Eton Park, Axis Launch Structured Vehicle

Eton Park, a New York-based multi-strategy fund and Axis, a Mexico City-based private equity shop, said Wednesday they have started a new company called Navix that will specialize in LatAm structured lending. The company is registered as a SOFOM, or specialty finance company that has raised $100m in equity finance. The next step will be to lever up its balance sheet with loans and credit lines and begin structuring asset-based loans to mid-market companies. “The needs of most Mexican corporates are underserved by the local financial institutions,” Gonzalo Gil White, managing partner at Axis and the CEO of Navix, tells LatinFinance. Navix will target a variety of sectors initially in Mexico, but very likely in other countries like Brazil eventually as well. One of its focuses includes short-term project and working capital loans for energy sector companies. Eton Park is the majority equity holder in the venture.