IIC approves equity investment of up to US$3 million in Multinational Industrial Fund II L.P.
Washington, D.C. - On December 7, 2010, the Inter-American Investment Corporation (IIC) approved an equity investment in Multinational Industrial Fund II L.P. ("MIF II"), a private equity investment fund in Mexico, of up to US$3 million.
The IIC will be the investor of record and will sell 50% of its equity investment to the China-IIC SME Equity Investment Trust Fund. Wamex Private Equity Management L.L.C. will manage the Fund. Wamex’s team of professionals has been working together for more than eight years and is highly experienced in several sectors in the local market. Wamex played a significant role in reinvigorating private equity activity in Mexico and is recognized as one of the groups that has promoted Mexican pension fund participation in private equity funds.
"The IIC investment will foster the development of medium-sized Mexican companies in the industrial and services sectors by supporting equity investments under US$25 million, a market niche largely underserved by Mexico’s private equity industry. This is the second time the IIC invests in an equity fund managed by Wamex, one of only a few successful Mexican fund managers that remain active in the aftermath of the crisis that has affected Mexico’s equity investment industry over the past few years," said Goldie Shturman, IIC Investment Officer in charge of the operation.About Multinational Industrial Fund II L.P.
MIF II is a private equity investment fund in Mexico that invests mainly in projects that support the growth of family businesses in such industrial and services sectors in Mexico as education, entertainment, logistics, health, and tourism, with high growth potential and annual sales between US$10 million and US$100 million. The investment amounts will range between US$10 million and US$25 million. More information on MIF II is available at www.fondomif.comAbout the China-IIC SME Equity Investment Trust Fund
This fund specializes in venture capital investments in small and medium-sized enterprises in Latin America and the Caribbean. It was established by the IIC in 2009, with a contribution from the People’s Republic of China, to spur growth and development in the region through equity and quasi-equity investments.About the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int
Contact: Goldie Shturman
Telephone: (202) 623-1665