Colombia's Private Equity Industry

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Extracto introductorio:

"There once was a time when the biggest worry for anyone traveling on the highways of Colombia's hinterland or city streets was security. Now, the worry more likely involves the dangers of navigating potholed, decaying and congested roads. In some respects, it's a positive sign of how much the country is changing as it leaves its crime-ridden reputation in the past. But Colombia's decaying, investment-starved infrastructure -- including its roads as well as subways, ports, airports and more -- is nonetheless a weak link for a country hoping to be among the world's top emerging market darlings. Without improvements soon, say investment experts, the increased output from its mines, oil wells, agribusinesses and other industries will struggle to reach domestic and export markets. “Infrastructure is a key bottleneck,” notes Juan Carlos Fernandez, vice-president of foreign investment at Proexport Colombia, the government agency promoting foreign direct investment (FDI), tourism and exports.

For the country's young private equity (PE) industry, it's a call to action. Having grown from two funds in 2005 to a total of 20 today, industry players are on the collective lookout for investment gaps, like in infrastructure, that they are ready to fill. Of the 20 funds, eight are multi-sector funds, which are running alongside a growing number of specialized funds, including four for infrastructure. Other specialized funds cover areas like oil and gas, energy and health.

But regional competition is stiff: Colombia has only a 5% share of the region’s fundraising, at US$431 million out of about US$8 billion, according to María Cristina Albarracin Roldán, Bogota-based PE fund director at Bancoldex, the state export-import bank. Replicating large deals like those found in Brazil and Chile -- Latin America's more mature PE markets -- won't happen overnight."

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Tres palabras claves

- Infraestructura
- Competidores (Brasil, Chile)
- Bancoldex y Proexport (citados; agencias del estado)