IJGlobal Investor Awards 2025 – Latin America Company Winners

Winners of the Company category for the IJGlobal Investor Awards 2025 for Latin America were announced this evening at the Metropolitan Club, New York.

The infrastructure community turned out in force for a stellar event celebrating achievements in fundraising and deployment as well as M&A across the energy and infrastructure asset classes. 

In its seventh year – having rebranded from IJInvestor Awards – the IJGlobal Investor Awards roadshow kicked off in Singapore on 21 November (for the first time) to celebrate Asia Pacific winners followed by EMEA winners announced in London on 28 November.

IJGlobal prides itself on the peer-review nature of our awards, ensuring a transparent process that (we believe) makes them the most highly valued in the sector – submitted by the industry and reviewed by peers at the highest level.

With the Investor Awards, all categories – companies and transactions – are judged by the independent panel which we take pains to identify. To read about the team for these awards, click here. As always, judges are recused from voting on awards where they have an interest.

The awards recognise developments by infrastructure funds, investors and infra/energy M&A that made it over the line during the judging period that runs from 1 August 2024 to 31 July 2025.

The Latin America Company winners are:

• Asset Manager of the Year, Latin America – Patria Investments
• Lender of the Year, Latin America – Grupo Cibest
• Financial Adviser of the Year, Latin America – Goldman Sachs
• Fund Manager of the Year, Latin America – BTG Pactual
• Legal Adviser of the Year, Brazil – Cescon Barrieu Advogados
• Technical Adviser of the Year, Latin America – Arup

Asset Manager of the Year, Latin America

Patria Investments

The independent panel of judges on IJGlobal Investor Awards 2025 chose Patria Investments to win asset manager of the year for Latin America with one judge saying “Patria has demonstrated a track record of success and ability to navigate complexity in LatAm”.

Patria has developed its investment strategy in infrastructure with a private equity approach, focusing on capital gains and seeking attractive risk-adjusted returns potential.

It has worked across diverse sectors like agribusiness, power & energy, healthcare, logistics & transport, food & beverage, and digital & tech Services, with investments spanning Latin America and Europe/North America, particularly in the middle market.

Patria Infrastructure Fund III established Entrevias in 2017 to operate, maintain, and modernise 570km of highways in São Paulo, Brazil, following a 30-year concession auction. A 55% stake was sold in 2022, with the remaining 45% of Entrevias sold in 2025 to a sovereign wealth fund.

In March 2024, Patria announced its investment in Puerta de Oro, a fully contracted greenfield solar project created by Patria from the ground up, located in the Colombian municipality of Guaduas, 125km from Bogota.

This was the first investment by Patria’s renewable platform in Colombia and is expected to reach 360MWp in installed capacity.

In February 2025, Patria Infrastructure Fund V announced a co-investment with LPs from 4 different continents of Aguas Pacifico, a water desalination platform in Chile created by Patria in 2018.

As stated in Patria’s submission: “Patria’s development of Aguas Pacífico in Chile represents a transformative impact on sustainability and community well-being. As Chile's first independent plant of its kind, it sets a precedent for policy and regulatory advancement, catalyzing a broader market shift toward climate-resilient water infrastructure.”

Lender of the Year, Latin America

Grupo Cibest

Grupo Cibest was chosen by the independent panel of judges to win the lender of the year award in the IJGlobal Investor Awards 2025.

One judge said: “During the judging period, Grupo Cibest mobilised over $400 million in financing for critical infrastructure and energy initiatives.”

While another judge added: “Grupo Cibest is a significant contributor in LatAm.  The submission had 3 well well-presented case studies showcasing innovative structuring across varied sectors.”

Grupo Cibest has led transactions in Central and South America, covering energy, real estate, and infrastructure with roles including global coordinator, lead structuring bank and bookrunner.

The firm has also introduced regional financing models that streamline operations across borders, optimise tax efficiencies, and integrate securitisation mechanisms.

These innovations have enabled clients to manage complex asset portfolios and pursue long-term growth strategies.

Grupo Cibest participated in a $340 million syndicated loan for AES El Salvador’s 4 energy distributors – CLESA, CAESS, EEO, and DEUSEM. Structured under a club deal and led by Grupo Cibest, the transaction closed in just 45 days, demonstrating exceptional coordination across jurisdictions.

Grupo Cibest through Bancolombia Panamá and Banco Agrícola contributed 45.6% of the financing, making Bancolombia the largest participant.

Another transformative deal was the $216 million 15-year corporate loan for Grupo Mobiliare, a multinational real estate fund operating across Guatemala, El Salvador, Costa Rica, and Panama.

Bancolombia participated with 68% of the funding through Banco Agromercantil and Banco Agrícola, acting as lead arranger and bookrunner.

This deal marked the first under Bancolombia’s regional financing model, setting a precedent for scalable, cross-border investment solutions.

Grupo Cibest participated in the financing of Puerta de Oro, Colombia’s largest single-phase solar plant, with an installed capacity of 358MWp and an estimated investment of COP1.48 trillion.

The project, located in Guaduas, Cundinamarca, was backed by Patria Investments and Ashmore. Bancolombia contributed 40% of the total COP1.02 trillion loan, leading the financing alongside Banco de Bogotá, Banco de Occidente, and FDN.

This transaction marks a milestone in Colombia’s energy transition and highlights Bancolombia’s capacity to support complex, high-impact renewable energy projects.

Financial Adviser of the Year, Latin America

Goldman Sachs

Goldman Sachs was chosen by the independent panel of judges to win the IJGlobal Investor financial adviser of the year for Latin America.

