GARCIA’S TAKE: PE Investors Set Their Eyes on Peru

By Luis Garcia
January 2018


Peruvian private-equity firm Enfoca last week announced what was possibly the largest secondary deal ever involving a Latin American firm. The nearly $1 billion fund restructuring was also a remarkable bet from two large investors, Goldman Sachs Asset Management and the Canada Pension Plan Investment Board, on a country that until few years ago accounted for just a tiny portion of Latin America’s private-equity industry.

A combination of economic growth, political stability, a growing middle class and favorable government policies has attracted more private-equity investors to Peru and other Andean countries, especially Colombia. Investor optimism about Peru only grew after the election, in 2016, of President Pedro Pablo Kuczynski—himself a former partner at a private-equity firm, although Mr. Kuczynski narrowly escaped impeachment in December.

Private-equity funds focused on the Andean region raised $304 million in the first three quarters of 2017, or about 12% of Latin America’s total fundraising, according to the latest data available from Emerging Markets Private equity Association, an industry trade group. That percentage went up from only 2% in 2014, while Brazil’s contribution to the region’s total fundraising dropped from 38% to 19% during the same period, Empea’s data showed.

Enfoca invests in a variety of sectors more exposed to consumer spending, such as retail, education, health care and transportation. But more specialized private-equity firms also are expanding their presence in Peru, in a sign of the diversity of opportunities investors are finding there.

New York-based TC Latin America Partners, for one, is backing real-estate projects in Arequipa, while Latin America-focused HMC Capital is investing in bonds issued by Peruvian midmarket businesses. TC Latin America and billionaire Sam Zell’s firm Equity International also backed a $230 million pool that telecommunication investor Digital Bridge Holdings collected last year to finance the expansion of a cell-tower company in Colombia and Peru.

Peru also might be benefitting from the turbulence that Brazil and Mexico, Latin America’s largest private-equity markets, faced in recent years, including a massive corruption investigation and potential threats to the North American Free Trade Agreement, respectively.

Those countries face more uncertainty as both will hold presidential elections this year.

Once those elections have passed, however, private-equity investor interest in Brazil and Mexico may surge once again, potentially drawing attention away from the Andean countries.

Still, Enfoca’s secondary deal shows that, at least for now, Peru’s private-equity market has room to shine.

Source: WSJ PRO – Private Equity


By Jason McGee-Abe
December 2017


The acquisition from Boston-based investment firm Berkshire Partners, which has also invested in Lightower, Crown Castle and Telx, has added 1,644 sites to ATP’s portfolio of digital communication infrastructure assets, making it the largest privately-owned tower company in the Andean Region. ATP now owns over 2,150 sites, and manages more than 32,000 master leased sites and 13 small cell networks deployments.

Daniel Seiner – Torres Unidas Daniel Seiner, CEO of Torres Unidas, will be CEO of the combined company, which now offers 34,150 wireless locations in Chile, Colombia and Peru. Estrella Zaharia will continue with her responsibilities as chief marketing officer.

“The combined portfolio will give Andean Tower Partners an enhanced footprint in the region, and we are eager to continue to help operators densify their 4G networks and bring the dream of 5G to life in our region,” said Seiner.

“These are exceptionally high-quality assets and locations that will allow us to offer an even more compelling value proposition to carriers as they look for a preferred partner that can deliver a full suite of solutions to support their growth in the region.”

Founded by Digital Bridge in 2015, ATP owns, operates and manages telecommunications towers, rooftops, small cells and distributed antenna systems solutions for mobile operators.

“We are excited about the continued progress of ATP following our successful institutional capital raise earlier this year,” added Marc Ganzi, chairman of ATP, and founder and CEO of Digital Bridge Holdings. “We see a significant tower deficit in the Andean Region, and this acquisition will enhance ATP’s ability to meet an increasing need for telecom infrastructure as our wireless carrier partners continue to densify their networks to keep up with anticipated data consumption in the region. We are also equally excited about the combination of these two management teams to ensure execution of our business plan and most importantly meeting the coverage objectives of our customers in the region.”

Equity financing for the transaction was provided by ISA, The Olayan Group, Equity International, and TC Latin America Partners, who collectively committed $230 million earlier this year, and followed on with additional commitments to support the acquisition. In addition to the existing investor group, Colony NorthStar also committed to the transaction in partnership with Digital Bridge Holdings.

Since inception, Digital Bridge has raised over $7.5 billion of equity and debt capital used to acquire and invest in all three core pillars (data centres, towers and fibre/small cells) of mobile and internet infrastructure through six businesses, including: Vantage Data Centers, DataBank, ExteNet Systems, Vertical Bridge, Andean Tower Partners, and Mexico Tower Partners.

Scotiabank was lead arranger and bookrunner for the financing and acted as ATP’s financial advisor.  Linklaters LLP provided legal counsel to ATP.

Financial terms of the private transaction were not disclosed.

