Evercore Mexico closes Fund III on $201m

Evercore Partners has closed its largest Mexico-focused private equity fund to date.

Evercore Mexico Capital Partners has closed its third fund on $201 million, the firm announced Tuesday. 

Fund III which launched in the second quarter of 2012 is the largest fund yet. It surpassed its $150 million target. Evercore Mexico Capital Partners is the Mexican private equity business of investment bank advisor Evercore Partners
Evercore Mexico plans to spend $15 million to $30 million per investment and will primarily focus on family-owned and privately-held Mexican companies.
“The growing demand for products and services of a rapidly growing middle class coupled with Mexican companies in the process of modernisation should present attractive investment opportunities,” Alfredo Castellanos, Evercore Mexico’s managing director, said in the firm’s statement.

Evercore Mexico’s previous fund, a 2008 vintage, closed on $125.6 million, enough to edge above its $125 million target. Fund II has made several investments, including More Pharma, a Mexican specialty pharmaceutical company, retail brand manager Grupo Axo and low-income housing developer Javer. About 40 percent of Fund III’s limited partners invested in Fund II as well, according to the statement.

 Evercore Mexico is led by 32 senior managing directors out of Mexico City and Monterrey, Mexico. It was founded in 2006 when Mexican private equity firm Protego combined its business with New York-based Evercore Partners, according to Protego’s website.
Protego was founded in 1996 by Pedro Aspe, who now serves as one of Evercore’s executive team members, according to Evercore’s website. Protego’s first fund was Discovery Americas I, which launched in 2004, according to the company’s website. That fund has four investments, including the second largest airline in Mexico, Volaris. Today, Evercore Mexico manages more than $400 million of committed capital.