Colombia-based Altra Investments has held a first close on $75 million for its debut institutional private equity fund targeting $110 million.
The capital raised to date was committed by several Colombian institutional investors between May and November. The remainder is expected to be raised from international investors over the course of the next quarter.
Altra’s fund, FCP I, will target investments in the Andean region and Central America with a focus on Colombia and Peru. The multi-sector fund will invest $15 million to $30 million in companies with sales in excess of $20 million.
Prior to establishing FCP I, Altra led $80 million in investments across three companies. In 2005, the firm invested in regional business process outsourcing company Digitex. The firm made investments in Colombian refrigerated warehousing company Colfrigos and Peruvian pharmaceutical company Infarmasa in 2007.
Roughly $60 million of the invested capital came from private investors with the rest from co-investment.
Altra was founded in 2005 and operated out of Bogota, Colombia and Lima, Peru.