PineBridge Investments announced today that its Mexican private funds vehicle, Mexican Certificados de Capital de Desarrollo, or "CKD I" PBFF1CK 12, which is listed on the Bolsa Mexicana de Valores, has committed capital to five private market funds. The initial investments represent approximately half of the US $209 million (MX $2,681,250,000) capital commitments in CKD I. The selected funds provide access to investment opportunities in Mexico across growth equity, private infrastructure and private credit strategies.
During the third quarter of 2012, PineBridge launched the first pure private market funds portfolio through a CKD vehicle. PineBridge's CKD I offering provides Mexican institutional investors with the opportunity to access a diversified portfolio of institutional quality private market funds, most of which would otherwise not be available to its investors, through a publically listed vehicle.
After the first round of selective investments, PineBridge's CKD I portfolio is positioned to meet its investment objectives. Through its fund investments, CKD I has already provided investors with access to 10 underlying Mexican companies and projects in multiple sectors including telecommunications, logistics, e-commerce, fast food, housing and animation. CKD I investments will be focused solely in Mexico.
"We are enthusiastic about the opportunities in the Mexican private markets and the investments we are providing to our limited partners," stated Steven Costabile, Global Head of the Private Funds Group at PineBridge. "The pipeline of institutional quality private market funds in Mexico continues to grow and we expect to fund significant investments in 2014."
PineBridge's CKD I has committed capital to the following funds:
- Real Infrastructure Fund (Mexico)– provides growth capital to small- and mid-sized renewable energy projects in Mexico
- Ventura Capital Privado Fund – provides access to larger transactions within the Mexican middle market
- Alsis Mexico Housing Opportunities Fund Offshore– provides financing to private mid-sized Mexican real estate developers
- Alta Growth Capital Mexico Fund II– provides growth equity capital to mid-sized companies in Mexico
- Latin Idea Mexico Venture Capital Fund III– focuses on growth equity investments in the TMT sector
"Our goal is to build a diversified portfolio that provides top-tier access to the best opportunities in the middle market in Mexico. By significantly broadening the opportunity set, and focusing on growth equity, private credit and infrastructure, we are well positioned to deliver on this," stated Alejandro Rodriguez, Director at PineBridge in Mexico City. "We are proud to be able to meet our clients' needs, while continuing to bring attention to the investment opportunities in Latin America."
"Our listed private funds portfolio structure has opened up a diversified opportunity set of private market investments for our clients. This innovative approach is bringing efficiency and rigor to the portfolio construction process with access to specialized opportunities," stated Sergio Ramirez, Head of Americas Business Development at PineBridge.
PineBridge is a global asset manager with over 60 years of experience in emerging and developed markets, delivering alpha-oriented strategies across asset allocation, equities, fixed income and alternatives. PineBridge manages over US $73.5 billion in worldwide AUM as of 31 December 2013.