We are a leading Peruvian private equity firm

Enfoca Overview

Who we are

What we do

Our values

Who we are

  • We are one of the largest private equity firms in Peru, with over US$ 700 million in assets under management. We have been investing since 2007 and currently have stakes in 7 portfolio companies, having sold Maestro in September 2014.
  • Our current funds focus on high-growth sectors that are primarily exposed to Peru's emerging middle class. We believe that the development of the Peruvian middle class presents significant investment opportunities in sectors related to the current deficits in housing, healthcare, education, and internal consumption, among others.
  • We take controlling positions in leading, high growth companies that operate in under-served markets with high barriers to entry. We invest in businesses with unique and hard-to-replicate core competencies, proven products and business know-how. We look for companies that can benefit from management and corporate governance improvements, as well as new sources of capital for inorganic expansion. We aim to create businesses that set new standards in their respective industries.
  • We have invested in leading companies home improvement Maestro (sold in September 2014), in ceramics and sanitary ware (Celima, Trébol and Cassinelli), health care (Auna), higher education (Certus), media (Latina), air cargo and airport logistics (Talma and Aeropuertos del Peru), fishing (Pesquera Diamante) and real estate (La Gloria Propiedades) sectors.
  • We provide our investors with a unique opportunity to invest in a difficult to replicate mix of businesses focused on consumer related sectors in Peru. These sectors have grown faster than Peruvian GDP and are set to continue growing rapidly. This mix of businesses cannot be accessed via the public equity markets.
  • Our team.

What we do

  • We create value by primarily sourcing proprietary deals, implementing best-in-class corporate governance and management practices at our business in order to drive operational growth, and through sound financial engineering.
  • We build our proprietary pipeline by identifying companies with potential early on and approaching them in order to build a relationship of trust that allows us to deploy our capabilities. We are transparent and our Partner know that we want to have a significant impact on the companies’ growth prospects as shareholders. We are recognized for our ability to source capital and human resources, and for our ability to debottleneck internal processes that limit growth. Therefore, we are sought after as much for our capital as we are for our ability to add value to companies.
  • We support our management teams by deploying a group of professionals that becomes fully involved in the strategic and operational endeavors of recently acquired companies, and who later work closely with the CEOs and senior management to launch operational improvements, implement company wide initiatives, solve key strategic issues, conduct add-on acquisitions, and foster inorganic growth.
  • We implement the highest levels of corporate governance. We bring in independent board members, in order to have well balanced boards, who provide relevant experience for the industries in which our companies operate. Through the board, we focus on strategy, capital allocation decisions, budgeting, performance control, CEO performance appraisals, senior management incentives and risk management. We put in place performance-focused compensation programs (phantom stock options) for key executives that closely align their interests to those of our investors. Besides their involvement at the board level, our directors participate on executive, human resources, and audit committees.
  • In addition to our active involvement at the board level, we seek to have very strong and empowered management teams featuring the best talent available. We aim to attract the best talent in terms of strategic thinking, operational expertise and industry knowledge. Our management teams are composed of seasoned Peruvian and international professionals who are among the top professionals in their respective fields.

Our values

  • We are a team: Our employees are our most important and best investment.
  • We focus on our clients: We seek to discover and understand our clients’ needs in order to offer them the best service and the highest value.
  • We seek excellence: In everything we do and in how we do it.
  • We make it possible: We have a high commitment to obtaining results.
  • We work with integrity: Always.
  • We recognize and applaud merit: This is how we operate, how we grow our institution and how we seek excellence via the best team.
  • We have fun at work: We make Enfoca a special place to work at.
  • We instill our culture: We transmit our values and work habits to all of our portfolio companies.
  • We maintain absolute confidentiality: In everything we do, letting our actions speak for themselves.
  • We leave a positive impact on society: We seek to leave a mark and that our actions improve conditions overall.

Our Funds

We manage over US$ 700 million in funds from a diverse set of domestic and international investors, including Peruvian pension funds, development banks, international institutional asset managers, and regional and domestic family offices.

