Darby International Capital Announces the Final Close of its 4th Fund
Washington, DC, September 15th, 2025 - Darby International Capital LLC, a leading private debt investor in Latin America, announced the final close of its DIC Latin American Fund IV (“DICLAF IV”), at US$363 million achieving its largest fundraise in its 20 plus year franchise history. DICLAF IV is a regional Latin American private debt strategy that invests in financially sound middle market companies with proven management and established market positions.
DICLAF IV will invest a significant portion in climate finance deals, making it the first private debt climate finance fund in the region. DICLAF IV’s investors are comprised of leading institutional investors from Europe, United States and Latin America, including investors who have committed to the strategy since the first fund in 1999.
The fund’s investment team has extensive experience in Latin American private debt investing, having worked for more than 18 years on the strategy. The fund team operates out of offices in Washington, DC, São Paulo, Brazil and Bogotá, Colombia, creating a strong regional presence and proven deal sourcing networks. The fund team plans to continue its long track record of deploying capital with senior secured debt positions that include an equity kicker upside, resulting in attractive risk-adjusted returns for investors.
The team has begun building the fund’s portfolio, investing in two companies to date: Brix Energia S.A., a Brazilian solar DG developer; and Avla, a leading regional insurance company with operations in Chile, Peru, Mexico and Brazil.
Richard “Rick” H. Frank, Jr., CEO of Darby International Capital, commented: “We are honored by the strong support from our new and existing limited partners who committed to our 4th Latin American private debt fund. As a pioneer of private debt investing in the region, we see expanding opportunities in providing long-term credit financing in medium-sized companies that seek to expand their climate investment growth plans.”
Ignacio Aicardi, CIO of Darby, added: “The shortage of long-term credit financing opportunities for medium-sized companies in Latin America positions our latest fund well to successfully deploy our investing strategy for the benefit of our portfolio companies and our investors.”
About Darby International Capital LLC
Darby International is a leading emerging markets private debt investor with a focus on Latin America and has offices in Washington, DC, Bogotá, Colombia, and São Paulo, Brazil. The firm was created after the team spun off from its previous firm, Darby Overseas Investments, Ltd. (a subsidiary of Franklin Resources, Inc.)
For more information, visit www.darbyinternational.com or contact us at info@darbyinternational.com.