# L Catterton Latin America
L Catterton Latin America is the Latin America-dedicated, consumer-focused private equity platform of [L Catterton](https://www.edgepedia.org/l-catterton), the consumer investment firm backed by LVMH; launched in 2016 from Catterton's Aimara practice, it is headquartered in New York with local teams in Mexico City, São Paulo, Buenos Aires, and Bogotá, and reached a ~USD 550 million final close for its Latin America Fund IV on 30 July 2026.[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm) • [2](https://www.sec.gov/Archives/edgar/data/1637534/000163753415000001/0001637534-15-000001.txt) • [3](https://www.lavca.org/l-catterton-reaches-usd550m-final-close-for-latin-america-fund-iv/) Its funds are managed by Catterton Latin America Management Co. (CLAM), a Delaware corporation registered with the SEC.[2](https://www.sec.gov/Archives/edgar/data/1637534/000163753415000001/0001637534-15-000001.txt) • [4](https://disclosures.ifc.org/project-detail/SII/42967/l-catterton-latin-america-iii-lp)
| Key fact | Detail |
|---|---|
| Platform | Latin America consumer growth equity arm of L Catterton (founded 1989; LVMH is a minority owner and a significant investor in its funds)[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm) |
| Headquarters | New York (1301 Sixth Avenue per the 2015 Form D), with teams in Mexico City, São Paulo, Buenos Aires, and Bogotá[2](https://www.sec.gov/Archives/edgar/data/1637534/000163753415000001/0001637534-15-000001.txt) • [1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm) |
| Leadership | Dirk Donath, Chairman and Managing Partner; Ricardo Salmon, CEO and Senior Advisor[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm) |
| Funds | Latin America Funds II, III, and IV, documented in SEC Form D filings, an IFC disclosure, and press reporting[2](https://www.sec.gov/Archives/edgar/data/1637534/000163753415000001/0001637534-15-000001.txt) • [4](https://disclosures.ifc.org/project-detail/SII/42967/l-catterton-latin-america-iii-lp) • [3](https://www.lavca.org/l-catterton-reaches-usd550m-final-close-for-latin-america-fund-iv/) |
| Fund IV | ~USD 550 million final close reported 30 July 2026[3](https://www.lavca.org/l-catterton-reaches-usd550m-final-close-for-latin-america-fund-iv/) |
| Flagship exit | Cholula sold to McCormick in November 2020 for $800 million enterprise value after a 19-month hold[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm) |
## History and people
The practice's lineage runs through Catterton's Aimara vehicles. Catterton Aimara Latin America Fund II, L.P., an Ontario limited partnership, filed a Form D on April 1, 2015 reporting a $500 million offering with $0 sold at filing, managed and promoted by Catterton Latin America Management Co.[2](https://www.sec.gov/Archives/edgar/data/1637534/000163753415000001/0001637534-15-000001.txt) That fund was later renamed L Catterton Latin America II, L.P., documenting the series' continuity into the L Catterton era.[5](https://opendatalei.com/lei/549300W6HVMWG6WKBF20) The practice launched under the L Catterton name in 2016; LVMH is a minority owner of L Catterton and a significant investor in its funds, and at the time of a 2021 filing L Catterton managed approximately $30 billion.[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm)
Leadership has been consistent in the available record. The practice is led by Dirk Donath, Chairman and Managing Partner, and Ricardo Salmon, CEO and Senior Advisor.[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm) Donath was previously a Senior Managing Director at Eton Park Capital Management, a founding partner of Pegasus Capital, head of McKinsey's Latin American Consumer Goods and Retail Practice, and founder of Farmacity, Argentina's leading retail pharmacy chain.[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm) Scott Dahnke, a global L Catterton executive, signed the 2015 Form D as an executive officer and director alongside Donath.[2](https://www.sec.gov/Archives/edgar/data/1637534/000163753415000001/0001637534-15-000001.txt) In 2021 the team sponsored L Catterton Latin America Acquisition Corp, a special purpose acquisition company led by Donath as Chairman and Salmon as CEO, whose IPO raised $288 million gross at $10.00 per unit.[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm)
## Strategy
CLAM provides advisory services to a series of affiliated funds focused on portfolio investments in companies in the South American, Central American, and Mexican consumer sector.[6](https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=632490) Fund III pursues growth capital in mid-cap consumer companies across Brazil, Mexico, the Andean region, and Argentina, in sectors including food and beverage, consumer brands, retail and restaurants, and consumer and marketing services.[4](https://disclosures.ifc.org/project-detail/SII/42967/l-catterton-latin-america-iii-lp)
