Silicon Valley venture firm Draper Fisher Jurvetson has long been angling for a way to enter South America, seeing it as the last major region to conquer with its global network.

DFJ has teamed up with FIR Capital Partners, an early-stage Brazilian venture capital firm, to invest a $40 fund in the South America region — making it DFJ’s 17th regional affiliate fund.

Later this year, they’ll launch a $100 million fund, to be called DFJ FIR Brazil Fund II. See DFJ’s announcement here.

Few U.S. firms are active on the huge South American continent. Brazil is particularly attractive because of its advanced ethanol industry. DFJ and other firms have been increasing their investments into clean technology lately. Advent International and Intel Capital have both launched regional funds or initiatives there.