IIC Approves A US$3 Million Regional Equity Investment In Aureos Central America Fund L.L.C.
11/19/2002WASHINGTON, D.C. - On November 20, 2002, the Inter-American Investment Corporation (IIC) approved a US$3 million equity investment in Aureos Central America Fund L.L.C. (ACAF), a diversified private equity fund that will focus primarily on later-stage SMEs located in Central America, Panama and the Dominican Republic. ACAF has a target capitalization of US$50 million and an eight-year life. ACAF is being sponsored by Aureos Capital Limited L.L.C., a global private equity fund management firm jointly owned by the CDC Capital Partners and the Norwegian Investment Fund for Developing Countries.
The fund seeks to support the development of sectors such as consumer products; manufacturing; dairy and food processing; distribution, logistic and transportation; export processing; retail, telecom and storage. It will focus primarily on SMEs with sales in the US$7 million to US$35 million range, located in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and the Dominican Republic. ACAF is based in Costa Rica with an office in El Salvador and expects to open an office in the Dominican Republic.
The IIC expects to play an active role in the governance of the fund to support its objectives, strategy and investment criteria.
Aureos has a management structure in which a worldwide network of local investment teams is supported by a London-based centralized strategic management team. The Aureos central management team will provide technical and operational support to each local management team, networking across the firm to identify common issues and solutions throughout the investment process.
The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC’s mission is to promote the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: Steven Reed
Telephone: (202) 623-3981