Key Takeaways
- • Local buyers accounted for 71% of Paraguayan M&A transactions since January 2024, up from 26% between 1995 and 2014, according to Investor·IMAP Paraguay's Manuel Mercy García.
- • Only 8 of 138 Paraguayan deals since 1995 (6%) involved a financial buyer, underscoring thin institutional competition for private assets.
- • Jeike Partners' Jairo Lamatina proposed a sponsor-led route, either single-deal vehicles or conventional funds, targeting established companies with enterprise values of US$2 million to US$10 million.
- • Founders made up 37% of sellers between 2024 and 2026, while thin price transparency and small deal sizes were named as key risks.
- • Maurizio Bisicky framed competitiveness as "Products × Market access × Input economics," stressing post-acquisition operational improvement in financial records, governance and technology.
Summary
The Asunción Times' Investing in Paraguay Forum #4, held on 21 October 2026 at the SkyPark Conference Room, focused on private equity as the primary channel for capital entering Paraguay. The country's stock market is small and little used, so most investment flows through direct stakes in unlisted companies, partnerships with family businesses and privately organised funds. The 90-minute panel featured Manuel Mercy García of Investor·IMAP Paraguay, New York-qualified M&A lawyer Jairo C. Lamatina of Jeike Partners, and operating partner Maurizio Bisicky.
García, who directs M&A and corporate finance at Investor·IMAP Paraguay and previously worked at Deloitte, PwC and Credicorp, analysed 138 transactions in Paraguay since 1995. His central finding was that M&A in the country "has shifted from foreign to local buyers." Local buyers accounted for 26% of deals between 1995 and 2014 and 71% since January 2024. He noted limited competition from financial investors, with only 8 of 138 deals (6%) involving one, and said founders made up 37% of sellers from 2024 to 2026. He also flagged thin price transparency and small deal sizes as risks.
Lamatina addressed how an investor can participate, arguing that acquiring a business outright requires significant capital, an accountable operator and a concentrated position. He recommended a sponsor-led approach in which investors fund part of the capital while a dedicated team acquires and oversees the business. He outlined two structures: a single vehicle per acquisition, and a conventional fund in which investors commit to a mandate and the manager selects companies, presented as a longer-term option. His team targets established companies with enterprise values of US$2 million to US$10 million, which he described as offering "room to grow and room to improve."
Bisicky, who has more than 30 years of experience building and turning around companies internationally and now works as an operating partner in Paraguay, addressed competitiveness and operations. He posed four strategic questions on what to produce, where to sell, cost drivers and national advantages, summarising the answer as "Products × Market access × Input economics = Relative competitiveness," supported by export data and figures on more than 7,700 large companies. On the operational side, he distinguished the wider environment, including credit information and training infrastructure, from internal capabilities such as reliable financial records, documented processes, clear governance and technology.
The forum's next session, Investing in Paraguay Forum #5: Airbnb in Asunción, is scheduled for 28 October 2026 at the same venue, examining the short-term rental market.
García, who directs M&A and corporate finance at Investor·IMAP Paraguay and previously worked at Deloitte, PwC and Credicorp, analysed 138 transactions in Paraguay since 1995. His central finding was that M&A in the country "has shifted from foreign to local buyers." Local buyers accounted for 26% of deals between 1995 and 2014 and 71% since January 2024. He noted limited competition from financial investors, with only 8 of 138 deals (6%) involving one, and said founders made up 37% of sellers from 2024 to 2026. He also flagged thin price transparency and small deal sizes as risks.
Lamatina addressed how an investor can participate, arguing that acquiring a business outright requires significant capital, an accountable operator and a concentrated position. He recommended a sponsor-led approach in which investors fund part of the capital while a dedicated team acquires and oversees the business. He outlined two structures: a single vehicle per acquisition, and a conventional fund in which investors commit to a mandate and the manager selects companies, presented as a longer-term option. His team targets established companies with enterprise values of US$2 million to US$10 million, which he described as offering "room to grow and room to improve."
Bisicky, who has more than 30 years of experience building and turning around companies internationally and now works as an operating partner in Paraguay, addressed competitiveness and operations. He posed four strategic questions on what to produce, where to sell, cost drivers and national advantages, summarising the answer as "Products × Market access × Input economics = Relative competitiveness," supported by export data and figures on more than 7,700 large companies. On the operational side, he distinguished the wider environment, including credit information and training infrastructure, from internal capabilities such as reliable financial records, documented processes, clear governance and technology.
The forum's next session, Investing in Paraguay Forum #5: Airbnb in Asunción, is scheduled for 28 October 2026 at the same venue, examining the short-term rental market.
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