Valante Capital (the PE division of IDC Network), which manages $2.7 billion in assets, announced the first closing of Ascend Fund II, a $250 million private equity fund aimed at expanding consumer and retail platforms in Latin America and select U.S. companies with a Latin American presence.
The fund secured $115 million in capital commitments at its first closing, supported by returning limited partners and new institutional investors, along with a general partner commitment exceeding 15% of the total fund capital.
Building on its predecessor’s success, Ascend Fund II focuses on transforming under-optimized family-owned and corporate-divested assets in Northern Latin America while also pursuing cross-border opportunities related to Latin American consumers in the U.S.
Ascend Fund II also completed three investments:
1.) Vitali Alimentos – A rapidly growing protein platform backed by Fund I, Vitali has achieved 38% revenue growth and 50% EBITDA improvement since 2020, with ongoing transformations in Fund II for expanded scale.
2.) American Foods – American Foods is a U.S. food distribution platform operating in over 25 Latin American countries. This enhances Ascend’s roll-up strategy by strengthening its position in the imported product segment and supporting cross-border market synergies.
3.) Nutrica – A purpose-driven food company focused on combating child malnutrition in the region with affordable, nutritious food solutions. This investment aligns with Ascend’s impact goals and tackles a critical public health issue in Latin America.
Ascend Fund II is targeting net returns above 25% by acquiring high-potential companies and executing deep operational upgrades, market expansion, and strategic consolidation.
KEY QUOTE:
“We’re entering Fund II with momentum, strong alignment from our LPs, and conviction in the companies we’re backing. Our strategy has always been about transforming overlooked but high-potential assets, and with Vitali, American Foods and Nutrica, we’re putting that playbook into motion from day one.”
Héctor Valero, Managing Partner of Valante Capital
