| Carlos Slim: complementing public investment |
Spun off from Slim’s financial conglomerate Inbursa in June, shares in Ideal have risen 40% since its IPO in September and the fund has posted a $43 million net profit in its first four months. With almost $900 million in assets, Ideal now has four toll road concessions, the latest of which Slim bought at the end of September in northern Mexico, and sees returns of at least 10%, according to Ideal’s credit director, Frank Aguado. Aside from the strong numbers, the fund is the first in Mexico seeking to make money from infrastructure projects, including roads, ports, water plants and power generation, as well as public-private partnerships in education and health, all areas in desperate need of investment after years of government neglect. Given Slim’s business savvy, Ideal hopes it could become a model for public-private projects. “We must complement public investment, which is limited and restricted, with private investment to drive economic growth,” said Slim, who is chairman of Ideal, in a recent speech.
Slim appears to have got his timing right. At 4.8%,