  • Enfoca Descubridor 1

    Amount raised: S/. 693 million

    Closing date: March 2011

    Number of portfolio companies: 7

  • Enfoca Discovery 1

    Amount raised: US$ 158 million

    Closing date: December 2011

    Number of portfolio companies: 5

  • Enfoca Andean Investment

    Amount raised: US$110 million

    Closing date: Not applicable

    Number of portfolio companies: 4

  • Enfoca Descubridor 2

    Amount raised: S/. 152 million

    Closing date: June 2013

    Number of portfolio companies: 2

Our Team

Board of Directors

Jesús zamora

Partner

Mr. Zamora has an MBA from Columbia University, and a degree in Industrial Engineering from the Universidad Nacional Autónoma de México, from which he graduated magna cum laude. Mr. Zamora is the Co-Founder and Chief Executive Officer of Enfoca. Previously, Mr. Zamora held various senior executive positions in banking and asset management including Banco de Crédito del Perú, BEA Associates and Salomon Brothers Inc.

Investment Committee

Jesús zamora

Partner

Mr. Zamora has an MBA from Columbia University, and a degree in Industrial Engineering from the Universidad Nacional Autónoma de México, from which he graduated magna cum laude. Mr. Zamora is the Co-Founder and Chief Executive Officer of Enfoca. Previously, Mr. Zamora held various senior executive positions in banking and asset management including Banco de Crédito del Perú, BEA Associates and Salomon Brothers Inc.

Company officers

Jesús zamora

Partner

jzamora@enfoca.com.pe

Mr. Zamora has an MBA from Columbia University, and a degree in Industrial Engineering from the Universidad Nacional Autónoma de México, from which he graduated magna cum laude. Mr. Zamora is the Co-Founder and Chief Executive Officer of Enfoca. Previously, Mr. Zamora held various senior executive positions in banking and asset management including Banco de Crédito del Perú, BEA Associates and Salomon Brothers Inc.

Board of Directors

Jorge Basadre

Partner

jbasadre@enfoca.com.pe

Mr. Basadre has an MBA from Harvard Business School, and a degree in Business Administration from Universidad del Pacífico, from which he graduated as a Robert Maes Scholar. Mr. Basadre is the Co-Founder and Chief Investment Officer of Enfoca. Previously, Mr. Basadre worked in management consulting at Booz & Co. and in banking at Banco de Crédito del Perú.

Investment Committee

Jorge Basadre

Partner

jbasadre@enfoca.com.pe

Mr. Basadre has an MBA from Harvard Business School, and a degree in Business Administration from Universidad del Pacífico, from which he graduated as a Robert Maes Scholar. Mr. Basadre is the Co-Founder and Chief Investment Officer of Enfoca. Previously, Mr. Basadre worked in management consulting at Booz & Co. and in banking at Banco de Crédito del Perú.

Company officers

Jorge Basadre

Partner

jbasadre@enfoca.com.pe

Mr. Basadre has an MBA from Harvard Business School, and a degree in Business Administration from Universidad del Pacífico, from which he graduated as a Robert Maes Scholar. Mr. Basadre is the Co-Founder and Chief Investment Officer of Enfoca. Previously, Mr. Basadre worked in management consulting at Booz & Co. and in banking at Banco de Crédito del Perú.

Board of Directors

Ángel Becerra

Independent Member

Mr. Becerra has an MBA from the Marshall School of Business at the University of Southern California and a Master’s of Science in Operations Research from the University of Southern California. He also has a degree in Industrial Engineering from the Universidad Nacional de Ingeniería. In addition to being a member of the board of directors of several of Enfoca’s portfolio companies, Mr. Becerra is a member of the boards of Corporación Aceros Arequipa S.A., Grupo Sarfaty, Yobel, IasaCorp, GS1 Peru, Grupo León Jiménes (Dominican Republic) and Banco de Costa Rica. Mr. Becerra is also a visiting professor at Boston University.

