PineBridge puts Mexican FoF to work

PineBridge Investments has invested roughly half of its $209 million fund of funds focused on Mexico, according to a statement.

A publicly listed vehicle, Mexican Certificados de Capital de Desarrollo, or CKD I, has committed about $105 million to five local funds, providing investors with access to 10 Mexican companies and projects in the telecommunications, logistics, e-commerce, fast food, housing and animation sectors. The fund invests exclusively in Mexican growth equity, private infrastructure and private credit funds on behalf of Mexican institutional investors. PineBridge launched the fund in the third quarter of 2012 and held a final close in 2013.

“Our mission is to deliver a portfolio that focuses on small mid-market growth opportunities within the Mexican space and our mandate is to develop a diversified portfolio by sector and by industry,” Steve Costabile, global head of the private funds group at PineBridge, told Private Equity International.

Mexican pensions, known as “Afores”, are allowed to invest about 20 percent of their assets through publicly listed CKDs. PineBridge’s CKD I is listed on the Bolsa Mexican de Valores stock exchange.

CKD I’s investments include two growth equity funds, Alta Growth Capital Mexico Fund II, which invests in mid-sized companies in the region, and Latin Idea Ventures’ third fund, which focuses on the technology, media and telecommunications sectors. The fund has also backed Ventura Capital Privado Fund, which invests in larger transactions in the Mexican middle-market, and Real Infrastructure Fund (Mexico) and Alsis Mexico Housing Opportunities Fund.

PineBridge tracks close to 80 fund managers for potential investments for the fund. The firm expects to invest the remainder of CKD within the same time period and at the same level of magnitude as it executed the first half of capital, according to Costabile.

PineBridge is a global asset manager with strategies focused on equities, fixed income and alternatives. Its presence in Mexico and Latin America also includes publicly-listed equities and non-performing loan strategies. PineBridge also has an office in Santiago, Chile. The firm manages $73.5 billion of assets as of 31 December 2013.

PineBridge is a global asset manager with strategies focused on equities, fixed income and alternatives. Its presence in Mexico and Latin America also includes publicly-listed equities and non-performing loan strategies, according to Costabile. PineBridge also has an office in Santiago, Chile. The firm manages $73.5 million of assets as of 31 December 2013.