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Bailey McCann, Private Equity Strategies

Evercore Mexico Capital Partners, private equity investor in Mexico and the Mexican private equity business of investment banking firm Evercore Partners, has completed fundraising for Evercore Mexico Capital Partners III (EMCP III), raising $201m, its largest fund ever. EMCP III, which was oversubscribed, will focus on making minority investments in high-growth, family-owned and privately held Mexican companies and working with these companies’ management teams to generate additional value.

EMCP III plans to invest $15m - $30m per investment opportunity, taking minority stakes of 16-20% in portfolio companies although sources familiar with the fund say they are open to majority positions. The fund includes a wide variety of institutional investors and family offices, many of which are located in Mexico but also include investors in the US and EU. Approximately 40% of EMCP III is composed of limited partners that invested in Evercore Mexico Capital Partners II.

Evercore’s portfolio previously included investments in Volaris, the second largest airline in Mexico; Lipu, the largest school and employee transportation company in Mexico; More Pharma, a Mexican specialty pharma company; Grupo Axo a brand management company and Servicios Corporativos Javer, the largest private housing developer in Mexico.

The EMCP III Fund has already made new investments in three more companies - Intellego, Diavaz DEP and Grupo Casanueva Pérez. Sources familiar with the fund say that companies targeted by the firm have in general an EBIDTA of $16bn, and that the fund is interested in portfolio companies across all sectors of the Mexican economy, including those that have not previously had private equity investment.

“EMCP III aims to capitalize on a highly attractive and stable Mexican macroeconomic environment,” said Alfredo Castellanos, EMCP Managing Director and EMCP Investment Committee Member. “The growing demand for products and services of a rapidly growing middle class coupled with Mexican companies in the process of modernization should present attractive investment opportunities.