Insight Latin America April 2009


Published on

  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Insight Latin America April 2009

  1. 1. Insight: Latin America A guide to the future of Private Equity for investment professionals Brazil Still moving forward Mexico Catching the U.S. cold? Colombia From failed state to success story Argentina Hidden potential 2009 Private Equity research Short-term realism, long-term optimism
  2. 2. welcome 03 emerging potential Contents 04 Research KPMG’s Jean-Pierre Trouillot explains why Private Equity in P rivate equity investors in latin America have traditionally Latin America may continue to thrive within the region’s needed strong stomachs, deep pockets and plenty of successful economies patience. During the 1990s a combination of punitive tax regimes and unstable governments produced unpredictable 6 Interview and often poor returns. During the recent boom in emerging KPMG’s Rustom Kharegat and Carlyle’s Joaquín Avila discuss markets, Private equity investment in latin America was often Latin American Private Equity overlooked in favor of china, central and eastern europe, Russia, and India. But in the current uncertain economic conditions, latin 8 Mexico America is now becoming an attractive destination for Strong and stable despite investment. latin America’s investment opportunities match the economic crunch the strategy we are likely to see in 2009 and 2010 from many Private equity houses, as the region offers large numbers of mid-sized businesses that are stable, well-managed, and eager 10 Brazil for growth capital investment. Remains a popular destination Yet latin America is not a homogenous region. while for Private Equity investors countries such as Brazil have established structural reforms, Private equity-friendly tax policies and stable economic systems, others – such as Argentina - pursue short-term 12 Colombia economic policies that make investing more difficult. To better An eager government and understand latin American Private equity local knowledge and favourable regulations professional advice are now more important than ever. 13 Argentina A gloomy forecast possibly belies hidden potential “The current levels of economic growth in many latin American 14 KPMG Services countries are higher than in North America or europe, which At every stage of the investment Victor esquivel cycle, KPMG firms’ advisors have means opportunities for Private equity investment” Partner, KPMG in Mexico a role to play Rustom Kharegat, Global Head of Private Equity, KPMG in the UK
  3. 3. 04 ReseaRch | latin ameriCa 05 Crisis contained “KPMG in the U.s.a.’s poll of conference Latin America’s Private Equity market has certainly been affected by the attendees shows that global economic crisis, but investors believe that the effects are containable Latin america’s investors within the region’s successful economies, says Jean-Pierre Trouillot have retained their confidence” W hen Latin America’s degree of pessimism. expect global investment in Latin investments over the next two years. If entries to the market are Private Equity investors Our results show that of the America to stay the same. Colombia, now the third most impacted, then so too are the exits. gathered in Miami in stakeholders, only 30 percent However, there are certainly two popular investment destination in (See diagram 4.) February 2009 for the Economist consider Latin America to be less stories to tell about Latin America as Latin America, offers a dramatic The exuberance seen in Private Intelligence Unit’s (EIU) 11th Annual attractive as a destination for Private an investment destination. Our success story. Luis Guillermo Plata, Equity investment in the region in the Conference on Latin American Private Equity investment during the current research echoes the feeling at the Colombia’s Minister of Trade, Industry 1990s has been replaced by a large Equity, the mood was understandably economic crisis, while 45 percent Conference that there is a growing and Tourism, admitted at the degree of pragmatism, and with the less optimistic than in previous years. consider it more attractive. (See disparity between countries that are Conference that, only a few years public markets closed and strategic But while some developing diagram 1.) These positive figures regarded as positive destinations and ago, Colombia had, “been on the investors in short supply, 21 percent economies are noticing a general may well be due to the length of those that are not. (See diagram 2.) verge of becoming a failed state”. of respondents will not be able to Jean-Pierre trouillot retreat by Private Equity investors, experience that many of the