The advent of private equity in Latin America |
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| Affiliation: | 1. ITEM, Institute of Technology Management at the University of St. Gallen, St. Gallen, Switzerland;2. IPEK, Eastern Switzerland University of Applied Sciences, Rapperswil, Switzerland;1. Department of Management and Marketing, College of Economics and Business, Qatar University, Qatar;2. Marketing, Business School Management, University of Lorraine, Nancy-Metz, France;3. Department of Management and Marketing, KFUPM Business School, King Fahd University of Petroleum and Minerals, Dhahran, Saudi Arabia;1. Hull University Business School, University of Hull, Hull HU6 7RK, UK;2. Wilfrid Laurier University, School of Business, 75, University Av. West, Waterloo, ON N2L 3C5, Canada;3. School of Business and Economics, University of Jyväskylä, PO Box 35, FIN-90014, Finland;4. Hull University Business School, University of Hull, Hull HU6 7RX, UK;1. ICN Business School, CEREFIGE, 54 000 Nancy, France;2. Montpellier Business School, Montpellier 34185, France;3. École Supérieure de Technologie (EST) d''Agadir, Ibn Zohr University, Agadir 80000, Morocco |
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| Abstract: | As an investment banker in London, the author witnessed the massive run-up in Latin American public equities during the early 1990s and began to consider the potential for adapting the European model of development capital to Latin America. The author and a small number of other investors began looking beyond the public equity boom, recognizing that the biggest returns had already been made by local entrepreneurs who had entered the market early. Following in the steps of the local entrepreneurs who had been investing in and turning around local companies for years, the author and other investors established investment funds and sought out privately owned Latin American companies that were either poorly capitalized or mismanaged. In a matter of four years, foreign and indigenous pools of funds dedicated to private, unquoted investments in Latin America has grown from near zero to an estimated $1.5 billion. And the pool continues to grow. The author tracks this investment phenomenon and assesses the prospects for these and future Latin American funds, in light of the economic and political stabilization of many Latin American countries and the ambitious infrastructure development programs across the region. |
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