The new unit will try to build on the success of Solida’s existing investments in venture capital projects, especially in infrastructure and real estate. Solida began to invest in these sectors a couple of years ago as part of its strategy to diversify away from its core business of buying distressed assets. These venture capital investments provide more than 25% of Solida’s profits, although they account for less than 5% of its assets.
“Although Solida was clearly doing very well, we thought it could be a medium-term business and that is why we looked into diversifying the business and maintaining profitability,” says Alejandro Valenzuela, chief executive of Banorte, explaining why Solida turned to making venture capital investments.
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