region’s Popular investment destinations In the short term, the Latin execute their planned exit strategy in Partner, Private Equity KPMG in the U.S.A.’s poll of investors now have. Those who have Mexico and Brazil remain the top two American deal market for Private 2009. An equal number of KPMG in the U.S.A. Conference attendees shows that been active in the market since the targets, with the majority of Equity in 2009 will not be strong, respondents have concerns about Latin America’s investors have 1990s have previously endured boom respondents planning to focus their according to stakeholders. (See debt compliance or bankruptcy, retained their confidence. and bust. Now, standards of investments here within the next two diagram 3.) One in three sees a although 30 percent of investors are We surveyed 110 Private Equity transparency and due diligence are years. Colombia has risen in recovery in the deal market in 2009, refocusing in the short term on stakeholders on 11 February 2009, much higher than before, and so is popularity due to its pro-investment but 65 percent are not expecting a organic growth and/or cost reduction and while they were despondent confidence in the underlying strength government and the many pickup until at least 2010. opportunities. Another 14 percent will about the global economy (only 8 of the economies that are being investment opportunities that exist Another result showed that for 86 consider add-on acquisition percent expected an economic revival invested in. Encouragingly, 58 within the country, while the percent of respondents, fundraising opportunities that were unavailable before 2010 and 42 percent didn’t percent of our respondents expect economic policies and performance was down; not unexpected, but a before the crisis. expect it before 2011) their higher international investment in of Argentina are presently sign that even though Latin America Our research in 2009 shows that confidence in Latin America as an Latin America between 2010 and discouraging investors, with a drop is sheltered from the worst impact of while stakeholders are cautious, they investment destination had not 2012, although 29 percent expect from 11 percent in actual investments the global economic crisis, many of also see the opportunities in the been affected by the same investment to decline and 12 percent in 2008 to 7 percent in planned its potential investors are not. region’s best-performing countries. 1 Has latin america become more attractive to Private equity investors during the economic crisis? 2 On which latin american countries do you plan to focus your investments within the next two years? 3 When do you expect to see a recovery in the deal market for Private equity in latin america? 4 exits implemented in 2008 Mexico 45% 16% None 40% 11% 2011 or later Unsure 30% Foreign strategic investor 34% Brazil 44% 21% Less Second half Local sale Colombia 30% 26% of 2010 28% % % Peru 24% Second half Local IPO 9% 45% 7% of 2009 Chile 17% Sale to another Private Equity fund 8% More First half 14% 7% of 2009 28% US IPO 0% Argentina No difference First half Other 11% %0 20 40 60 80 100 of 2010 n=73 % 0 20 40 60 80 100 Sources: KPMG in U.S.A. survey 2009
  4. 4. 06 In dIscussIon 07 A new era Latin America’s disappointing returns in the 1990s are no guide to Private Equity investment in the region in 2009, say Joaquín Avila of Carlyle Partners and KPMG’s Rustom Kharegat Why do you think Latin America growth of more responsible, less means opportunities for Private workforce, while Colombia and Peru is so appealing to Private Equity “Many Latin American politically-motivated financial Equity investment as wealth rises “There are many are rich in resources. But Mexico has investors at the moment? management within some Latin among the population and domestic suffered during the downturn; for a JA For three reasons, I think. Firstly, countries are relatively American economies. demand increases. sectors in Latin long time it has been dependent on prices are decreasing significantly at resource-rich and well America that are either outsourced American manufacturing, the moment due to the economic positioned as Which sectors do you see thriving What are the potential risks for and that market has been very much turmoil we are experiencing. in the current economic climate? investors in the region? experiencing natural affected by the recession. Argentina’s Secondly, the banking sector is in exporters” JA There is definitely potential for RK Latin America has done a lot of growth, or are very macro economy also remains weak, very good shape, and there is a real consolidation within healthcare in business with economies