Inside the Private Equity Engine Powering Latin America’s Next Chapter

Interview with Diego Chona | Partner and Head of Private Equity Latam ex-Brazil, Patria Investments | More than a decade at Patria

Published: September 1, 2025 · This interview took place before the first close of the Patria Colombia Private Equity Fund; the article has been updated to add the fund's status and to clarify assets under management versus capital invested.

Disclosure: The expert is a partner at Patria Investments, and the portfolio companies discussed are Patria investments. Descriptions of market position are the expert's and the firm's.

For many global investors, Latin America's complexity is a reason to stay away. For Patria Investments, it is the business model. Patria manages around $6.5 billion in Colombia across infrastructure, private equity, credit and real estate, of which roughly $700 million is private equity capital deployed in the country. Diego Chona, who has led the firm's private equity work in Latin America outside Brazil for more than a decade, explains how it turns operational and regulatory friction into long-term value.

Global Capital, Local Execution

Patria manages more than $50 billion globally across private equity, infrastructure, credit, real estate and other strategies, and counts some of the world's largest pension and sovereign wealth funds among its investors. Raising that capital, Chona says, is only half the job. The other half is turning global expectations into consistent returns in volatile markets.

"Our strategy has been to invest in sectors that are very resilient, sectors that grow with the economy, such as healthcare and food, as well as in areas where we have a competitive advantage, like agribusiness. We focus on building companies that are leaders in those sectors." Resilience, in his words, is key to earning repeat commitments through political and economic cycles.

Build Regional Platforms From National Leaders

Rather than treating each country as a separate market, Patria tries to combine local champions into regional platforms. "What we try to do is bring the leaders from each country into a broader LATAM platform. This allows us to create companies with very consistent growth, and eventually, a clear path to liquidity."

The model has played out in fitness, agricultural inputs and logistics. Two of its Latin American portfolio companies have listed publicly: Smart Fit on Brazil's B3 exchange and Lavoro on Nasdaq.

Complexity as a Moat

Patria deliberately targets sectors with high regulatory or operational barriers, such as healthcare, education, agribusiness and digital infrastructure. "Of course, we might be operating in sectors that have complexities, but we see this as an opportunity. We like to be involved in the operations, go deep into the companies and transform the way they do business."

That means entering underserved regions, building infrastructure, recruiting specialized teams and working closely with founders over several years. Solving bottlenecks in supply chains or service access, Chona argues, builds stronger companies and reduces risk over time.

Why Colombia Matters to Patria

Colombia is Patria's second-largest private equity market after Brazil. Chona describes its Colombian portfolio companies, which employ more than 18,000 people, as category leaders. "We have the largest gym chain through Smart Fit, the largest agricultural input distribution company with Lavoro, the top cybersecurity firm in Colombia called SEK, and the largest hospital chain with Zentria."

Chona attributes the results to the firm's regional engagement and to trust with founders. He says Patria looks for the best entrepreneurs and had to earn their confidence. "We had to prove we were true partners, not just investors."

Impact Built Into the Thesis

Chona describes impact as part of the investment case, not a byproduct. "We realized there was a lack of hospital supply in certain regions of Colombia," he says. According to the company, Patria's portfolio reaches:

• Zentria: around 3.5 million Colombians, roughly 7% of the population, through hospitals and primary care focused on early diagnosis and treatment
• Lavoro: more than 67,000 small and medium-sized farmers, with crop planning, inputs and post-harvest support
• Smart Fit: more than 500,000 members with affordable fitness services

Bringing Colombian Capital Into the Deal

Chona sees Colombia, with more than 50 million people, rising consumption and relative macroeconomic stability, as a long-term growth market. The next step is local capital. "Today, we're working with local pension funds, insurance companies, family offices, even retail investors. We want them to invest with us."

That plan has since taken shape. The Patria Colombia Private Equity Fund, administered by Fiduciaria Bancolombia, held a first close of $140 million in November 2025, with Colombian pension funds, insurers and institutional investors participating. Patria aims to reach at least $700 million in total investment by pairing the fund with capital from its global private equity and infrastructure funds.

"We already have the trust of global investors, from some of the largest pension funds and sovereign wealth funds in the world, so our goal is to bring local capital into that same momentum." Chona expects local and global capital together to play a growing role in the region's next chapter.

Diego Chona is Partner and Head of Private Equity Latam ex-Brazil at Patria Investments, one of Latin America's largest alternative asset managers, where he has worked for more than a decade. He has led more than 20 investments in Colombia and grew the firm's local private equity team from two professionals to more than sixteen.

Sources

• Bloomberg Línea: Patria launches the Patria Colombia Private Equity Fund (ES)
• Valora Analitik: interview with Diego Chona on Patria's US$6.5 billion in Colombia (ES)
• Patria Investments quarterly results

Related on the Community Hub

• Rewriting the Balance Sheet: A New Era for Private Equity Value Creation
• Reframing Cybersecurity in Private Equity Transactions

‍