Artha Brings out CCD Follow-up

Artha Capital has made the initial closing of a new certificado de capital de desarrollo (CCD) fund, according to regulatory documents, raising MXP754m ($58m). The Mexican investment firm has a MXP1.56bn target for the 2023 fund that it plans to reach through capital calls. The fund, Artha’s second CCD, will target investment in commercial, office, industrial and mixed-use real estate. The fund will feature the return structure common to CCDs and to private equity – investors receive their investment plus a 9% preferred return, with additional proceeds divided 80%-20% between investors and the manager. BBVA Bancomer and Banorte-Ixe managed the transaction. Artha’s original CCD raised MXP2.57bn in 2010. It was founded in 2009 by ex-banker Carlos Gutierrez and real estate executive German Ahumada.