that want while many of its businesses remain fragmented” possibility of bank funding in the very Mexico, with only 100 hospitals with its commodities, such as oil or steel, hungry for investment. near future, even though it’s not more than 50 beds in the country. but recently both demand and pricing possible at the moment. Finally, there Many other Latin American industries have diminished, which will certainly can foreign Private Equity houses are many sectors in Latin America with strong growth potential due to affect businesses such as these. still do business in Latin America, that are either experiencing natural domestic demand are just as JA Going into minority situations in and if so where should they growth, or are very fragmented. fragmented. Sales are another some countries with a lot of state be looking? RK Latin America’s profile has risen growing sector as there is much interference might also be tough. It’s JA Doing Private Equity deals from dramatically during the downturn – more potential to attract sales not impossible, but it depends on behind a desk in another part of the not least because a number of representatives during the downturn. who your real counterparty is. world and relying on law firms to do established players in global Private Servicing the base of the pyramid is Another mistake would be in relying due diligence is a recipe for disaster. Equity have had considerable another segment that offers too much on the public markets as an When looking to do business in Latin success there. Latin American Private interesting potential. In Mexico we exit. At this time, you need to focus America localizing your concepts is Equity deals are now within range of have a catalogue company selling on creating value. Change the vital. It’s very different to investing in some North American funds that are door-to-door, which has grown by strategy of your investments, support the U.S., for instance. When there’s a being redirected. more than 10 percent per year in real the management and find new huge deal in the U.S., every house terms. A driver of this business is the markets for it, but don’t look for an will look at it, and that’s rarely the If recent history is any guide, many Rustom Kharegat – Global Head of capacity to attract customers that will IPO in Latin America. Joaquín Avila – Managing Director, case in Latin America. The average investors will perhaps be wary of Private Equity, KPMG in the UK buy and re-sell our products. The Carlyle, Mexico City transaction is US$40 or US$50 investing in Latin American deals. impact of the downturn depends on What regional differences do you million, and that’s not exciting for Is this justified? which sector you choose to invest in. see within Latin America during the big firms of the world. JA For many people this may have Rustom Kharegat leads KPMG’s RK Many Latin American countries the current economic climate? Joaquín Avila is a Managing Director RK Look at the volume of Private been true in the 1990s. More Global Private Equity and Sovereign are relatively resource-rich and well JA Countries like Peru and Colombia for Carlyle, focused on buyout Equity investment in Latin America. recently, however, some investors Wealth Fund Practices. Rustom is positioned as exporters, while other are popular at the moment because investment opportunities. He is Though investment has certainly have received excellent returns on global lead partner for KPMG firms’ parts of the world are looking to their economies are working based in Mexico City. Prior to joining risen, the region remains largely their money. clients such as CVC, Permira and achieve things like food security. relatively well, and their economic Carlyle, Mr. Avila was a Managing under-invested when you compare it RK That’s right. Any discouraging Cinven and has led some of the Many countries also need to upgrade situation is very stable. Director and Head of Latin America to other emerging economies. I past performance was due to the largest and most complex worldwide infrastructure. The current levels of RK You can’t ignore the fact that for Lehman Brothers, and has more therefore believe there is economic policies of the time. One of transactions for several financial economic growth in many Latin Brazil and Mexico dominate than 20 years investment experience considerable scope for deeper and the most encouraging progressions buyers in a number of industries. American countries are higher than in investment in the region. Also, Chile, in the region. wider Private Equity investment in of the last five years has been the North America or Europe, which for example, has a widely admired Latin America.
