Abstract
Private companies in Argentina, Chile and Uruguay sit below the reach of the capital that could own them. The largest official lender to the developing world has cut its sovereign lending by about ninety percent since 2016 and moved to corporate equity; its equity vehicles exist and have not reached the private small or medium company in Latin America. Development banks reach such companies through banks and funds; the United States rebuilt its development finance corporation in 2025; Gulf capital enters behind local sponsors. The three countries admit private foreign capital and, in 2025 and 2026, drew a line against foreign state control. This paper argues that origination, not capital, is the binding constraint, and publishes a screening standard for private companies in the three countries together with the record its proprietary origination platform has produced: 1,198 companies, 431 of them tier A by a written rule, with every fact labelled by how it is known. It sets out the structure under which capital of any origin can own such companies under The SAVI Capital Model: a locally managed vehicle with minority providers, the Model's terms in each charter, equity without acquisition debt, an arm's-length guard on purchases from a shareholder's industry, the Minimum Return stated by holding period, and verification by an independent accountant. It prices the Model for four classes of capital with the fourth paper's arithmetic, 13.1% against 18.4% on the deal, and states the role of The SAVI Group, for companies raising foreign capital and for capital providers of any origin, as originator and verifier, paid for the work as it is delivered. A pilot of USD 50 to 150 million closes the paper. It promises no return.
The first four papers set out The SAVI Capital Model and applied it to a sovereign and to two private equity funds in Argentina, each assuming that a fund, once raised, would find its companies. This paper tests that assumption in the Southern Cone and finds it false. The capital that could own private small and medium companies in Argentina, Chile, and Uruguay exists in several forms, from the development banks and the United States development finance corporation to the Gulf platforms, Chinese funds through regional managers, family offices, and search funds. Almost none of it reaches the private company, because nobody has screened the companies.
The paper presents the firm's proprietary origination platform and the standard it applies. The record held 1,198 companies as of November 6, 2026, with 847 in Argentina, 226 in Chile, and 125 in Uruguay. Each company sits on one standardized sheet built from the founder's recorded interview and the public record, with an evidence label on every fact, a tier by written rule, and a route under the local investment regime.
By the standard's rule, 431 companies are plausible control targets with a clear regime route. Sheets reach capital providers under a confidentiality agreement and with the company's consent. The practice the paper describes is the firm's capital advisory and structuring work for companies raising foreign capital and for the capital providers evaluating them.
Fifth paper of the series. The specification of the model is The SAVI Capital Model™: Reform Before Rupture (DOI 10.5281/zenodo.23249969). Its sovereign application is The SAVI Capital Model™: Conversion Before Default (DOI 10.5281/zenodo.23703653), its application under RIGI is The SAVI Capital Model™ under RIGI: Deployment Before Statute (DOI 10.5281/zenodo.23927033), and its application under RIMI and RIIR is The SAVI Capital Model™ under RIMI and RIIR: Proof Before Scale (DOI 10.5281/zenodo.23988759).
DOI: 10.5281/zenodo.24093446 · Published 9 November 2026 · Version 1.0 · CC BY 4.0 · Zenodo record
How to cite: Vitagliano, S. (2026). The SAVI Capital Model™ in the Southern Cone: Origination Before Capital. A Screening Standard for Private Companies in Argentina, Chile and Uruguay, the Structure under Which Capital of Any Origin Can Own Them under the Model, and the Role of an Independent Originator (Version 1.0). The SAVI Group. https://doi.org/10.5281/zenodo.24093446
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A proposal for discussion. Not an offer of securities and not advice to any investor.