Mexican VC Firm Closes CCD

Mexican venture capital firm Latin Idea Ventures has completed a MXP615m ($46m) certificado de capital de desarrollo (CCD) transaction, according to regulatory documents. Along with a parallel fund Latin Idea is raising, the CCD fund will target small investments in the telecom, media technology and service sectors. The parallel fund has had three closings and plans a fourth, with Latin Idea targeting a total fundraising of $100m-equivalent, including both the CCD and parallel funds. It will seek to make up to $15m investments – in $3m-$6m increments – in companies with competitive advantages in technology or innovation. The return structure of the CCD has investors recovering their initial investment plus a 13% preferred return, with remaining profits split 80%-20% between investors and the manager. Credit Suisse managed the CCD.