Investment Committee

Ángel Becerra

Independent Member

Mr. Becerra has an MBA from the Marshall School of Business at the University of Southern California and a Master’s of Science in Operations Research from the University of Southern California. He also has a degree in Industrial Engineering from the Universidad Nacional de Ingeniería. In addition to being a member of the board of directors of several of Enfoca’s portfolio companies, Mr. Becerra is a member of the boards of Corporación Aceros Arequipa S.A., Grupo Sarfaty, Yobel, IasaCorp, GS1 Peru, Grupo León Jiménes (Dominican Republic) and Banco de Costa Rica. Mr. Becerra is also a visiting professor at Boston University.

Board of Directors

Luis José Giove

Independent Member

Mr. Giove has an MBA from Stanford School of Business, and a degree in Economics from Universidad del Pacífico. Mr. Giove is a senior executive with broad experience in commercial banking. He was a former executive at First Interstate Bank and at Standard Chartered Bank, where he was Country Manager in Chile, Bolivia, Ecuador, Argentina and Peru.

Investment Committee

Luis José Giove

Independent Member

Mr. Giove has an MBA from Stanford School of Business, and a degree in Economics from Universidad del Pacífico. Mr. Giove is a senior executive with broad experience in commercial banking. He was a former executive at First Interstate Bank and at Standard Chartered Bank, where he was Country Manager in Chile, Bolivia, Ecuador, Argentina and Peru.

Board of Directors

Thessa Navarro Grau

Business Development, IT

Board of Directors

Manuel Tudela

Business Development, IT

Board of Directors

Arturo Núñez

Senior Operating Officer

Mr. Núñez has an MBA from ESAN, and a law degree from Universidad Católica del Perú. Mr. Núñez is Enfoca’s Chief Operating Officer. Previously, Mr. Núñez served as CEO of Banco Capital, a Credicorp subsidiary in El Salvador, and as CEO of Banco Cuscatlán, a leading financial services company in Central America acquired by Citicorp in 2006. Mr. Núñez has also served as Vice President of the Banking Association of El Salvador and more recently as CEO and a member of the board of directors of Banco Ripley Perú.

Board of Directors

Andrew Soussloff

Mr. Soussloff holds a J.D. from the University of Pennsylvania Law School and B.A. and M.A. in History from the University of Pennsylvania. He is a retired partner of Sullivan & Cromwell LLP, where he practiced corporate and financial law for more than 30 years and served as co-managing partner of the firm’s global corporate practice. For more than two decades, Mr. Soussloff was at the forefront of the economic transformation of Latin America, leading and participating in groundbreaking privatizations, capital markets transactions, acquisitions and other strategic transactions throughout the region. Mr. Soussloff is member of the board of trustees of the Museum of American Finance, a Smithsonian Institution affiliate located in New York City, and member of the board of trustees and Vice-Chairman of The Hill School, Pottstown, Pennsylvania.

Board of Directors

John Wilton

Mr. Wilton holds a Master’s degree in Economics and Undergraduate degree in Economics and Statistics from Sussex University. He currently serves as Vice Chancellor of Administration and Finance of the University of California at Berkeley where he is responsible for managing the university’s annual operating budget of $2.4 billion as well the HR, IT and capital projects functions. Previously, he served as managing director and director of international research for Farallon Capital Management LLC and as an advisor on global macroeconomic developments for Hellman and Friedman LLC. Mr. Wilton left his Ph.D. program at Cambridge University in 1982 to join the World Bank’s Young Professionals Program, and remained with the international financial institution until 2006, serving in positions including Chief Financial Officer, Vice President for Strategy, Finance and Risk Management, and Senior Economist.

COMPANY OFFICERS

Maria Teresa Bergna

Investor Relations Officer

Mrs. Bergna has an MBA from Wharton Business School, a Master in Finance from Universidad del Pacifico and an Industrial Engineering degree from the Universidad de Lima. Mrs. Bergna has re-joined Enfoca after working as senior manager at A.T. Kearney Madrid and has previously worked at IBM Peru.

Investment Committee

Arturo Núñez

Senior Operating Officer

Mr. Núñez has an MBA from ESAN, and a law degree from Universidad Católica del Perú. Mr. Núñez is Enfoca’s Chief Operating Officer. Previously, Mr. Núñez served as CEO of Banco Capital, a Credicorp subsidiary in El Salvador, and as CEO of Banco Cuscatlán, a leading financial services company in Central America acquired by Citicorp in 2006. Mr. Núñez has also served as Vice President of the Banking Association of El Salvador and more recently as CEO and a member of the board of directors of Banco Ripley Perú.

