Peru PE Shop Eyes Infrastructure Opportunity

Peru’s AC Capitales is weighing the creation of a new infrastructure fund, and is also in talks to sell a 29% stake in water utility Consorcio Agua Azul to Marubeni, according to investment director Alberto Camet. Camet tells LatinFinance that his shop is considering creating a second infrastructure fund with as much as $200m in equity. The shop’s current infrastructure fund is 62% invested. “We need to create a new one to be able to take advantage of investment opportunities that are being offered to us,” he explains, adding that the vehicle would invest in everything from roads to hydro plants. Camet expects local and foreign pension funds to invest. Peruvian funds are the largest participants in the shops’ three existing funds. Elsewhere, Camet confirms that Marubeni is performing due diligence with the intention of acquiring AC’s 20% stake in Consorcio Agua Azul. AC acquired the stake in late 2006 for $8.4m, according to Rayet, Rey, Cauvi, the shop’s legal advisor on the deal. AC has funds devoted to infrastructure, real estate and agro industry, each worth approximately $120m.