Baring Latin America Partners Picked to Manage South American Private Equity Growth Fund.Business Editors NEW YORK--(BUSINESS WIRE)--April 17, 2002 Baring Private Equity, a leading international private equity asset manager, today announced that its Latin American division has been selected by the Overseas Private Investment Corporation (OPIC OPIC Overseas Private Investment Corporation OPIC Office de la Propriété Intellectuelle du Canada (French: Canadian Intellectual Property Office) OPIC Organization of Professional Immigration Consultants OPIC Ohio Public Interest Campaign ) to manage the South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. Private Equity Growth Fund, LP (SAPEG), a fund capitalized at $180 million. Baring Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (Baring) took control of the fund effective December 7, 2001. SAPEG was launched in 1996 and is fully invested. The fund, which received OPIC financing, currently holds interests in ten portfolio companies located in Argentina, Brazil, Chile, Colombia and Ecuador. Baring was chosen to take over management of the fund after OPIC conducted a careful selection process that considered a variety of factors, including successful experience in the region, on-the-ground regional presence, strong managerial ability, and value recovery expertise. Commenting on the appointment, Varel Freeman, Managing Partner of Baring Latin America Partners, said: "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to have been selected to run SAPEG following the review process put in place by OPIC. In the end, our proven investment strategy of on-the-ground investment teams supported by Baring's global resources, combined with our proven ability to deal effectively with the challenges of investing in Latin America for the benefit of our investment partners and ourselves, made us a natural choice for this assignment. We have earned a solid reputation as a knowledgeable, committed player in this market and we believe OPIC's selection is confirmation of our strong track record with investors and portfolio companies alike." In addition to SAPEG, Baring manages the Baring Mexico Private Equity Fund, LP and the Baring Latin America Private Equity Fund, LP, which jointly hold investments in Mexico, Brazil and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Baring team members have extensive investment experience throughout Latin America in such sectors as financial services, business services, consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and , technology, telecommunications and logistics. In addition, the team has broad financial and operational expertise in turn around and restructuring situations. Baring has offices in Mexico City, Sao Paulo and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Notes to Editors Founded in 1984, Baring Private Equity is a leading international private equity asset manager that invests in every major market outside of the USA via six regional funds with dedicated local investment teams. With a balanced team of 65 investment professionals operating out of 21 offices in 17 different countries world-wide, Baring Private Equity invests in six regions each with its own dedicated fund: Western and Central Europe, Asia, India, Latin America and Russia. Each fund has a team of dedicated investment professionals whose incentivisation is directly linked to their respective fund performance. Baring Private Equity's global footprint provides competitive pricing on a world-wide basis and also the research capability and reach needed to identify prospective buyers for their investments. At 31 December 2001, Baring Private Equity had in excess of $2 billion in funds under management. The ING Group, of which Baring Private Equity is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , has total assets of $624 billion and assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of $454 billion(a). The ING Group ranked as the seventh largest financial institution in Europe - the sixteenth largest world-wide with a market capitalisation of $50 billion(b). (a)31 December 2001 (b)25 February 2002 |
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