Latin Finance - November/December 2009 - 56

private equity fundraising Brazil’s Companhia de Participacões, says With pension fund reform happening HarbourVest Partners, which has about his shop is in the midst of raising a fund, in Peru, and minority rights protection in $30 billion in AUM, says the firm, which although he does not disclose size. The Colombia, fund managers are becoming in July made a primary commitment to a fund looks at different sectors including particularly optimistic about a broader LatAm fund it does not identify, plans to food, IT, and healthcare, and makes boost exposure to Brazil and “other LatAm spread of opportunity. “The Andean investments in companies with $50-$250 region accounted for 50% of fundraising countries” in the next two to three years. million in revenue. activity so far this year, with most One reason for the increased interest And in early October, Actis held a final in the region, says Darío Durán, a director key players honing in on the financial close on its $750 million Infrastructure 2 services, logistics and forestry sectors,” of Colombia-based Altra Investments, fund, which focuses on power generation the reports adds. which has $180 million in AUM, is that and transport projects. About 10%-20% of while growth prospects for developed the fund will be deployed in LatAm, says a New Funds Emerge markets are “sober,” emerging markets company spokeswoman, adding that the In light of an uptick in cash raising, such as LatAm have greater potential rest will be invested in Africa, as well as there is also a stream of new funds being for growth. South and Southeast Asia. established. During a Latin American Valuations are also playing a role. For Also in October, the Peruvian Venture Capital Association (Lavca) instance, Durán tells LatinFinance that government selected Canada’s Brookfield conference in New York in September, pension funds in LatAm, for example, are Asset Management and locally owned AC several shops announced new vehicles. beginning to invest as the valuations of Capitales to manage an infrastructureAmong them is Colombia-focused potential targets increase, but stay below focused PE fund that aims to raise pre-crisis levels. $500 million. Brookfield and AC “Before the crisis, valuations First Half 2009 Fundraising by Country Capitales have committed $100 were at seven to eight times Ebitda. Andean takes the bulk million to the Peru-focused vehicle. Things are looking better now, but Regional (2%) Additional commitments are multiples are still around five to six Mexico (14%) expected from the IDB and CAF and times Ebitda across the board. This is a first close is expected in early 2010. the time to invest,” he says. Meanwhile, Ashmore and Valuations of LatAm companies CentAm (8%) Colombian investment bank are also lower than elsewhere in Inverlink were picked to manage emerging markets, Ledoux notes. Andean a $500 million infrastructure He says that in Brazil specifically, Region (50%) Caribbean (9%) fund created by the Colombian companies in the consumer/retail government, IDB and CAF. The fund, sector are valued at about 7x-9x a PE vehicle subject to Colombian Ebitda. “This is slightly below laws, is central to the government’s valuations in China and India, where Brazil (18%) plan to use infrastructure investment valuations have been increasing for to mitigate the impact of global the past two or three years,” he says. Source: Thomson-Reuters’ Venture Equity Latin America 2009 recession. The plan is to spend Altra focuses on Colombia and Peru Mid-Year report $22.0 billion in more than 100 and has a bias for companies that infrastructure projects, of which $12.5 cater to domestic markets. Tribeca Partners, which has $181.5 billion is expected to come from private million in AUM and is closing an energy Fundraising Simmers fund that is already making investments in investors. Macquarie is the fund’s technical Fundraising is already starting to pick up. advisor. two electricity plants, says president Luc According to the VELA report, in the first Fund creation may be pretty active, but Gerard. He adds that average investments half of 2009, funds raised amounted to the new entities may not appeal to LPs. are in the $15-$30 million range. $1.9 billion, a 16% increase compared to Alejandro Schwedhelm, managing director Meanwhile, Mercatto Investimentos’ the first half of the previous year, and a at Darby, notes that most of the