AltCore® · AN ANGEL VENTURES PROGRAM

One investment. Three asset classes working in parallel.

AltCore® organizes and invests your wealth across three different assets: private business credit, traditional businesses and venture capital — under a single program managed by a team with over 18 years investing in Latin America.

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Most investments force you to choose between receiving cash flow soon or pursuing long-term growth. AltCore® is designed to give you both. You receive periodic payments from the start, dividends midway, and high profit margins from investing in high-growth startups.

What is AltCore®

AltCore® is an investment program. It is not a single fund. It is an investment structure that organizes your participation across three vehicles, each with its own legal structure, its own governance, and its own distribution schedule.

It works like this:

  1. You adapt the program to your risk profile.

    You choose how to allocate your capital across the three vehicles. Want something less risky? You can increase your allocation to debt and/or the traditional businesses. Want to maximize your return? You can choose to allocate more capital to the venture capital fund.

  2. You sign one agreement.

    A master contract organizes your participation across the three vehicles, with sound offshore structures for greater tax efficiency.

  3. You do not need to have 100% of the capital liquid: your investment is made in stages.

    Contributions are called gradually, as each vehicle needs them.

  4. Each vehicle operates independently.

    As separate legal entities, the risks of one vehicle do not affect the rest of the structure.

Three asset classes. Each one does something different.

Before discussing the program, it helps to understand what each asset does on its own.

  • Aura Finance

    1 · Private business credit

    What it is.
    Asset-backed loans to growing SMEs and/or startups. The company receives financing for working capital and/or capital investments; you receive your principal back plus the interest generated.
    How it pays.
    Periodic interest and principal payments, defined by contract from day one.
    Its horizon.
    Short (up to 24 months). Payments begin once the company deposits the first monthly installment. When the loan ends, you decide whether to reinvest your gains, your principal, both, or neither.
    What it does not do.
    It does not dramatically multiply your capital. It is the most predictable asset in the program, the least risky, and therefore the one with the lowest return potential.
  • Apex Lab

    2 · Acquiring or building profitable, scaling businesses

    What it is.
    We build or acquire companies that serve traditional markets (the real economy) and operate them ourselves. We apply technology and the scaling and operating processes we learned investing in startups to accelerate their growth.
    How it pays.
    You own a share of each company. On top of that, you receive part of the business's profits periodically, once operations become stable.
    Its horizon.
    Medium. Distributions typically begin around year three, as dividends. You then choose whether to sell your shares later or keep receiving dividends.
    What it does not do.
    It does not pay from month one. It requires initial patience while the business reaches breakeven.
  • Angel Ventures

    3 · Venture capital

    What it is.
    Equity ownership, through our funds, in high-growth technology companies (startups). It is the asset class that financed Latin America's largest digital companies — such as Nubank, Clip and Kavak, among others.
    How it pays.
    The value of your investment in the fund grows with the value of each startup, and the return is realized when the fund exits its position in each one.
    Its horizon.
    Long. Building an innovative, high-value company takes years; meaningful distributions arrive in the second half of the cycle.
    What it does not do.
    It does not generate interim cash flow. In exchange for that wait, it is the asset with the highest return potential in the program.

Why combine them

When you integrate the three assets, you remove their weaknesses and reinforce their strengths. Credit does not multiply (but pays early), businesses take time to grow (but generate financial solidity), and startups demand years of development (but multiply your capital several times over). AltCore® combines them in a deliberate sequence:

  1. Program start →

    private credit generates periodic payments within the first months.

  2. Mid-cycle →

    operating businesses stabilize and begin distributing dividends.

  3. Maturity →

    the venture capital fund completes its first company exits and distributes the accumulated growth.

The result is very practical: your investment receives payments throughout the cycle, not only at the end. While one asset matures, another is already paying. That is the difference between investing in just one of them and investing in a program that sequences all three.

AltCore® gives you more than a return on capital

  • Ownership of real assets.

    Your stake in Apex Lab is backed by shares in companies with tangible assets. You can use them as an instrument for building generational wealth.

  • Corporate protection.

    Smaller investors are protected with minority rights. In addition, all investors receive information, audit and transparency rights in each business.

  • A network that also works for you.

    You join a community of 100+ investors across 15 countries. You gain access to other investment opportunities, a specialized talent network, and market intelligence on specific industries that you can also use in your own businesses.

Behind AltCore®:Angel Ventures

We are an alternative asset manager headquartered in Mexico City and one of the longest-standing in Latin America. Since 2008, the team has invested primarily in venture capital and, more recently, in debt instruments and traditional businesses: the three asset classes that make up the program.

  • 18 years investing and building companies in the region.

  • We manage USD $150M across 100 companies operating in 16 countries.

  • We invested in the two most important unicorns in Mexico: Clip and Kueski.

  • 7,000+ startups analyzed across 104 industry sectors.

  • 100+ investors from 15 countries — including pension funds, global asset managers and multilateral organizations — have trusted us.

  • Strategies that have generated cash. We have returned capital and profits to investors through our Venture Capital strategies.

  • World-class corporate governance. We apply IPEV, IRIS, ILPA and Impact Management Project standards across our valuation, operating, transparency and reporting processes. We are also a signatory of the United Nations Principles for Responsible Investment.

The team, and why it matters for each vehicle

Each vehicle in the program is led by a partner with specific experience in that asset class. This is not a venture capital team managing credit and businesses on the side: it is a different partner accountable for each engine.

  • Hernán Fernández

    Hernán Fernández

    Founding Partner & Managing Partner

    17 years leading venture capital investments in Mexico and Latin America, with 100+ investments. MBA from MIT Sloan; Kauffman Fellow. Oversees the full program.

