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  • August 2018
  • Case
  • HBS Case Collection

Enfoca: Private Equity in Peru

By: Victoria Ivashina and Jeffrey Boyar
  • Format:Print
  • | Language:English
  • | Pages:12
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Abstract

This case follows Enfoca, Peru’s largest local private equity firm and its portfolio company Maestro, a leading player in Peru’s hardware retail market. Peru’s GDP growth between 2008 and 2014 was the highest of any Latin American country. Growth of the Peruvian middle class led to a wide array of investment opportunities, particularly in industries such as housing, construction, and home improvement. While the post-recession years were very good for Maestro, due to the market’s small size, Enfoca could not escape some of the longstanding specificities of the Peruvian private capital market, namely, limited exit and new investment opportunities. As Enfoca faced an aging fund, its leadership team began considering alternatives to the traditional private equity fund model. This case presents an example of a local private equity firm operating in a small emerging market with relatively low market capitalization. It also evaluates the costs and benefits of the traditional finite-life fund structure and introduces the concept of a secondary transaction as a means to transition fund shares between existing and new limited partners while maintaining the original fund investments.

Keywords

Private Equity; Emerging Markets; Capital Markets; Transition; Strategy; Peru

Citation

Ivashina, Victoria, and Jeffrey Boyar. "Enfoca: Private Equity in Peru." Harvard Business School Case 219-030, August 2018.
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About The Author

Victoria Ivashina

Finance
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Related Work

    • January 2020
    • Faculty Research

    Enfoca: Private Equity in Peru

    By: Victoria Ivashina and Terrence Shu
Related Work
  • Enfoca: Private Equity in Peru By: Victoria Ivashina and Terrence Shu
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