Aureos commits $5m to Mexican transportation

The emerging markets specialist’s Latin America Fund has taken a majority stake in leasing concern Analistas de Recursos Globales.

Aureos Capital’s Latin America Fund has acquired a majority stake in Mexican transportation leasing company Analistas de Recursos Globales for $5 million (€3.2 million).

Analistas de Recursos Globales leases transportation leases and fleet management services to small and medium sized Mexican companies which have difficulty obtaining leasing contracts from commercial banks.

“The Mexican leasing market is still very underdeveloped, leaving many mid-sized companies without access to the kind of low risk funding they need to expand their businesses—it is a large gap in the market,” said Aureos Mexico partner Felipe Ortiz-Monasterio in a statement.

Aureos managing partners Erik Peterson said that Aureos intends to continue pursuing opportunities in niche financial sectors throughout Latin America in the same statement.

Aureos Capital was established in 2001, when it was formed to take over management of a portfolio of 14 CDC Group funds, and has 25 offices in sub-Saharan Africa, Southeast Asia, India, China, the Pacific Islands and Central America.

Analistas de Recursos Globales is the second investment out Aureos’s Latin America Fund since inception in December 2007. The fund, targeting $300 million, held a first close on $140 million (€94 million) in January and is in the process of finalising its second close. That fund is expected to hold its final close in 2008, and will make investments of between $2 million and $10 million in Mexico, Central America and the Andean region.

The Latin America Fund’s first investment was the acquisition of a 31.25 percent stake in Mexico office equipment distributor Docuformas.

Aureos raised the $36.3 million Aureos Central America fund in 2002, and in 2006 was selected by the Inter-American Development Bank to manage the $21 million Emerge Central America Growth Fund.