging for Uruguay,” he summarized.

Read the full report here.

For her part, Paola Mancino presented the Uruguay XXI Investment Portfolio, a matchmaking platform that connects investors with companies seeking financing.

“This technological tool seeks to facilitate visibility and direct contact between investors looking for deal flow and companies or projects seeking capital. The idea is to help find the right fit between the two,” she explained.

The portfolio currently has 136 active investors—including individuals, venture capital and private equity funds, consultants, and foreign companies—and 59 active projects, which include startups, greenfield ventures, and mature companies from different sectors.

“We not only offer visibility, but also technical support. We work with companies on their investment readiness, so that they can present their projects to investors in a professional and attractive manner,” he said, adding that Uruguay XXI promotes the platform internationally.

A turning point for the future

The First Private Capital Forum of Uruguay established itself as a space for strategic coordination between the public and private sectors, with a shared vision of the role of investment in the country's productive transformation.