  5. 5. 08 focus on | mExicO 09 Strength and stability Mexico’s sound macroeconomics and favorable demographics offer a firm platform for investment “Investors in the country Overview can expect to find a market analysis Regulatory issues Victor Esquivel – Partner, KPMG in Mexico friendly foreign KPMG in Mexico estimates that foreseeable future, and so deals investment regime with the country captures between 10 will tend to be smaller growth n The 2005 Securities Market Law improved standards of and 15 percent of Latin America’s capital investments. Thirdly, even introduced protection for minority Private Equity investment; less in a benign environment, there is shareholders, including limits on corporate governance” A than US$1 of every US$20 of little chance of an IPO exit for restricted stock. s the only Latin American country that is part of the Mexico’s foreign direct investment growth companies in Mexico. North American Free Trade Agreement and the (FDI) is a Private Equity Exits are almost exclusively made n A legal framework – the Organisation for Economic Co-operation and investment. This, however, rather through strategic sales. Sociedades Anominas Promotoras Development (OECD), Mexico is the Latin American country undervalues Mexico’s potential. On the other hand, Mexico has de Inversion (SAPI) – provides an Tax implications Three structural problems huge potential. Unemployment is investment vehicle with regulation most affected by the economic crisis in the U.S.A. GDP presently constrict Mexico’s the lowest in any country within on traditional Private Equity growth rates have been above 4 percent since 2005, but the n Dividend payments are not subject Private Equity market: Firstly, the OECD, with an emerging mechanisms (drag-along, tag-along International Monetary Fund (IMF) estimate these rates are to any withholding tax. Capital Private Equity investment tends to middle class demanding products rights, etc), creating a balance gains tax is payable according to come from offshore funds. such as investment-ready financial between oversight and cost for likely to dip to around 0.3 percent in 2009 and 2.1 in 2010. specific rules for foreign residents Mexico’s US$80 billion pension services. Gross domestic product smaller, fast-growing companies. And yet Mexico still offers strong and stable macroeconomic and tax treaty benefits may apply. funds cannot be invested in (GDP) has arguably been fundamentals, a growing middle-class and a scarcity of Private Equity as an asset class restricted by a lack of investment n Investment regime restrictions on financing for small and middle-sized companies (SMCs), which n The flat corporate tax regime, in yet. And a collapse in foreign in medium-sized businesses, and institutional investors limit effect since 2008, sets tax rates fundraising may have a greater there is no shortage of investment participation by local pension funds provide significant opportunities for Private Equity investment. at 17 percent in 2009 and 17.5 impact on Mexico than on other targets in the US$20 million - and insurers in this asset class. The previous two administrations have been Private Equity percent in 2010. Companies are areas. Secondly, the majority of US$50 million range. If U.S. funds supporters, and the regulatory reforms they introduced are required to pay the higher of the Mexico’s banks are foreign- need to spread their investments, Trends in planned investment in beginning to be felt. corporate income tax (currently owned. Access to debt will be they will find opportunities on mexico over five years at 28 percent) or the flat severely restricted in the their southern border. Investors in the country can expect to find a friendly foreign corporate tax. 2009 45% investment regime with improved standards of corporate 2008 53% governance and increased protection for minority shareholder Planned investment in mexico 2009-10 Points of view... 2007 45% rights. Mexico’s stronger entrepreneurial activity generally and actual investment in mexico 2006 34% resides in the northern part of the country, with an in 2008 “ mexico’s move to a flat tax rate “ There is definitely potential 2005 36% improvement in support programs for new business start-ups aims to simplify the system, and for consolidation within % 0 20 40 60 80 100 2009 to 2010 45% sponsored by the government. Much of the growth and to broaden the tax base” healthcare in mexico” 2008 46% Jose Leiman, Director, International Joaquín Avila, Managing Director, Carlyle, Source: KPMG in the U.S.A. survey 2009 investment prospects for SMCs have been funded with %0 20 40 60 80 100 Corporate Tax Services, KPMG in the U.S.A. Mexico City internal resources or through private investors. Source: KPMG in the U.S.A. survey 2009
