Our Thinking

Investment Thesis

Aluna Ventures is focused on the liquidity gap in Latin American venture capital. As the region's startup ecosystem matures, early investors increasingly need liquidity, while high-quality startups remain private for longer,creating an opportunity to acquire secondary positions in proven venture-backed companies at attractive entry prices.

The Region

Why Latin America?

Latin America has evolved into one of the most dynamic emerging venture ecosystems in the world, producing world-class startups while creating structural inefficiencies that favor secondary buyers.

01
Liquidity Inefficiency
A growing mismatch exists between investors seeking liquidity and the limited number of institutional buyers capable of acquiring secondary positions in LATAM venture companies. Most US-based secondary funds pass on small regional stakes.
02
Ecosystem Maturity
Latin America has evolved into a venture ecosystem capable of producing world-class startups, unicorns, and institutionally backed growth companies across fintech, edtech, healthtech, and digital infrastructure.
03
Growing Venture Market
Continued expansion in startup formation, venture funding, and institutional participation is creating an ever-larger universe of investable companies,and a larger population of early investors holding illiquid stakes.
Market Timing

Why Now?

Current market conditions have created a particularly compelling entry point for secondary investors in the Latin American venture ecosystem.

01
Valuation Reset
Recent market corrections have created attractive opportunities to acquire positions below peak valuations. Early investors who invested at 2021 markups are often willing to accept meaningful discounts today in exchange for liquidity.
02
Exit Pressure
Many early investors have held positions for extended periods,in some cases 5 to 8 years,and are increasingly seeking liquidity solutions regardless of market conditions. Personal circumstances drive motivated sellers.
03
Growing Secondary Demand
Secondary transactions are becoming an increasingly important component of the global venture ecosystem, with LATAM lagging significantly behind in secondary infrastructure relative to the size of the opportunity.
The Strategy

Why Secondaries?

Secondary investing in venture-backed companies offers a structurally different risk profile compared to primary venture,with meaningful advantages for disciplined buyers.

Proven Companies
Secondary investments target businesses with demonstrated traction and validated business models. We invest after product-market fit is established, reducing the execution risk inherent in early-stage primary investing.
Discounted Entry
Acquire ownership at prices below previous funding round valuations. This discount acts as a built-in margin of safety, improving the entry point and potential return profile without additional risk.
Lower Risk Profile
Avoid much of the uncertainty associated with early-stage investing. By the time we invest, the company has survived the highest-failure-rate periods and demonstrated its ability to build and grow.
Shorter Exit Horizon
Investing further along the company lifecycle allows for potentially shorter holding periods and clearer paths to liquidity,either via follow-on fundraising, strategic acquisition, or public market listing.
Sourcing

How We Source Opportunities

Our proprietary deal flow comes from years of relationship-building across the Latin American venture ecosystem. We do not rely on intermediaries or public listings.


Every secondary opportunity we evaluate comes through a trusted relationship,giving us earlier access, better information, and more favorable terms than public secondary markets.

Venture capital networks
Founder relationships
Angel investor networks
Strategic ecosystem partnerships
Family office relationships
Accelerator and incubator alumni

See the Thesis in Action

Explore how our investment approach has guided our current portfolio of high-growth LATAM startups.

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