CPPIB to co-lead restructuring process of Peru-based fund

  • CPPIB co-leads deal along with another big secondary firm
  • Restructuring to provide liquidity to LPs, more time for exits
  • Enfoca launched in 2007

Enfoca, a Peru-based private equity firm, is nearing completion of a restructuring process for several of its vehicles, three sources told Buyouts.

Canada Pension Plan Investment Board is co-lead investor on the process, along with another large secondary firm, sources said.

Park Hill Group is intermediary on the process, sources said. Net asset value on the restructuring is $700 million to $800 million, sources said.

Jesús Zamora, co-founder and chief executive, did not return a request for comment Wednesday. Spokespeople for CPPIB did not return a request for comment.

The restructuring will give LPs the choice to sell their stakes or roll with the GP in a restructured vehicle.

Enfoca is restructuring to provide liquidity to some LPs and give the GP more time to exit investments. Sources said the restructuring is not the result of distress of assets or the firm.

Enfoca, which began investing in 2007, has four funds: Enfoca Descubridor 1, which closed on about $213 million in 2011; Enfoca Discovery 1, which closed on $158 million in 2011; Enfoca Andean Investment, which raised $110 million from U.S. institutional investors; and Enfoca Descubridor 2, which closed on about $47 million in 2013, according to Enfoca’s website.

The firm has seven portfolio companies and sold one, home-improvement business Maestro in September 2014, according to the website.

Enfoca also has invested in ceramics and sanitary ware, healthcare, higher education, media, air cargo and logistics, fishing and real estate, the website said.

Action Item: Check out an interview with Jesús Zamora: http://bit.ly/2Cfwu1E

People walk down a street in the town of Nueva Fuerabamba in Apurimac, Peru, on Oct. 3, 2017. Photo courtesy Reuters/Mariana Bazo