  6. 6. 10 focus on | Brazil 11 Golden opportunity Points of view... “Brazil’s financial system is well Brazil’s investment-friendly government helps to make it one of the most regulated and major banks have low risk exposure. Private Equity attractive regions for Private Equity in Latin America deal flow remains strong” José Carlos Simões, Partner KPMG in Brazil Brazil’s diversified export market in 2008 the following individual Overview The measure of imports and exports is still less than 25 percent of GDP. Private Equity investments were made in a range of sectors (total 12): Brazil’s markets are mostly internal, regulatory issues Tax implications José Carlos Simões – Partner KPMG in Brazil, and unlike Mexico it does not rely Transaction and Forensic Service, National Head of financial and insurance services 6 overwhelmingly on trade with n In 2000, the New Market was n Foreign investors pay no capital Private Equity – Real estate 3 the u.s.A. established at the BM&F Bovespa, gains tax and foreign investors the São Paulo-based stock chemical & petrochemical negotiating at the BM&F B Hotels & restaurants Export partners, % of total exchange. Growing businesses Bovespa pay no income tax, razil’s minor economic miracle has produced years of Retail & shopping centres may exit out of the Bovespa as a subject to conditions. growth, an emerging middle class, a healthy Private Latin America and closed company. Transport & railway caribbean: 26% services Equity community, an entrepreneurial business n Depending on the country of other: 18% oil & gas 2 environment, a democratic regime, economic stability and a n Although Brazil’s judicial system residence, foreign investors may food & drink Middle East: 4% is inefficient at resolving be able to avoid double taxation. clear legal framework that encourages investment. Africa: 5% % commercial disputes, the 1996 IT Mining Undoubtedly the country has been hit hard by the global china: 9% law of arbitration has been Transport n Open pension funds can invest economic crisis: production has fallen 14.5 percent year-on- u.s.A.: 14% successful at keeping disputes sugar and ethanol up to 50 percent of reserves in out of court. stocks, and insurance companies year, according to the Brazilian Institute of Geography and European union: 24% Telecommunications & media 1 Wood & paper up to 49 percent. Pension funds Statistics. Yet Brazil seems to be insulated from the very worst Source: Secretaria de Comércio Exterior (SECEX) do n Listed companies must use GAAP, can invest 20 percent of reserves Vehicle assembly of the crisis. It is by far Latin America’s largest economy, with Ministério do Desenvolvimento, and regulations requiring both Hospital & clinical analysis labs in local Private Equity funds. Indústria e Comércio Exterior (MDIC) strong fiscal controls, low inflation, and steady GDP growth. public and private companies must use Brazilian GAAP. Source: KPMG in Brazil PE Practice Research Brazil’s banking sector does not depend on the U.S.A. and its economy does not rely on a single major trading partner. The impact of the downturn on Brazil has not been the same as Market analysis that noted in other countries, and according to the IMF, the Until 2008, Brazilian fundraising via the BM&F Bovespa, where they Most of Brazil’s investments have companies into the arms of waiting World Bank and the OECD, the country will continue to and investing boomed. ABVCAP, outperformed other issues by a been done with little or no leverage. local Private Equity firms. weather the downturn. the Brazilian Private Equity factor of 2.5. Despite the strength of Brazil’s Between 2001 and 2005 the The government is business-friendly, installing tax and association, calculates that US$26 Now the IPO exit route is closed, banking sector, the use of local or average deal size was around US$20 billion had been raised in funds up exits will be more difficult to find in external finance and debt is not often million, growing between 2006 and governance policies that aim to entice Private Equity to June 2008, with US$11 billion the short term, although there are part of the strategy. The absence of 2007 to around US$80 million. In investment, such as conditional relief for foreign investors still to be invested. One of the many regional Brazilian firms looking such financing does not affect the 2008, one deal was done at around from capital gains, income tax and double taxation. reasons for this is that Brazil, alone to consolidate. Last year, based on strategies of many Private Equity US$300 million, but growth capital among Latin American countries, public information, KPMG in Brazil investors. By starving growing investments will probably return to has offered a flow of IPO exits. observed 663 M&A transactions in businesses of working or pre-2008 figures. Most successful ABVCAP’s figures show 60 the country, only 39 (5.9 percent) development capital, the credit Private Equity investors have a percent of investment exits were involving Private Equity. crunch may propel some Brazilian strong local presence.
