Investment bank Evercore and the principals of its Mexican private equity business, Evercore Mexico Capital Partners, have agreed to transfer control of the business to a new entity formed by the principals.
The Evercore Mexico Capital Partners (EMCP) team, led by Alfredo Castellanos, has formed Glisco Partners to assume all responsibility for management of the existing EMCP funds which currently manage $266 million of invested capital. Dr. Pedro Aspe, the Chairman of Evercore Partners Mexico, will continue to serve on the Investment Committee for the EMCP funds. Evercore will also provide operational support to Glisco for the next 18 months.
In return, Evercore will receive a fixed percentage of the management fees earned by Glisco for a period of up to ten years and a portion of the carried interest in the next two funds. Evercore has agreed to invest capital in the successor funds consistent with the level of carried interest it owns and will retain its carried interest and its capital interests in the existing EMCP funds.
“This transaction represents another step forward in our strategy to invest in our independent, un-conflicted investment banking businesses,” said Ralph Schlosstein, President and Chief Executive Officer of Evercore. “We are committed to supporting Alfredo and his colleagues as they launch Glisco as an independent company and will remain as significant investors in their funds for many years to come,”
Evercore Mexico Capital Partners was founded in 2003 and its most recent fund, Evercore Mexico Capital Partners III, LP, closed in June 2013 with commitments of $201 million (www.evercore.com.mx).
“We have worked hard for the past 13 years to provide investors with unique high growth investment opportunities in Mexico, working closely with our colleagues at Evercore. We are excited to take the business to the next level, having received the highly valued support of our limited partner investors and Evercore,” said Mr. Castellanos who now leads Glisco Partners as its managing partner. Glisco has a staff of ten investment professionals and is based in Mexico City .
Evercore Partners provides advisory services to multinational corporations on mergers, acquisitions, divestitures, restructurings and other strategic corporate transactions. The firm has 28 offices in North America, Europe, South America and Asia and is headquartered in New York (www.evercore.com).
© 2016 Private Equity Professional • 7-22-16
