Evercore has closed fundraising for its third Mexican focused private equity fund, Evercore Mexico Capital Partners III (EMCP III), with $210 million of commitments. The fund was oversubscribed and includes a variety of institutional investors and family offices. Approximately 40% of EMCP III is composed of limited partners that invested in Evercore Mexico Capital Partners II.
The new fund will continue the investment strategy of prior funds by making minority investments in high-growth, family-owned and privately-held Mexican companies. EMCP III plans to invest $15 million to $30 million per investment opportunity. The fund will be managed by Evercore Mexico Capital Partners, L.P. (EMCP).
“We are very grateful for the strong support we received from our investors in our new fund,” said Pedro Aspe, Co-Chairman of Evercore Partners. “The interest in EMCP III and the amount we were able to raise are a tribute to our consistent strategy and the hard work of our talented investment professionals. We have built a truly differentiated platform that combines deep local knowledge with proprietary, high-quality deal sourcing and direct access to key strategic and financial parties.”
“EMCP III aims to capitalize on a highly attractive and stable Mexican macroeconomic environment,” said Alfredo Castellanos, EMCP Managing Director and EMCP Investment Committee Member. “The growing demand for products and services of a rapidly growing middle class coupled with Mexican companies in the process of modernization should present attractive investment opportunities. We are focused on family-owned and privately-held growth-oriented companies that seek partners with local knowledge and global vision, and that share our business values and principles.”
Representative companies in EMCP’s existing portfolio include Volaris, More Pharma and Grupo Axo. EMCP III has already made three investments: Intellego, Diavaz DEP and Grupo Casanueva Pérez.
“We feel honored to have the support of such a reputable and diversified investor base, and we greatly appreciate the confidence they have shown in us each and every day,” said Alejandro Capote, EMCP Managing Director and EMCP Investment Committee Member. “We strive to maintain a full alignment of interests among LPs, the general partner and the investment team, and will work diligently to maintain our investors’ trust moving forward.”
Evercore Mexico Capital Partners is the Mexican private equity division of Evercore Partners and manages more than $400 million dollars of committed capital. Other private equity investments in EMCP’s portfolio include: Volaris, the second largest airline in Mexico; Lipu, the largest school and employee transportation company in Mexico; More Pharma, a Mexican specialty pharma company; Grupo Axo a brand management company and Servicios Corporativos Javer, the largest private housing developer in Mexico.
Evercore Partners is an investment banking boutique providing advisory services to multinational corporations on mergers, acquisitions, divestitures, restructurings and other strategic corporate transactions. Evercore also has an investment management business through which it manages private equity and venture capital funds for institutional investors. The firm has offices in New York; Boston; Chicago; Houston; Los Angeles; Minneapolis; San Francisco; Washington D.C.; Toronto; London; Aberdeen, Scotland; Mexico City and Monterrey, Mexico; Hong Kong; and Rio de Janeiro and São Paulo, Brazil (www.evercore.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-18-13