  7. 7. 12 focus on | Colombia focus on | aRgentina 13 ambition and innovation Weathering the storm Colombia’s enterprising government seeks investors Former Private Equity hotspot Argentina still holds opportunities despite cautious investment forecasts overview overview Camilo gonzalez – Director, Advisory Services Regulatory issues Regulatory issues mariano Sanchez – Partner, Transaction Services KPMG in Colombia KPMG in Argentina n Pension funds can invest 10 percent n Argentina generally has very of their assets in Private Equity. good standards of accounting and transparency. D D n Investors in certain industries can espite the timing of the global credit crunch, Colombia’s espite its history of Private Equity investment, Argentina is establish themselves as single- n In October 2008 the President ambitious and innovative government has nevertheless put company free trade zones. probably not a priority destination for investors in the near- signed a bill to nationalize the in place the structural reforms that investors need. This term; KPMG’s survey of stakeholders showed that 11 country’s 10 private-pension funds, has been rewarded with renewed interest from Private Equity n The legal stability pact allows percent focussed their investments in Argentina in 2008, but only making investment in this sector investors to sign a contract with more problematic. investors; our 2009 survey shows Colombia as third only to Brazil the government, which guarantees 7 percent still considered it a focus in 2009 and 2010. and Mexico as a potential destination for investment. the financial regulations in Argentina has plenty of opportunity: a well-developed economy n While laws provide shareholder For a country where it was once hazardous for a successful operation today will persist for the and many well-managed target businesses. However, it also has a protection, some local managers next 20 years. If conditions can be hostile to what they see as businessman to walk down the street, this renewed confidence populist president who oversaw the shock nationalization of improve, businesses may choose outside interference. has been a dramatic change, and for the entrepreneurs and to operate under the new regime. Argentina’s pension funds at the end of 2008, which prevented citizens of Colombia, starved of investment since the 1980s, it is the country defaulting on its international debt. Household consumption long overdue. Colombia is a country with investment opportunities Foreign direct investment According to the Argentina Commercial Banking Report Q1 2009 (millions pesos) everywhere you look: from medicine to infrastructure, from (ACBR), the country’s economic growth will fall to 0.6 percent in 2008 2008 tourism to financial services. Provided the political environment 2009 from 6.8 percent in 2008, making Argentina a risky 475,876 2007 2007 386,305 remains stable, it may be one of the major beneficiaries of this destination, not least because those exits previously available 2006 FDI was 2006 326,276 generation of Private Equity investments. 2005 US$8.9 billion up to through strategic buyers or IPOs are no longer possible. 2005 281,189 Q3 and 2004 reached 2004 237,567 market analysis 2003 US$10 billion for market analysis 2003 193,482 2002 2008 in Q4 2002 185,164 With the LAVCA showing that in 2008 12 more are raising capital. Potential 2001 The dominant story in Argentina is the owned and starved of investment. 2001 197,044 Colombia’s Private Equity investment markets include medical tourism (with weakness of its macro economy; There are also many educated, 2000 0 100k 200k 300k 400k 500k was just 0.04 percent of GDP, existing hospitals offering lower-cost surgery many public equity investors pulled entrepreneurial businesspeople who 0 2 4 6 8 10 12 investment is hard to spot. Yet with targeting 45 million uninsured out of Argentina after the recession of are keen to expand. The success of US$Billion Argentina’s household consumption has growth of 7.7 percent in 2007 and 4.0 Americans). Colombia is also Latin 2001 and the country’s recent five- Dolphin Management Fund in buying increased dramatically since the recession percent in 2008, Colombia’s economy America’s second-largest producer fDI has been growing every year since 2003, year-long economic boom is well and many strategic energy companies of 2001-2002 is resisting the downturn and is of biofuels after Brazil, and is fast reaching almost us$10 billion for 2008 truly over according to the ACBR. since 2003 shows that infrastructure becoming a target for Private Equity. emerging as a destination for Yet opportunities persist. Many mid- investments remain, even though Seven local funds are operating, and business process outsourcing. Source: National Statistics Department sized businesses are still family- they are not currently profitable. Source: IMF
