Private funds seek the participation of Venezuelan companies
At least two private equity funds seek to acquire participation in Venezuelan companies that have survived the economic crisis
Private funds 3B1 Guacamaya Fund, based in Miami, and Knossos Asset Management, based in the Cayman Islands, have shown great interest in acquiring participation in Venezuelan companies that have survived the country’s economic crisis, driven in part by the optimism that the Biden administration could ease sanctions on the South American nation.
Funds such as 3B1 Guacamaya Fund seek to buy a 60 % stake in the Corimon paint factory of Venezuelan origin, for about $ 30 million, sources familiar with the negotiations assured the Reuters information portal.
For its part, Knossos Asset Management remains prepared to raise capital that, according to statements by the owner of the company, Francisco Ghersi, will be used to buy shares in companies listed on the Caracas Stock Exchange in association with the local brokerage Grupo Solfin.
Focus on Venezuelan companies
“It is true that there has been interest in Venezuelan companies since last year,” a local business advisor told Reuters and who has participated in conversations with foreign investors.
For his part, Rodrigo Naranjo, director of the local private equity association Venecapital, assured that investors seeking opportunities in Venezuela “have a long-term horizon and a high tolerance for risk.”
K. Villarroel
Source: bancaynegocios
