Original Release Date: 08/29/2022   On today’s show we’ll discuss a classic empty room – an opportunity ignored by most investors. In this case, we dive into the investment case for Venezuela, a non-starter for pretty much every institution because of the country’s autocratic political regime, sanctions, and headline risk. But alongside those known risks are the potential for significant rewards. Rodrigo Bitar is the Co-Founder and Managing Partner of 3B1 Partners, the leading private equity fund making growth investments in Venezuela. 3B1 invests in high-quality companies with leading positions in basic industries, while looking to capture a change in macroeconomic conditions in the country. Our conversation covers Rodrigo’s upbringing in Chile, professional background, and investment opportunity in Venezuela. We discuss Venezuela’s sanctions, economic contraction, and dollarization of the economy. We then turn to investing in the country, including sourcing, due diligence, and an example of a recent transaction. We close with a discussion of the upside and risks to investing in Venezuela. Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership  Show Notes (3:18) Rodrigo’s background (6:50) Family dynamics (10:13) Investible assets in Venezuela (12:03) Impact of Russian oil restrictions (13:38) Surviving economic turmoil  (17:27) Private vs. public markets in Venezuela (19:31) Identifying companies  (21:51) Due diligence process  (23:49) Assessing valuations  (25:28) Risks unique to Venezuela  (28:09) Conversations with potential investors (32:05) Closing questions 

Ben Forman is the Founder and Managing Partner of ParaFi Capital, a $1.5 billion manager of financial applications of blockchain technology and digital assets across long, arbitrage, venture, and GP seeding strategies. Ben last came on the show in 2022 as part of our Crypto for Institutions mini-series, and that conversation is replayed in the feed.   Our conversation dives into the evolution of blockchain over the past few years, including the industry's "Lehman moment" and subsequent recovery. We discuss Bitcoin, memecoins, the rise of stablecoins as blockchain's killer app, tokenized assets, prediction markets, credit, and the intersection of AI and blockchain technologies. Ben also shares insights into ParaFi’s approach to investing and his long-term vision for building a business in this dynamic industry.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership