Mauricio Salgar has joined Advent International’s Bogotá office as a managing director, where he will lead the firm’s local team, the firm announced in a statement.
Salgar will take over for Diego Serebrisky, who was appointed to lead the firm’s Bogotá office when it opened in October last year. Serebrisky is leaving the firm at the end of the year to pursue other business interests.
Advent’s seven-member local team is responsible for sourcing buyout and growth equity investments in Colombia, Peru and the surrounding region. Target sectors for the region include pharmaceuticals, retail, energy, financial services and services, as well as mining, oil and gas.
Before Advent, Salgar had been a vice president at private investment firm Sanford, which has holdings in the petrochemical, manufacturing, plastics and services sectors in Colombia, Venezuela, Peru, Brazil and Mexico. He also worked as the chief operating officer (and interim chief executive officer) at Colombia’s national oil company Ecopetrol, where he oversaw the partial privatisation of the company through an initial public offering.
Salgar’s experiences at Sanford and Ecopetrol exposed him to portfolio-company oversight, business and development as well as mergers and acquisitions, according to Advent.
“We continue to believe Colombia and Peru are attractive markets for private equity, and Mauricio’s broad range of experience and deep relationships in a number of our target sectors will benefit us as we build on the current team’s success,” said managing partner Patrice Etlin in a statement.
Salgar could not be reached for comment at press time.
Advent completed its first deal in Colombia last year, acquiring Biotoscana Farma, a marketer of specialty pharmaceutical products. The firm has been active in Latin America for 16 years and has raised five funds dedicated to investments in the region.
The firm was founded in 1984 and has completed 270 transactions worldwide. Advent has raised $26 billion in private equity capital since inception, and is currently in the process of marketing its seventh flagship fund.
Advent recently increased the hard-cap on that fund from €8 billion to €8.5 billion to make room for additional investors, according to two limited partners with knowledge of the cap increase.