Source: Capacity Media

MIRANDA & AMADO Y ESTUDIO MUÑIZ EN ADQUISICIÓN de 80% de proyecto de Grupo Inmobiliari

By Rosa E. Ramos
May 2017


TC Latin America Partners (, fondo de gestión de activos, adquirió 80 % del proyecto inmobiliario Villa In El Polo, ubicado en el distrito de Santiago de Surco, en Lima. La operación se concretó este 8 de mayo por USD 12 millones. Con ello la compañía obtuvo el control del proyecto residencial propiedad de Grupo Inmobiliari ( (del grupo empresarial Ingroup).


En esta transacción, TC Latin America Partners fue apoyada legalmente por Miranda & Amado Abogados mientras que Grupo Inmobiliari fue asesorado por Estudio Muñiz, Ramírez, Pérez-Taiman & Olaya Abogados y asesores internos.

Estudio Muñiz explicó que la operación se hizo a través de la compra de 100 % de Inmobiliaria Jufer S.A.C. y 58 % de Promotora Inmobiliaria Monterrico S.A.C. El proyecto residencial Villa In El Polo consta de cinco etapas y un total de 941 departamentos, de uno y hasta tres dormitorios. El proyecto ofrece más de 20.000 metros cuadrados de áreas libres, entre parques, zonas verdes y vías peatonales y vehiculares. Además, cuenta con salas de usos múltiples, salas de cine y espacios deportivos.

Inmobiliari tiene cerca de 10 años de trayectoria en el desarrollo de proyectos residenciales en los distritos limeños de San Isidro, Surco, Barranco y La Molina.

Asesores de TC Latin America Partners:

Miranda & Amado Abogados: Socios Luis Marcelo De Bernardis, Nathalie Paredes y Rocío Liu. Asociados María Pía Talavera, Patricia Casaverde y Luis Miguel Sánchez.

Asesores de Grupo Inmobiliari:

Abogado in-house: Antonio Valiente.

Estudio Muñiz, Ramírez, Pérez-Taiman & Olaya Abogados: Socios Mauricio Olaya y Juan Carlos Vélez.


Source: Lexlatin


By Luis García
March 2017

The New York firm is one of four co-investors in a pool raised by Digital Bridge to bolster the expansion efforts of the wireless communications infrastructure company.

Private-equity firm TC Latin America Partners is one of four co-investors in a $230 million pool raised by Digital Bridge Holdings LLC to bolster the expansion efforts of a wireless communication infrastructure company.

The business, Andean Tower Partners LLC, was founded in 2015 by Digital Bridge, a Boca Raton, Fla., firm that backs telecommunication infrastructure companies.

Andean Towers Partners, also of Boca Raton, operates in Colombia and Peru, where it owns and manages telecommunications towers, rooftops, small cells and distributed antenna systems that support the networks of local mobile operators, according to a press release.

The Latin America and Caribbean region will add an estimated 110 million new unique mobile subscribers by 2020 to the 414.4 million current subscribers as of the fourth quarter of 2015, according to the report from mobile industry data tracker GSMA Intelligence. Colombia and Peru are expected to be the third and fourth largest contributors to that growth, behind Brazil and Mexico, according to the report.

At the same time, companies such as Andean Towers also should benefit from new regulations in Colombia and Peru aimed at making it easier to deploy telecommunications infrastructure.

Andean Tower will use the money to acquire and build more of that infrastructure, as it tries to take advantage of growing demand for mobile connectivity and data consumption in the two Andean countries, according to the release.

“We see Peru and Colombia as a great opportunity right now,” said Gregorio Schneider, TC Latin America’s founder, managing partner and chief investment officer. He added that continued political stability and rapid economic growth, particularly in Peru, have contributed to a more favorable investments environment.

Formerly known as Terranum Capital, TC Latin America Partners focuses on real-estate investments in Colombia, Mexico and Peru. The firm concentrates on real-estate projects that capitalize on the growing middle class in the three countries, particularly residential and mixed-use properties in bigger cities such as Mexico City and Querétaro, Mexico, and Bogotá and Medellin in Colombia, Mr. Schneider said.

The firm – with offices in New York, Bogotá, Lima and Mexico City – closed its second fund, Terranum Capital Latin America Real Estate Fund II LP, in early December at $268 million. Apart from Andean Tower, it has invested about $60 million of the total in six real-estate projects, including three in Peru, two in Mexico and one in Colombia, according to Mr. Schneider.

Mr. Schneider pointed to the similarities between the telecommunications-infrastructure and the commercial-real-estate sectors, as mobile carriers also rent space in cell towers to install their equipment.

“It’s like renting space in a building” he said.

The three other co-investors in the Digital Bridge-sponsored pool for Andean Tower are Colombian state-owned holding company Interconexión Eléctrica SA ESP ISA; the Olayan Group, a global investor Sam Zell’s investments firm focused on emerging markets, the press stated. ISA agreed in late February to ivest up to $80 million in Andean Tower, according to a press release issued at the time.

Founded in 2013, Digital Bridge so far has collected more than $5.2 billion in debt and equity capital and invested across the telecommunications infrastructure sector. They include Andean Tower. U.S.-focused Vertical Bridge LLC; and Mexico Tower Partners LLC, a cell-tower builder operating in Mexico.

Source: WSJ PRO – Private Equity

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