Latin America Private Equity 2024
Supported by the Association of Corporate Counsel
General legal counsel and corporate secretary, BBVA Valores | BBVA
General counsel and chief compliance officer | Canvas Capital Brasil
As the GC Powerlist series expands, our aim is to create editions that spotlight individuals excelling in realms that may have previously eluded our attention. As investors increasingly turn to Private Equity for higher returns and strategic investments, specialised firms equipped with deep industry knowledge and transactional expertise are becoming indispensable. These companies facilitate complex deal structures, conduct meticulous due diligence, and navigate regulatory landscapes with expertise.
Targeting areas for expansion within the GC Powerlist series depends on various factors such as emerging trends, industry developments, and the evolving needs of the legal community. Latin America was seen has the perfect setting given the continuous growth and demand for organisations specialised in Private Equity, as well as the great quality and talent of individuals based in the region.
Accordingly, we are proud to introduce you to this very special edition of the GC Powerlist: Latin America Private Equity 2024.
The interviews you can exclusively read in this publication were enlightening and provided fresh perspectives not only on how investment firms are utilising their legal experts to increase their gains, but also how difficult and unique of an environment the Latin American region is. “Latin American market’s economic stability and political dynamics vary widely, adding layers of complexity to legal strategies”, as recognised by Diego Corp Hoces de la Guardia, general counsel at Verano Energy, who also advises that “[r]emaining vigilant to navigate intricate regulations and ensure strict compliance is an ongoing commitment. The ever-changing political and economic dynamics necessitate a proactive stance to anticipate and mitigate potential risks. Constructing legal strategies that adeptly account for these uncertainties while still aligning with business goals is a constant juggling act.”
Another great look at the Latin American scene when dealing in Private Equity is the perspective shared by Alfredo Apestegui, principal and chief legal officer at Mesoamerica, who states that “[d]oing Private Equity deals in Latin America has taught me several important lessons (…) there is no such thing as a “LATAM deal”, as every country is very different in terms of legal, political and macro environment, so having the right local partners and advisors is key”, a view that clearly manifests the great challenges that in-house lawyers face in this quite specialised sector of the legal industry.
Despite challenges and difficulties, our interviews also reveal the great and many favourable outcomes that are result of these brilliant lawyers’ hard work. As Julian Graciano, legal vice president at Yellowstone Capital Partners notably expresses: “[s]eeing the positive impact of our investments in the environment and the lives of so many people and communities while meeting the expectations of our investors is the most rewarding experience of working as an in-house lawyer”. This sentiment was inferred during the interviews conducted, as there seems to be a collective deep fulfilment to see how their legal expertise contributes to sustainable development, social progress and economic growth, while also aligning with generally accepted values and commitments.
The in-house lawyers deservedly featured in this special edition of the GC Powerlist strike the perfect balance between achieving financial objectives and fostering meaningful change, underscoring the profound impact legal experts can have in society. On behalf of The Legal 500, would like to introduce you to the most diligent and expert in-house lawyers in the field of Private Equity based in Latin America, and congratulate them for this terrific achievement.
Francisco Faria e Castro
Editorial lead
In-House Legal Research Team | GC Powerlist Series
DLA Piper in Latin America’s Team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With over 450 lawyers practicing throughout Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe.
A number of our lawyers were born or raised and educated in the region and are fluent in Spanish and/or Portuguese. Many have also practiced law in both the US and Latin America and are intimately familiar with civil law systems and with the cultural and legal nuances required to successfully do business in the region. Our strategic relationships on the ground throughout Latin America enhance our understanding of the region and enable us to provide our clients practical, meaningful legal advice. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all of our clients’ legal needs, whether they are based in Latin America or wish to do business there.
The United States, specifically New York and Florida, has deep economic and cultural ties to Latin America. After many decades of being at the center of the most complex cross-border matters related to Latin America, New York law is firmly established as the most widely accepted applicable/governing law on cross-border transactions related to Latin America.
Our US based team of Latin America practitioners regularly acts as lead counsel on a wide range of cross-border matters in Latin America, ranging from complex capital markets, finance and M&A matters to public private partnerships and market entry and establishment issues. For more information, visit Latin America | DLA Piper.
The recent news that elite US firm Sullivan & Cromwell had apologised to a judge over AI hallucinations in a court filing prompted a collective wince from the legal profession.
But while some lawyers remain wary of AI, others are striking a more open-minded note, and at the LexisNexis AI Forum hosted this Wednesday (20 May) by Legal 500 and Legal Business, panelists argued that the risks are far outweighed by the opportunities.
Barbara Zapisetskaya, principal technology counsel at the European Bank for Reconstruction and Development, made the case that hallucinations and other potential pitfalls can be overcome with a shift in mindset.
‘What makes a difference,’ she said, ‘is empowering your lawyers to take responsibility for AI output – helping them become active AI operators, not just passive AI users. You have agency to decide whether you agree with the output or not.’
Zapisetskaya was among a line-up of leading in-house figures speaking on two panels, which covered everything from practical steps for AI implementation to the key decisions GCs need to be making in the coming months.
Financial Times general counsel Dan Guilford began by stressing the importance of building the right culture for AI adoption. In addition to proactively upskilling himself, Guilford talked about how he had implemented a voluntary weekly ‘show and tell’ meeting for team members to share successful use cases – or an exercise that became a gratifying measure of progress.
Other panelists discussed how increased in-house productivity is altering the dynamic with their external counsel.
While some see the use of AI by law firms as a precursor for reduced fees, Russell Davies, head of global operations for legal and compliance at Dentsu, said that faster results – however they are delivered – are something to be valued.
GSK assistant general counsel Anthony Kenny agreed, saying that while there was an expectation that external counsel would be utilising AI, the focus should be on the value of the output, rather than an overemphasis on identifying AI use as a justification to reduce fees.
Speaking on the second panel, MUFG EMEA general counsel James Morgan stressed the critical importance of education, noting that educating the C-suite on the advantages and risks of AI is just as important as enabling large in-house teams to use these tools.
Shanthini Satyendra, vice-chair of the AI Committee, Society for Computers & Law, CEO and founder of Manisain, offered a reminder of the importance of making the connection between tasks and the purpose behind them, extolling the virtues of identifying use cases for AI that can solve a meaningful problem.
Zapisetskaya concurred, adding that one of the most important tasks for GCs across the next six to twelve months is to create AI playbooks and templates, noting that ‘it is easy for lawyers to see problems – much harder for lawyers to see opportunities.’
There was also broad agreement among panellists that GCs should focus on upskilling their junior lawyers on AI, rather than – as some may expect – cutting back their workforce. As Satyendra summarised: ‘Some people are replacing human capital with AI without thinking about what’s required to make AI work. Retain your people and train them up.’
The panels were moderated by Emma Millington, head of the UK Lexis+ Finance Group, and LexisNexis director of segment management Stuart Greenhill.
