The Carlyle Group has closed on $308 million for its Carlyle Peru Fund and parallel vehicles, according to an announcement, well over the vehicles’ $125 million target.
The funds’ limited partner base is approximately 70 percent local Peruvian investors. Carlyle Peru Fund includes commitments from pension funds, financial institutions, family offices and private banks.
Peruvian bank Credicorp — which invested $50 million in the vehicle — will advise Carlyle on the Peru Fund’s investment. It is unclear whether Credicorp will receive a share of the profits on the fund.
Carlyle will invest the Peru Fund across a variety of sectors, including healthcare, retail and consumer, mining services, construction, infrastructure and education, according to a statement.
“We believe the Peruvian private equity market remains underdeveloped, with a large percentage of medium-size family controlled business providing ample room for growth,” said Carlyle’s Peruvian head Marco Peschiera in a statement.
Last year, Carlyle opened its Lima, Peru office. The Peru office includes four full time investment and advisory professionals.
“South America is undergoing a transformational change toward more developed economies, with a new middle class being created, and we believe Peru is at the leading edge of that trend,” said Carlyle’s co-head of South American buyouts, Juan Carlos Felix.
Carlyle was very active putting capital to work from two Latin America and Brazil-focused funds that collectively raised almost $1 billion in 2011. The funds were used to acquire three Brazilian companies last year, including furniture retailer Tok&Stok, toy retailer Ri-Happy and rental equipment company Grupo Orguel. Carlyle also has stakes in health plan broker Qualicorp and lingerie producer Scalina, both of which are based in Brazil.
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