vehicles managing director Ronald Robinson tells 47% jump since 2007. being created are country-specific, while LatinFinance that his shop will set up a “Interestingly, while Brazil has for new fund during the first quarter of 2010, LPs prefer a wider focus to diversify risk. several years been the forerunner of “There are new players entering the which will focus on renewable energy in the Latin American region in terms of region, seeking to invest in markets not Brazil. The Rio de Janeiro-based firm’s infrastructure, domestic fundraising, related to the US, but being new to the previous fund, for which it recently raised accounting standards, tax laws and region, they are seeking regional funds $60 million, invests in agribusiness. political stability, all of which attract the to invest in, and regional funds are not in Participants include high net-worth attentions of foreign investors, the Andean individuals and pension funds. The shop vogue,” Schwedhelm tells LatinFinance. It region is beginning to catch foreign remains to be seen if all the new funds will does not disclose AUM. investors’ eyes as well,” the report states. meet their commitment expectations. LF Elsewhere, Russell Deakin, partner at 56 LatinFinance November/December 2009

Latin Finance - November/December 2009

Table of Contents for the Digital Edition of Latin Finance - November/December 2009

Latin Finance - November/December 2009
Contents
Latam-China Flows
Petrobras Interview
Best Boutiques
Banks of the Year 2009
Itau Unibanco Interview
Mexico: How to Capitalize on Crisis
Colombia: Local Shop Repels Foreign Pretenders
Chile: Pefecting the Art of Retail
El Salvador: A Foreign-owned Bank Dominates
Infrastructure & Energy Awards
Private Equity Fundraising
Latin Finance - November/December 2009 - Latin Finance - November/December 2009
Latin Finance - November/December 2009 - Cover2
Latin Finance - November/December 2009 - Contents
Latin Finance - November/December 2009 - 2
Latin Finance - November/December 2009 - 3
Latin Finance - November/December 2009 - 4
Latin Finance - November/December 2009 - 5
Latin Finance - November/December 2009 - 6
Latin Finance - November/December 2009 - 7
Latin Finance - November/December 2009 - 8
Latin Finance - November/December 2009 - 9
Latin Finance - November/December 2009 - 10
Latin Finance - November/December 2009 - 11
Latin Finance - November/December 2009 - 12
Latin Finance - November/December 2009 - 13
Latin Finance - November/December 2009 - 14
Latin Finance - November/December 2009 - 15
Latin Finance - November/December 2009 - 16
Latin Finance - November/December 2009 - 17
Latin Finance - November/December 2009 - Latam-China Flows
Latin Finance - November/December 2009 - 19
Latin Finance - November/December 2009 - 20
Latin Finance - November/December 2009 - 21
Latin Finance - November/December 2009 - 22
Latin Finance - November/December 2009 - 23
Latin Finance - November/December 2009 - Petrobras Interview
Latin Finance - November/December 2009 - 25
Latin Finance - November/December 2009 - 26
Latin Finance - November/December 2009 - 27
Latin Finance - November/December 2009 - Best Boutiques
Latin Finance - November/December 2009 - 29
Latin Finance - November/December 2009 - 30
Latin Finance - November/December 2009 - 31
Latin Finance - November/December 2009 - Banks of the Year 2009
Latin Finance - November/December 2009 - 33
Latin Finance - November/December 2009 - 34
Latin Finance - November/December 2009 - Mexico: How to Capitalize on Crisis
Latin Finance - November/December 2009 - 36
Latin Finance - November/December 2009 - 37
Latin Finance - November/December 2009 - 38
Latin Finance - November/December 2009 - Colombia: Local Shop Repels Foreign Pretenders
Latin Finance - November/December 2009 - Chile: Pefecting the Art of Retail
Latin Finance - November/December 2009 - 41
Latin Finance - November/December 2009 - 42
Latin Finance - November/December 2009 - El Salvador: A Foreign-owned Bank Dominates
Latin Finance - November/December 2009 - 44
Latin Finance - November/December 2009 - 45
Latin Finance - November/December 2009 - 46
Latin Finance - November/December 2009 - 47
Latin Finance - November/December 2009 - 48
Latin Finance - November/December 2009 - 49
Latin Finance - November/December 2009 - Infrastructure & Energy Awards
Latin Finance - November/December 2009 - 51
Latin Finance - November/December 2009 - 52
Latin Finance - November/December 2009 - 53