  8. 8. 14 kPmg sErvicEs 15 Our global methodology kPmg has member firms in countries of work with an innovative approach. across Latin America, including Brazil, regardless of where we are based we 1 Fundraising How do your funds benchmark against others, and is your exposure to tax mitigated? Argentina, mexico, colombia, Peru and act as one team, adapting to the needs KPMG firms’ experience and chile. Underlying our approach is our of clients and working together to provide knowledge of tax, regulatory and methodology – no matter where our them with the answers they need to compliance issues helps your clients are active, kPmg firms are make the best decisions on their deals fund managers perform to their maximum efficiency. committed to providing a high standard and investments. 2 Deal origination How will the business grow? What is the investment case? Does it fit your “Our Private Equity teams are investment criteria? One of the keys to successful investing is identifying 6 1 structured to be responsive and working up appropriate and mobile” opportunities in your market. Our Realization Fundraising Rustom Kharegat, Global Head of Private Equity, in-country teams can help make KPMG in the UK the case for investment. 3 Evaluation and investment Our firms’ local knowledge helps uncover the potential value in the deal by assessing the dynamics and drivers in the market, predicting the key challenges, and compiling robust due diligence and tax reports. 5 Private Equity 2 4 Plan delivery What are the options for performance improvement? How do you finance your target Exit Deal grooming Lifecycle origination investments? Strategic advice can dramatically improve the speed and effectiveness of such initiatives. “kPmg member firms aim to 5 Exit grooming Before exit the financials need to be in order, which is an important differentiator of value provide Private Equity clients and a key to attracting exit partners. with an integrated, tailored Exit options need to be evaluated, service of the highest standard and done deals need to be benchmarked in order to be certain 4 3 executed through a single point you have achieved full value. Evaluation and of contact who can direct our Plan delivery Investment teams to support you from anywhere in the world” 6 Realization Have your tax liabilities been minimized, and has the auction been run effectively? Timothy P. Flynn, Chairman, KPMG International
  9. 9. Heads of Private Equity: Latin America Private Equity is not just a local business. KPMG member firms have teams of experienced advisors across the globe. Heads of Private Equity by Country Mexico Colombia Victor Esquivel Camilo Gonzalez Partner, KPMG in Mexico Director, Advisory Services, KPMG Tel: +52 55 5246 8300 in Colombia Email: Tel: +57 1 618 8000 Email: Brazil José Carlos Simões Argentina Partner KPMG in Brazil, Transaction Mariano Sanchez and Forensic Service, National Head Partner, Transaction Services, KPMG of Private Equity in Argentina Tel: +55 11 3245 8383 Tel: +54 11 4316 5980 Email: Email: Global Heads of Private Equity by Region Global Americas Rustom Kharegat Shawn Hessing Global Head of Private Equity, Head of Private Equity, Americas Region KPMG in the UK KPMG in the U.S.A. Tel: +44 20 7311 8847 Tel: +1 817 339 1216 Email: Email: EMA Asia Pacific John Evans Honson To Head of Private Equity EMA Region, Partner, Head of Private Equity KPMG in Germany Asia Pacific Region, Tel: +49 211 475 7569 KPMG in China Email: Tel: +86 21 2212 2708 Email: The information contained herein is of a general nature and © 2009 KPMG International. KPMG International is a Swiss cooperative. Member firms of the is not intended to address the circumstances of any particular KPMG network of independent firms are affiliated with KPMG International. KPMG International individual or entity. Although we endeavor to provide accurate provides no client services. No member firm has any authority to obligate or bind KPMG and timely information, there can be no guarantee that such International or any other member firm vis-à-vis third parties, nor does KPMG International have information is accurate as of the date it is received or that it any such authority to obligate or bind any member firm. All rights reserved. will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Corporate fiance services, including Financing, Debt Advisory Designed by Engage Publishing and Valuation Services, are not performed by all KPMG Name: Insight: Latin America member firms and are not offered by member firms in certain Publication number: 903012 jurisdictions due to legal or regulatory constraints. Publication date: April 2009