PineBridge Closes CCD

PineBridge Investments has finalized what will be a MXP2.1bn ($158m) Certificado de Capital de Desarrollo (CCD) transaction in Mexico’s market, according to regulatory documents. The investment firm has raised MXP420m in the first closing of the fund of funds CCD, with the remainder to arrive via future capital calls. The 2022 deal creates a fund targeting private equity, growth fund, private infrastructure and private credit opportunities across sectors in Mexico. The return structure consists of investors’ initial investment plus an 8% preferred return, after which additional proceeds are divided 95% to investors and 5% to the manager. As is common in CCD transactions, PineBridge plans a parallel fund to allow foreign investment alongside the CCD. Finamex managed the sale, structured by its Fimecap unit and Westwood Capital Advisors. In June, AGC Controladora raised an initial MXP553m for a CCD also with a fund of funds structure. Government-backed Corporcaion Mexicana de Inversiones de Capital (CMIC), also known as Fondo de Fondos, is also preparing a MXP1bn-MXP5bn transaction.