Private equity investors are more confident of receiving higher returns in pan-Latin American funds than they would in the “overheated” Brazil market, according to an annual survey on Latin American private equity.

The findings from a new annual survey conducted by secondaries firm Coller Capital and the Latin American Private Equity & Venture Capital Association reveal that 76% of private equity LPs - investors - expect net annual returns of 16%+ from Latin American private equity funds excluding Brazil, while only 65% expected the same returns from Brazil-focused buyout funds.