PineBridge backs Mexican first-timer

Mexican SME specialist Capital Indigo was originally targeting $60m

Capital Indigo, a Mexico-based private equity manager, has surpassed its fundraising target after receiving a fund commitment from US-based fund of funds group PineBridge Investments.

PineBridge has invested in the firm’s debut fund, Capital Indigo Fund I. According to the International Finance Corporation, which approved a $10 million commitment late last year, the vehicle originally came to market in October 2012 with a target of $60 million and a hard cap of $80 million.

The firm's managing partner Everardo Camacho said in a statement that as a result of this investment, the firm had now exceeded its original fundraising target. “With PineBridge as one of our anchor investors, we have not only exceeded our capital commitment goal, but we have also secured an optimal mix of investors ranging from private institutional investors, family offices, multilateral corporations and HNWI.”

Founded in 2010, Capital Indigo targets growth equity and mezzanine investments in mid-sized Mexican companies with annual revenues of $5 million to $15 million, focusing particularly on the healthcare, environmental and consumer goods sectors.

The firm has already announced two investments from the new fund this year. In March, it bought a controlling stake in high-end food prodyucer Interdeli, while in July, it bought e-waste management business Indigo Proambiental.

Fund I is set up as a FICAP, the local trust structure used for raising private equity capital in Mexico.