  • Fabián Aguilar

    Fabián Aguilar

    Partner · Structuring, Operations & Investments

    12 years in venture capital. Designed the program's investment structures, valuation models and investor reporting frameworks under international standards (IFRS, ILPA, IFC).

  • Charles Travers

    Charles Travers

    Partner · Venture Capital

    10 years in venture capital. Leads the fund's investment process, with experience in development finance and emerging markets.

  • José Mario Guillé

    José Mario Guillé

    Partner · Apex Lab

    20+ years operating consumer businesses at scale: former executive at OXXO LATAM and FEMSA Retail, co-founder of an optical retail chain in Mexico. MBA from Kellogg. Leads the selection and operation of the program's businesses.

  • Fernando Padilla

    Fernando Padilla

    Partner · Aura Finance

    15+ years in credit risk and structured finance: former executive at CAF, Banorte and Fitch Ratings. MBA from Oxford. Responsible for analysis, structuring and monitoring of the credit portfolio.

  • Amaya Baliño

    Amaya Baliño

    General Counsel

    Responsible for the legal structure and compliance of the AltCore vehicles. A lawyer trained at the University of the Basque Country, with an MBA from the same institution, specialized in the legal structuring of venture capital investments, intellectual property and cross-border transactions.

Institutions that have invested and worked with us

Over 18 years, multilateral organizations, governments and financial institutions across three continents have worked with Angel Ventures as investors and strategic partners.

  • IDB
  • JICA
  • JETRO
  • Enterprise Singapore
  • Bancóldex
  • BBVA
  • Nestlé
  • Nafin
  • Profuturo
  • Capria
  • KVIC

Logos belong to their respective owners and do not imply endorsement of AltCore®.

Subscribing is simple — and moves at your pace

  1. Get to know us in depth.

    After reviewing the program with our calculator, you can schedule a working meeting with the team. You visit our offices, meet the partners responsible for each vehicle, and see how we operate and what is in the current portfolio.

  2. Run your own due diligence.

    We send you all the information you need to analyze the product, our firm and our track record. Ask as many questions as you need, as many times as you need.

  3. You decide.

    When you are ready, you define your participation: choose the total amount and the percentage you allocate to each of the three assets.

  4. We formalize.

    We execute the administrative side: identification (KYC), eligibility verification under the applicable local rules (including the qualified investor questionnaire), and the signing of the master investment agreement.

  5. Done.

    You receive your contribution calendar and access to the program's reporting channels. From here on, the relationship is that of an investor: periodic information, access to each product's portfolio, direct interaction with the partners, and membership in the Angel Ventures investor community.

Let's talk

If you want to understand the program in detail — structure, terms and process — talk directly with our investment team. Leave your information and we will contact you.

I declare, under penalty of perjury, that:

Free of charge and with no commitment. Your data is never sold or shared for advertising purposes.

Prefer to explore on your own first?

We built an educational simulator that shows, through hypothetical scenarios, how the cash flows of a portfolio combining the three asset classes behave over time. You can adjust amounts and allocations and see how the payment sequence and returns change.

It is a learning tool. The scenarios are illustrative and do not constitute an offer, a guaranteed projection or an investment recommendation.

Frequently asked questions

  • The program is directed at qualified investors. Minimum amounts and the terms of each vehicle are presented in a private conversation with the team, together with the full program documentation.

  • Each vehicle is an independent legal entity managed by Angel Ventures, with its own governance, accounting and distribution schedule. The risks of one vehicle do not affect the other two.

  • It depends on the asset. Credit generates periodic payments within the first months; businesses distribute dividends once operations stabilize; venture capital distributes when the fund sells its stakes. No payment is guaranteed, and therefore all investments involve risk.

  • It depends on the asset. Credit operates in defined cycles, and at the end of each cycle you decide whether to reinvest or withdraw. In the operating businesses you can sell your shares under certain conditions, once you have recovered your capital through dividends. The venture capital stake is not liquid until the fund sells its positions.

  • Yes. Our subscription structure accepts both legal entities and individuals. That said, we recommend seeking legal and tax advice from a specialist before signing any commitment in AltCore®.

  • It is a real risk of investing in companies, which is why the program is structured as diversified portfolios, with continuous analysis and monitoring processes. Even so, no investment is guaranteed and you may lose part or all of your capital.

  • Each product has a different geographic thesis. Aura Finance's loans and the businesses developed in Apex Lab operate only in Mexico. The startup investments made by our Venture Capital fund take place across different parts of Latin America, though all of them have (or will have) a presence in Mexico in the short to medium term.

  • The vehicles operate in U.S. dollars: your commitment and contributions are set in that currency. When capital is deployed from each vehicle into portfolio companies, the currency may vary according to their needs. The distributions you receive are paid in the same currency in which you made your contribution.

  • It is not a public offering. Participation is private, by invitation, and directed exclusively at institutional or qualified investors under Mexico's Securities Market Law. The vehicles are not registered with the National Securities Registry. Before any participation is formalized, an identification (KYC) and eligibility verification process is carried out under the applicable CNBV rules.

  • Subscribing capital as an investor in the AltCore® program is a different process from investing in a company. Unfortunately, due to conflicts of interest created by the transaction, we cannot receive investment from an investor and at the same time invest in one of their companies.

  • AltCore® admits investors from different countries, subject to the legal restrictions of each jurisdiction. The team reviews your case individually during the process.

  • Yes. However, you would not take advantage of the risk reduction that comes from AltCore®'s diversifying nature. We recommend that at least 20% of the investment commitment be allocated to each product.