They have invested more than US$ 350 million and expect to triple this figure by 2020.
The key is to get involved in the companies where they invest, says Rodrigo Castro, president of the recently-launched Chilean venture capital association, which brings together seven fund managers. The industry in Chile manages 15 investment funds worth some US$ 350 million.
Venture capital, widely spread in the world (in the USA alone it moves US$ 165 billion), is relatively new in Chile. It started in the middle of the last decade, and with Corfo leverage mainly, they manage to raise private capital to support innovative projects in various economic areas of the country. "The next Facebook could very well come out of here," says Castro, just before leaving for the U.S. to meet with his peers.
The partnership is comprised of Magma, Alaya Capital Partner, Manutara, Genesis Ventures, Mountain Nazca, RaiCap and Nxtp Labs, and Carey Abogados supports them.
The expectation, says Castro, is that by 2020, venture capital, beyond being part of an "entrepreneurial ecosystem", will become an industry and move around US$ 1 billion in funds. And for this, it is key that institutions such as the AFPs can invest. "Today we are seen by the SVS and Corfo, but we need the Super de Pensiones to look at us and regulate us", says the president of the association.