By Brazil Stock Guide – Alex Szapiro is leaving SoftBank Group Corp.’s Latin America operation after five years, handing over responsibilities as the Japanese technology investor refocuses its regional strategy on artificial intelligence and portfolio management.
Szapiro will transfer leadership of the Brazil operation to Rodrigo Costa, while Juan Franck will oversee the rest of Latin America by the end of September, according to Startups. Costa has been with SoftBank since 2019, while Franck joined in 2022.
“It was the easiest decision I have ever made in my life,” Szapiro told the publication, citing the strength of the team and the maturity of the portfolio. He said nearly all of SoftBank’s 70 active companies in the region are now able to operate independently — a sharp contrast with the environment he found when he joined in 2021.
Between 10 and 15 portfolio companies are ready for a potential initial public offering, Szapiro said. Two or three are already testing investor appetite through non-deal roadshows, a format used to meet investors without launching a formal share sale.
Szapiro said discussions about his departure began in January, with the final decision made about a month ago. He has not yet decided on his next role and expects to make that decision closer to the end of the year, after completing the SoftBank transition. His only confirmed position so far is as a board adviser at Chilean retailer Falabella SA.
“I will turn 56 this year and should be working with this energy until my early 70s,” Szapiro said. “And there is no better time than now to look at opportunities.”
His departure comes about a month after another senior regional executive announced a move. Eduardo Vieira, who has led SoftBank’s communications in Latin America since 2021, will split his time with a role as vice president of operations for private clients at FSB.
Szapiro’s exit marks another change in a regional operation that has already seen several senior figures leave in recent years, including Marcelo Claure, who conceived SoftBank’s Latin America strategy, as well as Paulo Passoni and André Maciel. Szapiro said those departures do not change SoftBank’s investment thesis or its commitment to the region.
“The relationship with founders shows that commitment,” Szapiro said. “We are not a tourist fund. We have a long-term commitment.”
SoftBank’s Latin America structure has about 40 people globally, Szapiro said. In Brazil, the team includes 13 professionals and operates from an office in the Pinheiros district of São Paulo.
“How many funds have a local operation and work hands-on to support portfolio companies?” he said.
He cited one meeting in which he took part in discussions about a portfolio company’s product roadmap for the following 24 months as an example of SoftBank’s direct involvement with founders and management teams.
SoftBank entered Latin America in 2019 with its Latam Fund and has made about 100 investments in the region, deploying nearly $8 billion. The capital helped raise the global visibility of Latin America’s technology ecosystem, but it also brought distortions to a market that had not been used to such large funding rounds.
The firm has not made a new regional investment in the past two years. Szapiro said SoftBank’s shift toward AI, combined with its typical checks of $30 million to $50 million, has made it harder to find companies at the right stage for new funding.
“It does not make sense to put money in right now,” Szapiro said. “Companies need to wait a little to reach the ARR level that makes us comfortable investing.”
Szapiro said opportunities are now concentrated in the application layer of artificial intelligence and in helping operating companies use AI to scale their businesses.
Even without new investments, SoftBank’s team has remained active, he said. The fund completed 12 transactions involving portfolio companies, including follow-ons, secondary share sales, mergers and acquisitions.
“The team is very busy,” Szapiro said. “That is a major focus for the team.”
Before joining SoftBank, Szapiro built a long career across technology, e-commerce and venture capital. He led Amazon.com Inc.’s Brazil operation, overseeing the launch and expansion of the company’s local business. Earlier, he served as country manager for Apple Inc. and Palm in Brazil, and also held roles at Motorola and Citibank.
With more than 25 years of experience in Brazil’s digital economy, Szapiro became one of the most visible executives in the country’s technology sector before moving into venture capital.