Disclosure certainty 4/5 debate potential 2/5

Bitar: 3B1 Portfolio Revenue Grew 60% in 2021

Rodrigo Bitar · Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268) · Aug 29, 2022 · at 19:21

Rodrigo Bitar of 3B1 Partners shares performance metrics for his firm's private equity investments in Venezuela.

0:00 / 0:10exact quote · 10.7s
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“On average, our portfolio grew like 60% in revenue last year, 40% again this first quarter, and you see that's basically the beginning of the normalization of economic activity.”

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More from Rodrigo Bitar

Opinion
Bitar: Perceived investment risk in Venezuela substantially exceeds actual risk
“It was a situation where there was a perceived risk much greater than the real risk, in our view, and a country that was overlooked by investors for understandable reasons, and that created an opportunity where you could find very High quality assets at very a…”
Rodrigo Bitar Apr 28, 2025 ▶ 10:13 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
Assertion Not checkable as stated
Bitar: 3x1 Partners' portfolio grew 40% annually over four years
“Our portfolio has grown about 40% per annum the last four years”
Rodrigo Bitar Apr 28, 2025 ▶ 10:03 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
Assertion Supported
Bitar: U.S. restrictions on Venezuelan oil push exports to China
“In the last month or two, there's been a shift in that, more towards restriction of the sale of Venezuelan oil to the U.S., In practice, what it's doing is pushing it to China, which is odd, because that would seem counter to the U.S. Objectives.”
Rodrigo Bitar Apr 28, 2025 ▶ 26:05 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
Opinion
Bitar: U.S. tariffs will have minimal impact on Latin America
“So the impact, if you look around the world, which are the regions who are going to be more impacted, Latin America falls under the category of minimal impact.”
Rodrigo Bitar Apr 28, 2025 ▶ 8:59 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
Assertion Not checkable as stated
Bitar: Venezuelan acquisition entry valuations are currently sub-4x EBITDA
“Now the valuations are sub four times EBITDA.”
Rodrigo Bitar Apr 28, 2025 ▶ 21:15 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
Disclosure
Bitar: 3x1 acquired Pfizer's Venezuelan assets at ~3.5x to 4x EBITDA
“And then we subsequently acquired the assets of Pfizer in Venezuela. And then we subsequently last year acquired local assets Of a company called Vivas Pharmaceuticals, and the multiples were all around there.”
Rodrigo Bitar Apr 28, 2025 ▶ 21:23 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
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