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Deals of the year 2009: Latin America – Afores drive new private equity market

Wamex entered new territory with afores-friendly funding.

Company: Wamex Private Equity Management
Size: $55 million
Placement agent: Credit Suisse

Innovation returned to the Mexican capital markets in 2009. Two deals successfully used Mexican equity-linked certificates (certificado de capital de desarollo, CKDs) to raise funds. These structured notes were exclusively designed for the Mexican market, targeting the regulated pension funds (afores). On November 5 local group Wamex Private Equity Management announced the first closing of $55 million for the Multinational Industrial Fund II. Of the money raised, 80% came from afores managers. A second close will be achieved with an offshore vehicle.

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