One judge said: “The GS team advised on the financing of some trailblazing deals in South America”, while another added “The case studies display the adviser has provided creative solutions for successful deal completion on various occasions for each deal, identifying their unique areas of risk and addressing them with terms that are able to mitigate.”

Another judge was hugely impressed with Goldman Sachs submission: “GS's activities in Latin America as described in this entry demonstrate broad impact, particularly in respect of the Chile Electricity MPC Financing which supported around 98% of the regulated market, the innovative Antofagasta PLC’s $2 billion water issuance (largest US PP in Latam and Peru’s largest private corporate bond, Orygen Energia issuance, the second-largest quasi-sovereign or corporate issuance in the past decade.”

The Chile Electricity MPC Financing represents a keystone financial and social transaction. The GS team led the issuance of Republic of Chile’s $1.4 billion senior secured 11-year Notes aimed at providing liquidity to GenCos affected by the tariff stabilization regulation in the country.

GS led Orygen’s inaugural international bond to refinance acquisition debt related to Actis’s purchase of Enel Generación Peru.

Another transaction that Goldman Sachs advised on was the Minera Los Pelambres $2.0 billion structured water infra financing in a 2-tranche product with a $1.55 billion 20-year US PP and $450 million 9-year bank loan. It was the largest US private placement in Latam to date.

Fund Manager of the Year, Latin America

BTG Pactual

BTG Pactual was selected to win the fund manager award for activity across Latin America celebrated by one judge for being “extremely relevant in South America”.

As one judge said: “It has impressive dominance of the Brazilian market”, while another added: “BTG Pactual had an extremely strong impact overall”.

One of the panellists said: “BTG appears to be an innovative and large investor making creative investment decisions.”

Yet another judge said: “A leading firm in the Brazil market, across private and public sector projects and cutting across diverse sectors. BTG has also facilitated capital flow into the Brazil market from some of the leading global investors such as CPP and GIC by leading with discipline above market norm.”

The judging comments were rounded off with one admiring: “It’s an impressive fund and asset manager with significant responsibilities managed in-house.”

BTG’s infrastructure investments between August 2024 and July 2025 had a tangible impact on Brazil’s energy sector. Through its transmission platform (Grande Sertão Transmissora), the firm broke ground on more than R$6 billion (circa $1 billion) in capex projects.

BTG Pactual has successfully managed and expanded a diversified infrastructure portfolio across energy generation, transmission, and digital infrastructure.

Case studies highlighted in its submission were Linhares, a 240MW natural gas thermal plant located in Espírito Santo, Brazil, V.tal – a digital infrastructure platform that owns and operates the largest fibre network in Brazil and Tropicália with the BTG Pactual team leveraging experience to make the winning bid, build, operate to sell the company.

Legal Adviser of the Year, Brazil

Cescon Barrieu Advogados

Cescon Barrieu Advogados was selected by the independent panel of judges to win the Latin American award for legal advisory with one celebrating “clear excellence with a strong regional focus”.

The law firm was lauded for having mobilised “over $1.5 billion in capital and contributed to sustainable development by embedding ESG frameworks, facilitating compliance with global standards, and enabling community-focused outcomes”.

One judge said: The submission showcased project financing expertise which enabled deployment of capital to high impact sectors such as sanitation, renewable energy, greenfield and thermal. The case studies provide demonstrable examples of innovation in cross-border structuring and success in securing investor confidence.”

Cescon Barrieu advised on transactions that advanced energy transition goals, including the Luiz Carlos Solar Complex which involved 4 public capital markets offerings and one private tranche, structured to fund construction and ensure long-term financial stability.

Another transaction it advised on was the Companhia de Saneamento Básico do Estado de São Paulo (Sabesp) $785 million IFC B-Loan, a landmark transaction in sustainable infrastructure financing.

Cescon Barrieu played a critical role in adapting global sustainability frameworks to Brazilian law, designing legal structures that ensured enforceability and investor confidence.

Cescon Barrieu also advised Lumina Capital Management on the $350 million mezzanine project financing for UTE Portocem, a 1,572MW greenfield thermal power plant in Barcarena, Pará.

The transaction was structured through the issuance of senior secured notes by NFE Brazil Financing.

Technical Adviser of the Year, Latin America

Arup

The technical advisory award was won by Arup, chosen by the judges for having “a true breadth of work in LatAm across sectors and regions”.

One of the judges said: “Arup has consistently demonstrated innovation in Latin America by integrating technical, commercial, and ESG advisory across complex infrastructure and energy transactions. It is a reputable technical adviser covering broadly the infrastructure space.”

Another judge said: “Although I have not personally worked with them, Arup is a solid trusted technical adviser that many lenders rely on. They are clearly committed to this space and a household name to many market players.”

A final judge rounded off comments by saying: Arup’s submission provides good examples of the different technical roles it has performed on transactions across multiple high-impact sectors.

“Completion of technical diligence is a threshold requirement in all project financings, so this suggests success and impact.  The scope of transactions is diverse, and the breadth of Arup's roles are compelling.”

In Latin America, Arup’s work spans transport, ports, energy, and industrial infrastructure.

Arup’s role as lenders’ technical adviser in the $440 million phase 1 expansion of the Puerto Bolívar Port Terminal directly supports market share growth by enabling Ecuador, one of the world’s largest banana exporters, to increase its export capacity and improve global competitiveness.

Arup also served as the lenders’ technical and environmental adviser for the Santander de Quilichao–Popayán Highway in Colombia. In 2024, Arup supported short-term financing for construction, rehabilitation, and operations across the 77km corridor.