Within the wider platform, check size marks the distinction between fund families: L Catterton's buyout funds target investments exceeding $75 million of expected invested equity, while growth funds target investments below that threshold.[6](https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=632490) The Latin America vehicles sit on the growth side, pursuing growth capital investments in mid-cap consumer companies in Latin America.[4](https://disclosures.ifc.org/project-detail/SII/42967/l-catterton-latin-america-iii-lp)
## Funds by the numbers
Form D filings record the series' origins. Fund II, filed in April 2015 as a Catterton Aimara vehicle with a $500 million offering target and $0 sold at filing, was later renamed L Catterton Latin America II, L.P.[2](https://www.sec.gov/Archives/edgar/data/1637534/000163753415000001/0001637534-15-000001.txt) • [5](https://opendatalei.com/lei/549300W6HVMWG6WKBF20) The International Finance Corporation proposed an equity investment of up to US$20 million in Fund III (L Catterton Latin America III, L.P.).[4](https://disclosures.ifc.org/project-detail/SII/42967/l-catterton-latin-america-iii-lp)
Fund IV's final size differs between sources and is reported as such. LAVCA, the Latin American private capital trade association's news service, reported a ~USD 550 million final close on 30 July 2026.[3](https://www.lavca.org/l-catterton-reaches-usd550m-final-close-for-latin-america-fund-iv/) PitchBook's directory lists the fund at $471 million with a 2025 vintage and a 31 December 2025 filing; this is unverified directory data, and the LAVCA figure is the better-grounded record.[7](https://pitchbook.com/profiles/fund/23180-41F)
## Portfolio and exits
Over the five years to 2021, the team led 13 investments representing approximately $740 million of equity; members working together had previously led 16 additional Latin American investments of roughly $850 million.[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm) Investments named in the 2021 filing include Cholula, Despegar, Espaçolaser, St. Marche, Luigi Bosca, and PetLove.[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm) Fund III's disclosed investees, listed by the IFC as of January 1, 2025, include Despegar, Ben & Frank (Mexico), Cantu (Brazil), Crediclub (Mexico), NotCo (Chile), Odontoprev (Brazil), PetLove (Brazil), and Valoreo (Mexico).[4](https://disclosures.ifc.org/project-detail/SII/42967/l-catterton-latin-america-iii-lp)
The most prominent exit is Cholula. In November 2020 [McCormick & Company](https://www.edgepedia.org/mccormick-and-company) acquired the hot sauce brand for a total enterprise value of $800 million after a 19-month L Catterton hold, during which the firm carved out the business and re-domiciled it in the United States.[1](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm)
## Recent developments
Fund IV reached its ~$550 million final close in July 2026, focused on investments in consumer businesses across Latin America.[3](https://www.lavca.org/l-catterton-reaches-usd550m-final-close-for-latin-america-fund-iv/) The IFC's portfolio listing for Fund III was still being maintained as of January 2025, indicating the earlier vehicle remained active.[4](https://disclosures.ifc.org/project-detail/SII/42967/l-catterton-latin-america-iii-lp)
## References
1. [L Catterton Latin America Acquisition Corp — Form S-1/A (SEC EDGAR, 2021)](https://www.sec.gov/Archives/edgar/data/1854906/000119312521361449/d70352ds1a.htm)
2. [SEC Form D — Catterton Aimara Latin America Fund II, L.P. (filed 2015-04-01)](https://www.sec.gov/Archives/edgar/data/1637534/000163753415000001/0001637534-15-000001.txt)
3. [LAVCA — L Catterton Reaches ~USD550m Final Close for Latin America Fund IV (30 July 2026)](https://www.lavca.org/l-catterton-reaches-usd550m-final-close-for-latin-america-fund-iv/)
4. [IFC Project Disclosure 42967 — L Catterton Latin America III, L.P.](https://disclosures.ifc.org/project-detail/SII/42967/l-catterton-latin-america-iii-lp)
5. [GLEIF-derived LEI record — L Catterton Latin America II, L.P.](https://opendatalei.com/lei/549300W6HVMWG6WKBF20)
6. [L Catterton Form ADV Brochure (IAPD)](https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=632490)
7. [PitchBook — L Catterton Latin America IV fund profile (unverified directory data)](https://pitchbook.com/profiles/fund/23180-41F)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Private equity and buyout firms of the Americas › Growth equity firms*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license