Artha Readies CCD Follow-up

Artha Capital is planning to raise a new certificado de capital de desarrollo (CCD) fund, according to regulatory documents, what would be the Mexican investment firm’s second transaction in the asset class. The 2023 fund, with a size yet to be determined, will target investment in commercial, office, industrial and mixed-use real estate. Artha’s original CCD raised MXP2.57bn in 2010. The fund will feature the return structure common to CCDs and to private equity – investors receive their investment plus a to-be-determined preferred return, with additional proceeds divided 80%-20% between investors and the manager. BBVA Bancomer and Banorte-Ixe are managing. Artha was founded in 2009 by ex-banker Carlos Gutierrez and real estate executive German Ahumada.