(Adds comments from investor Kelsen) MIRO Capital Partners, Philadelphia, confirms it's bought a $660,000 stake in Grupo Sequoia, Brazil-based owner of Completa Logistica and Delivera Express, two e-commerce firms run by Sequoia founders Armando Marchesan Neto and Decio Alves.

See April 30 SEC filing by MIRO partners Michael R. Kelsen and Robert J. Borghese (Philadelphia lawyers turned investors) for "MIRO Sequoia LP." 

Sequoia is "an ideal platform to participate in the enormous growth of e-commerce in Brazil," Kelsen said in a statement. About 40% of Brazilians are now hooked into the Internet, half the US rate, leaving plenty of room for growth, he says.
(Brazilian capital is flooding into the US, and not just in steakhouses and Burger Kings: See my Oct. 28 column about Marfrig Alimentos, Braskem and CiT, three Brazilian firms that have bought or opened businesses in the Philadelphia area.) 

Why Brazil? "Inflation's under control and the political economy has stabilized, and that's unleashed a torrent of economic activity," Kelsen told me. "We're technology guys, we've been kicking around in the technology sector of (the U.S.) for 15 years. So one thing that has attracted us to Brazil is 'concept arbitrage'," the idea that what works in the U.S. could work elsewhere. "In eCommerce we think it does," Kelsen added. "Brazil is one of the fastest-growign economies. For a relatively modest investment you can own a significant piece of an IT company. This was the space we wanted to get into."

In a different language, culture and legal system? "Yes, we went in with the sponsorship of Brazilian institutions," including the Brazilian merchant bank and private-euqity shop BR Partners. "These are sophisticated insiders, who are local, who will monitor the investment," who "know eCommerce, with deep domain expertise in e-commerce logistics and fulfillment," and make it "less like the Wild West." 

He's looking forward to a "follow-on" capital raising by Sequoia. And Kelsen and Borghese are looking at additional opportunities -- in mortgage finance. "It's a nascent field in Brazil. The first inning. We'd be an equity investor."