Latin Finance - November/December 2009 - 54
Latin Finance - November/December 2009 - Private Equity Fundraising
Latin Finance - November/December 2009 - 56
Latin Finance - November/December 2009 - Cover3
Latin Finance - November/December 2009 - Cover4
https://www.nxtbook.com/nxtbooks/latinfinance/0319QMR
https://www.nxtbook.com/nxtbooks/latinfinance/1218JYM
https://www.nxtbook.com/nxtbooks/latinfinance/paraguay_2018
https://www.nxtbook.com/nxtbooks/latinfinance/8320YTM
https://www.nxtbook.com/nxtbooks/latinfinance/8465TBM
https://www.nxtbook.com/nxtbooks/latinfinance/1476YBW
https://www.nxtbook.com/nxtbooks/latinfinance/7835THM
https://www.nxtbook.com/nxtbooks/latinfinance/8655TGL
https://www.nxtbook.com/nxtbooks/latinfinance/0614IJP
https://www.nxtbook.com/nxtbooks/latinfinance/ecuador_20170910
https://www.nxtbook.com/nxtbooks/latinfinance/2713KNP
https://www.nxtbook.com/nxtbooks/latinfinance/4982CFT
https://www.nxtbook.com/nxtbooks/latinfinance/7803HWE
https://www.nxtbook.com/nxtbooks/latinfinance/3829THA
https://www.nxtbook.com/nxtbooks/latinfinance/7891MDD
https://www.nxtbook.com/nxtbooks/latinfinance/7714JCR
https://www.nxtbook.com/nxtbooks/latinfinance/5619CMK
https://www.nxtbook.com/nxtbooks/latinfinance/6939ASL
https://www.nxtbook.com/nxtbooks/latinfinance/1364ASF
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS_supp
https://www.nxtbook.com/nxtbooks/latinfinance/1304APV
https://www.nxtbook.com/nxtbooks/latinfinance/7234GSD
https://www.nxtbook.com/nxtbooks/latinfinance/1643XGS
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM
https://www.nxtbook.com/nxtbooks/latinfinance/8745TNV
https://www.nxtbook.com/nxtbooks/latinfinance/3629PBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_HSBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_supp
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC
https://www.nxtbook.com/nxtbooks/latinfinance/9463RVB
https://www.nxtbook.com/nxtbooks/latinfinance/7345GPY
https://www.nxtbook.com/nxtbooks/latinfinance/6398TVB
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM
https://www.nxtbook.com/nxtbooks/latinfinance/3885CWS
https://www.nxtbook.com/nxtbooks/latinfinance/45923GBC
https://www.nxtbook.com/nxtbooks/latinfinance/67449NBD
https://www.nxtbook.com/nxtbooks/latinfinance/46733NLP
https://www.nxtbook.com/nxtbooks/latinfinance/78456HCL
https://www.nxtbook.com/nxtbooks/latinfinance/89456RBM
https://www.nxtbook.com/nxtbooks/latinfinance/22278HBL
https://www.nxtbook.com/nxtbooks/latinfinance/2895YBM
https://www.nxtbook.com/nxtbooks/latinfinance/9033TBM
https://www.nxtbook.com/nxtbooks/latinfinance/8934TNP
https://www.nxtbook.com/nxtbooks/latinfinance/costarica20130304
https://www.nxtbook.com/nxtbooks/latinfinance/4672PNB
https://www.nxtbook.com/nxtbooks/latinfinance/9377BKL
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest2
https://www.nxtbook.com/nxtbooks/latinfinance/5532LMC
https://www.nxtbook.com/nxtbooks/latinfinance/9044TBM
https://www.nxtbook.com/nxtbooks/latinfinance/4877RBC
https://www.nxtbook.com/nxtbooks/latinfinance/3008JHV
https://www.nxtbook.com/nxtbooks/latinfinance/3728YBC
https://www.nxtbook.com/nxtbooks/latinfinance/9337KLM
https://www.nxtbook.com/nxtbooks/latinfinance/5674GNJ
https://www.nxtbook.com/nxtbooks/latinfinance/8330KMC
https://www.nxtbook.com/nxtbooks/latinfinance/7663HCM
https://www.nxtbook.com/nxtbooks/latinfinance/2319ZMB
https://www.nxtbook.com/nxtbooks/latinfinance/7110MKL
https://www.nxtbook.com/nxtbooks/latinfinance/8599FHG
https://www.nxtbook.com/nxtbooks/latinfinance/4517HJK
https://www.nxtbook.com/nxtbooks/latinfinance/7813GHB
https://www.nxtbook.com/nxtbooks/latinfinance/1564FBM
https://www.nxtbook.com/nxtbooks/latinfinance/8884HGV
https://www.nxtbook.com/nxtbooks/latinfinance/7863SVB
https://www.nxtbook.com/nxtbooks/latinfinance/5233SFB
https://www.nxtbook.com/nxtbooks/latinfinance/5899SML
https://www.nxtbook.com/nxtbooks/latinfinance/4311PMN
https://www.nxtbook.com/nxtbooks/latinfinance/1366FBB
https://www.nxtbook.com/nxtbooks/latinfinance/9355AXC
https://www.nxtbook.com/nxtbooks/latinfinance/8559EBN
https://www.nxtbook.com/nxtbooks/latinfinance/8244QXC
https://www.nxtbook.com/nxtbooks/latinfinance/1779BBN
https://www.nxtbook.com/nxtbooks/latinfinance/7144XVB
https://www.nxtbook.com/nxtbooks/latinfinance/8971QGH
https://www.nxtbook.com/nxtbooks/latinfinance/200805
https://www.nxtbook.com/nxtbooks/latinfinance/200804
https://www.nxtbook.com/nxtbooks/latinfinance/200803
https://www.nxtbookmedia.com