Patrice Etlin joined Advent in 1997 and is a Managing Partner in São Paulo. He began the firm’s investment operations in Brazil. Patrice has advised on 28 investments during his career, 26 while at Advent.
Prior to joining Advent, Patrice was a partner at International Venture Partners in São Paulo, where he was responsible for the overall operation of a media and communications fund focused on Brazil. Previously, he was a general representative for Brazil at Matra Marconi Space. Patrice also served for six years as Chairman of the Latin American Private Equity & Venture Capital Association (LAVCA).
Patrice received an undergraduate degree in Electrical Engineering from the University of São Paulo, a master’s degree in Industrial Engineering from École Centrale de Paris, and an MBA from INSEAD.
How have Brazil’s business culture and market conditions impacted your approach?
The privilege we have in Latin America is that there’s far less competition than in more developed markets. Advent has the luxury of being able to create very long-term relationships with owners, entrepreneurs, and families. An opportunity may not arise for 12 or 14 years, but we regularly revisit the prospect and keep up the dialogue, which often results in a proprietary deal flow situation. Because of that, Advent is perceived in Latin America as a resilient player that has been present through good times and bad.
How has working with the wider Advent network helped to improve your outcomes?
We combine our sector expertise with a very deep analysis prior to the deal, complete due diligence with the entrepreneur or owner, and work out the value creation plan and decide on the resources to back it up. That has been our mantra. As Advent evolved, the Portfolio Support Group has stepped up – making resources available to businesses that were often family-owned and never had access to such sophisticated tools. That makes a huge impact.
What golden rules could you pass on to someone joining the firm?
Never believe that an Excel spreadsheet represents the ultimate truth. This is an apprenticeship job that can’t be taught at school: you learn through doing, doing, and doing. You need to be resilient, because you will face conflict and difficult discussions. You are going to experience misalignment with partners, business owners, and CEOs, and you have to keep going with the tools you have. And don’t think you’ll develop the Midas touch overnight – this is analytical work that demands a lot of reading, knowledge building, and acquired experience.
“We’re perceived in Latin America as a resilient player that has been present through good times and bad.”
Patrice Etlin
Managing Partner, Advent International
What has brought you the most satisfaction in your Advent career?
There are so many things. It’s a privilege to meet such amazing people, whether they’re entrepreneurs or families who have been in business for decades. Their energy and intelligence is incredible. It’s so fulfilling to build an investment thesis, formalize the business, put in place a value creation plan and implement it, and watch the results. In a country like ours, the social impact can be huge – particularly in terms of employment. Over the years we are proud to have been a big employer in Brazil through our portfolio companies.
Is there any famous figure you’d like to change places with for a day?
I’ve always loved exploration and being in the mountains. The early British expeditions fascinate me – people like George Mallory in the 1920s. So perhaps I’d have liked to swap places with Sir Edmund Hillary, who made the first ascent of Everest. That would be extraordinary. At one time, maybe 20 years ago, it was on my own bucket list to climb Everest, but it has become too crowded now!
