WAMEX’s MIF II fund 65% invested

Less than a year after reaching final close on $160m, WAMEX has invested about 65% of Multinational Industrial Fund II’s committed capital.

WAMEX Private Equity’s Multinational Industrial Fund II is 65 percent invested following the firm’s $32 million investment in Productos Medix – a Mexican pharmaceutical company, the firm announced in a statement.

In a September report available on WAMEX’s website, the firm indicated that its investment committee would consider deals the following month that would take MIF II – which closed on $160 million last year – to 80 percent invested. 

“We have signed a term sheet and are busy processing the next deal. It’s a matter of finalising due diligence and closing,” partner José Contreras told Private Equity International

Although the firm has invested MIF II at a speedy clip, Contreras would not speak on WAMEX's plans to hit the fundraising trail again anytime soon. 

First we have to close on a couple more deals that are in the pipeline. Then we will start thinking about next steps, but for now we are focused on the job at hand.

José Contreras

“First we have to close on a couple more deals that are in the pipeline. Then we will start thinking about next steps, but for now we are focused on the job at hand,” he said. 

MIF II has three other portfolio companies – business hotel chain Hoteles City Express, healthcare IT company Health Digital Systems and sustainable solutions financing company Water Capital. 

WAMEX closed MIF II through parallel structures that took advantage of recent regulatory changes that allow Mexican public pensions (Afores) to invest in private equity vehicles. The close included roughly $120 million that was raised through certificados de capital de desarollos (CKDs) – public vehicles that developed in 2009 that enabled the Afores to develop private equity portfolios, partner Christian Warnholtz told Private Equity International last year. 

An additional $40 million was raised through a traditional private equity vehicle that received commitments from European family offices, institutional investors, high net-worth individuals and Mexican insurance companies. 

WAMEX typically invests in mid-market companies with sales between $5 million and $50 million, focusing specifically on companies with growth potential in Mexico, the US and Canada.