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| Low-income housing backed by private equity in Mexico. |
但是，鉴于这些天风险的兴趣加剧，拉丁美洲的经济增长和对该地区的更大经济复杂性的一般倾斜，私募股权投资者现在可以试图将他们的控股与当地公司，富裕的个人投资者甚至传统的保守养老金传递资金。
“你喜欢梦想IPO，”Hotshot Hedge基金Eton Park的新兴市场私募股权常设总经理Dirk Donath说。“但是你不想依靠它们作为一般可行的退出替代品。”
当地列表往往是不切实际的，特别是在Aureos Capital的管理合作伙伴的埃里克彼得森（Erik Peterson）中，埃里斯资本的较小经济体往往是不切实际的。“当地股市[中美洲]没有流动性或赛道记录，”Peterson在3月份在拉丁费纳的多米尼加共和国 - 中美洲大会大会上告诉投资者。
美国房地产巨头萨姆泽尔控制的股权国际欧洲贸易委员会，指出，他的房地产为导向的3亿美元股权国际基金II侧重于墨西哥和巴西的较大经济体。“为什么不投资哥斯达黎加，例如？”他修整地问道。他的答案：“没有规模，你不能吸引其他股权[投资]，你需要在出口时流动性。”
当资金能够为市场投资投资时，通常在该地区最流动性的股票市场。这几天，这意味着巴西和墨西哥，其中IPO正在卷土重来（见逃离纽约，第20页）。
In early December, the $1 billion Washington, DC-based EMP Global Latin America Infrastructure Fund launched Mexican phone company Axtel in a $320 million-equivalent public offering on the Mexican Stock Exchange. The fund, which sees its 10-year mandate expire in November, is in divestment mode, returning money to its investors. As the fund winds down, managing director Everett Santos says he has two more Latin American IPOs planned before November. Donath at Eton Park says he's also planning an IPO in the region this year for what he describes as a "real assets company."
Chaplik, of Equity International, names the $370 million IPO of Mexican home builder Desarrolladora Homex in June 2004 as one of his fund's key successes. Homex is a star in the burgeoning Mexican housing market. Equity International has cut its stake in Homex from 22% prior to the IPO, down to 13%. Since the IPO, Homex shares have steadily doubled in price to reach $36.15 on the NYSE as of mid-April.
“由于股权国际，我们与ADR公开，”霍索斯的投资者关系总监Carlos Moctezuma说。“他们分享了他们在美国的上市公司的经验，并帮助我们选择了IPO的顾问。”在发射股期后，尼古拉家族的大多数人在霍姆克斯的大多数股权缩减46％。
缺乏IPO，私募股权经理，并入拉丁美洲和加勒比地区的加勒比地区来自更多进化市场的公司。2005年1月，由前美国财政部长尼古拉斯布拉底州的达比海外，一位华盛顿特区私募股权基金，将巴西包装制造商Dixie Togas的控制股份为2.5亿美元的价格为明尼苏达州的Bemis Co.。
Homegrown Buyers
Now private equity investors have also set their sights on regional power players like Mexican multi-billionaire Carlos Slim, whose assets cover the gamut of sectors from technology to infrastructure. In late February, Advent International, a US-based private equity and buyout firm, sold Fada Pharma, an Argentine generic pharmaceutical manufacturer, to a group of Latin American investors and Polygon Labs, which is owned by the wealthy Said and Weinstein families. The terms of the deal were not disclosed.
Chaplik notes that a key investor in his fund, the Washington State Investment Board, ended up buying out his position in a Monterrey, Mexico-based housing company called Corporate Properties of the Americas. "They had capital participation in it along with us and loved it, so they bought the company from us," he says. According to public figures, Washington's manager of pension funds and state trusts had $8.5 billion invested in private equity at the end of February.
对于许多资金，总回报是他们衡量成功的公制，它有一个高级条。“私募股权的回报必须高于20％，以吸引重大关注，”桑托斯说。“在一点上，他们必须高于30％。”
通过私募股权投资的两位数退货，该部分可能会吸引更多的对冲基金，如ETON Park，这是狩猎，因为他们无法从债务和股票市场获得这些日子。随着对冲基金来富裕的美国投资者，也在寻求更加异国情调或风险的车辆来增长现金。“随着美国人口的年龄，他们的胃口变化，”Chaplik说。“对产量有更大的渴望。”
与此同时，各个发展阶段的公司管理队正在寻求私募股权群体，为他们提供他们需要增长的灵活性和知识。
12月份，西班牙裔TeleServices公司，墨西哥墨西哥呼叫中心，戴克莱尔集团作为一名未披露的金额。这不是西班牙裔客户首次与私募股权投资者合作的第一次。呼叫中心 - 为跨国公司的讲西班牙语客户提供客户服务问题 - 从花旗集团和JPMORGAN开始使用种子资金。去年的克莱尔进入，投资银行腾出了西班牙裔客户服务。
西班牙裔TeleServices的Coo alejandro Jaime表示，该公司 - 从十几名员工到达800多名超过十年的员工，在与凯莱尔一起考虑过几家公司和全球参与者。“我们与私募股权小组一起去了，因为我们觉得它会导致其他合作伙伴更好地增长，”他说。这些增长前景和融资的确定性使西班牙裔客户服务更加舒适地继续私募股权集团。“定价是公平的，融资是一项完成的交易，”Jaime说。
再一次,西班牙电信业务是一个年轻的和gile company, hatched by two MBA classmates from Georgetown, so the company was a natural candidate for cash from private equity funds. In general, though, Latin American management teams aren't terribly comfortable with private equity. "Management teams and family-owned businesses are still warming up to familiarity with investment funds – both hedge funds and private equity funds," says Donath, from Eton Park. "That's why when we partner with local teams, we spend a lot of time explaining that we can be a partner."
On the plus side, Donath says that management talent that was leaving the region or simply not returning from jaunts or studies abroad at the beginning of this century, is now flocking back. There's a reverse of the brain drain of Latin America's best and brightest.