Former Wayra executive launches Petra Secondaries to boost liquidity for Latin American startups

Petra Secondaries: a new effort to unlock liquidity in venture capital

Fabricio Zabala, former portfolio manager at Wayra, launched Petra Secondaries, an asset manager and marketplace focused on buying and selling secondary stakes in Latin American startups.

The company launched with initial backing from Cube Ventures and aims to address one of the regional ecosystem’s biggest challenges: the lack of liquidity and exit opportunities for investors.

From managing more than 100 investments to building exit infrastructure

During his time at Wayra, Telefónica’s corporate fund, Zabala managed more than 100 investments and executed nearly 20 exit transactions. However, the experience left him with a clear diagnosis: selling stakes in startups in the region remains an isolated and poorly structured process.

“I felt alone in the region, looking for buyers for my investments. We were among the few actively selling,” Zabala said.

A market with capital, but not enough exits

The thesis behind Petra Secondaries is clear: around US$35,000M has been invested in Latin American startups over the past five years, but exits have not grown at the same pace.

This has created a knock-on effect in which funds accumulate illiquid positions, making it harder to return capital to investors and slowing the creation of new vehicles.

A “white-glove” model for secondary transactions

Unlike open platforms, Petra operates under a personalized, or “white-glove,” model, structuring transactions, identifying buyers, and guiding sellers through the entire process.

This approach allows funds, angel investors, founders, and employees with equity to access liquidity within an estimated six months or less.

“It’s not about posting on a platform, but about structuring the deal and connecting with the right buyers,” Zabala explained.

Connecting supply and demand across the ecosystem

Petra’s initial model aims to connect:

• Growth-stage funds in need of liquidity
• Early-stage funds seeking access to startups
• International investors interested in Latin America

More than 50% of the capital entering the ecosystem comes from abroad, reinforcing the opportunity to build bridges between supply and demand in the region.

From “stealth mode” to first transactions underway

Petra Secondaries is already operating with a team of approximately 10 people and has emerged from stealth with clear objectives: to close five transactions in 2026 and generate US$1M in revenue in its first year.

The company is already working on its first deal: the sale of 7% of a stake in a startup, involving founders, angel investors, and funds.

A long-term vision for the secondary market

Over the next five years, Petra aims to reach annual sales of nearly US$20M, betting on the development of a more structured secondary market in the region.

For Zabala, this opportunity stems directly from his experience:

“I think I’ve sold more investments in the region than anyone else. That’s why I decided to become an entrepreneur,” he said.

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