Enfoca’s $950 Million General Partner-Led Secondary Transaction


Payet, Rey, Cauvi, Pérez, Estudio Miguel Mur, Davis Polk & Wardwell, Muñiz, Olaya, Meléndez, Castro, Ono & Herrera and Lazo, de Romaña & CMB advised on the transaction

Enfoca, a leading private equity fund manager based in Lima, Peru, completed a General Partner-led secondary transaction in which a new investment fund managed by Enfoca purchased exposure to the portfolio companies of three Enfoca-managed funds by providing a liquidity option to the existing Limited Partners (LPs). The new fund also obtained commitments for new capital to develop the portfolio.

Canada Pension Plan Investment Board (CPPIB), which made a capital commitment of US$380 million, and Goldman Sachs Asset Management LP’s Vintage Funds (GSAM) led the transaction. The three largest Peruvian pension funds, Integra, Prima and Profuturo, which have invested with Enfoca since 2007, are also committing new capital to the fund after taking advantage of this opportunity to obtain partial liquidity for their existing investments with Enfoca. In aggregate, the transaction represents a total capital commitment of over US$950 million and sets a new benchmark for General Partner-led liquidity alternatives in the LatAm private equity market.

Through a competitive bidding process, the transaction provided Enfoca’s existing LPs with a liquidity option with attractive returns on their original investments. The transaction gives the new LPs the opportunity to invest in a unique high-growth portfolio of Peruvian mid-market companies and also provides Enfoca with access to capital for new investments and continued growth of the portfolio, as well as an extended duration to realize the portfolio’s potential. Enfoca will serve as the General Partner of the new fund and will manage the portfolio post-closing.

Payet, Rey, Cauvi, Pérez advised Enfoca SAFI with José Antonio Payet (Picture), Eduardo Vega, Iván Chu, Álvaro Carrasco, Andrea Tejeda, Rocío Gordillo and Carla Sinchi.

Estudio Miguel Mur advised Enfoca SAFI with Miguel Mur.

In US, Davis Polk & Wardwell advised Enfoca SAFI with Leor Landa, Mary Conway, Verónica M. Wissel, Daniel Bremmer, Sijia Cai, Trevor I. Kiviat, Mea Lewis, Maria C. Salame, Oren Gertner, Ethan R. Goldman, Charles Shi and Christopher M. Paridon.

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados advised Canada Pension Plan Investment Board (CPPIB) and Goldman Sachs Asset Management LP’s Vintage Funds with Mauricio Olaya and Juan Carlos Vélez.

Lazo, de Romaña & CMB Abogados advised Integra AFP, Prima AFP and Profuturo AFP with Bruno Gonzales, Michelle Montero and Alma Jiménez.

Involved fees earner: Miguel Mur – Estudio Miguel Mur ; Bruno Gonzales – Lazo, De Romaña & Gagliuffi Abogados; Alma Jiménez – Lazo, De Romaña & Gagliuffi Abogados; Mauricio Olaya Nohra – Muñiz, Olaya, Meléndez, Castro, Ono & Herrera; Juan Carlos Vélez Gadea – Muñiz, Olaya, Meléndez, Castro, Ono & Herrera; José Antonio Payet – Payet, Rey, Cauvi, Pérez, Mur; Eduardo Vega – Payet, Rey, Cauvi, Pérez, Mur; Álvaro Carrasco – Payet, Rey, Cauvi, Pérez, Mur; Rocío Gordillo – Payet, Rey, Cauvi, Pérez, Mur; Carla Sinchi – Payet, Rey, Cauvi, Pérez, Mur; Iván Chu – Payet, Rey, Cauvi, Pérez, Mur; Andrea Tejeda – Payet, Rey, Cauvi, Pérez, Mur; Leor Landa – Davis Polk & Wardwell; Daniel Bremmer – Davis Polk & Wardwell; Sijia Cai – Davis Polk & Wardwell; Trevor Kiviat – Davis Polk & Wardwell; Maria Salame – Davis Polk & Wardwell; Oren Gertner – Davis Polk & Wardwell; Christopher Paridon – Davis Polk & Wardwell; Mary Conway – Davis Polk & Wardwell; Ethan Goldman – Davis Polk & Wardwell; Veronica Wissel – Davis Polk & Wardwell; Charles Shi – Davis Polk & Wardwell;

Law Firms: Estudio Miguel Mur ; Lazo, De Romaña & Gagliuffi Abogados; Muñiz, Olaya, Meléndez, Castro, Ono & Herrera; Payet, Rey, Cauvi, Pérez, Mur; Davis Polk & Wardwell;

Clients: Canada Pension Plan Investment Board; Goldman Sachs Asset Management, L.P.; Enfoca SAFI; Integra AFP; Prima AFP; Profuturo AFP;

Avatar

Author: Ambrogio Visconti.