Company officers

Arturo Núñez

Senior Operating Officer

anunez@enfoca.com.pe

Mr. Núñez has an MBA from ESAN, and a law degree from Universidad Católica del Perú. Mr. Núñez is Enfoca’s Chief Operating Officer. Previously, Mr. Núñez served as CEO of Banco Capital, a Credicorp subsidiary in El Salvador, and as CEO of Banco Cuscatlán, a leading financial services company in Central America acquired by Citicorp in 2006. Mr. Núñez has also served as Vice President of the Banking Association of El Salvador and more recently as CEO and a member of the board of directors of Banco Ripley Perú.

Company officers

Alberto Pascó-Font

apascofont@enfoca.com.pe

Mr. Pascó-Font has a Ph.D. in Economics from the University of Pennsylvania and a degree in Economics from the Universidad del Pacífico, from which he graduated as a Robert Maes Scholar. He has previous work experience in the public sector with an emphasis on the promotion of private investment through privatizations and concessions. He was a former Chief of Staff of the Ministerio de Vivienda, Construcción y Saneamiento, Chief of Staff of the Peruvian Ministry of Economy and Finance, and President of the Infrastructure and Public Service Committee of COPRI.

Investment Committee

Alberto Pascó-Font

apascofont@enfoca.com.pe

Mr. Pascó-Font has a Ph.D. in Economics from the University of Pennsylvania and a degree in Economics from the Universidad del Pacífico, from which he graduated as a Robert Maes Scholar. He has previous work experience in the public sector with an emphasis on the promotion of private investment through privatizations and concessions. He was a former Chief of Staff of the Ministerio de Vivienda, Construcción y Saneamiento, Chief of Staff of the Peruvian Ministry of Economy and Finance, and President of the Infrastructure and Public Service Committee of COPRI.

Investment Committee

Miguel Aramburú

Independent Member

Mr. Aramburú has an MBA from the Stanford Graduate School of Business, and a degree in Industrial Engineering from Universidad Católica del Perú. In addition to being a member of the board of directors of several of Enfoca’s portfolio companies, Mr. Aramburú is a board member of Andino Investment Holding S.A., Neptunia S.A., Stracon GyM S.A. and Minsur S.A. Previously, Mr. Aramburú was CEO of Hochschild Mining plc.

Investment Committee

Enrique Gubbins

Independent Member

Mr. Gubbins has a degree in Industrial Engineering from Texas A&M University. In addition to being a member of the board of directors of several of Enfoca’s portfolio companies, Mr. Gubbins is CEO of Sudamericana de Fibras S.A. and Metalúrgica Peruana S.A. and a member of the board of directors of Autoridad Portuaria Nacional and Tiendas EFE S.A. He is also a member of the Asia-Pacific Economic Cooperation Business Advisory Council, Confederación Nacional de Instituciones Empresariales Privadas, and Sociedad de Comercio Exterior del Perú. Previously, Mr. Gubbins has been the chairman of the board of Instituto Peruano de Economía, and member of the board of directors of ESSALUD.

Investment Committee

Francisco García Calderón

Independent Member

Mr. Garcia Calderon has a Master’s of Science in Management from the Arthur D. Little School of Management in Boston, and a degree in Business Administration from the Universidad del Pacífico. Mr. García Calderón has experience in the public and private sectors, is the chief executive officer of Euromotors S.A., and a member of the board of directors of Agrícola Cerro Prieto S.A.C., Compañía Industrial Textil Credisa Trutex S.A.A., Corporación Cervesur S.A.A., Corporación Financiera de Inversión S.A.A., Euromotors Group S.A., and Motores Diesel Andinos S.A.

Company officers

Edgardo Cavalié

Chief Legal Counsel

ecavalie@enfoca.com.pe

Mr. Cavalié received a Juris Doctor and a Master of Laws from Columbia University School of Law. He also holds a law degree from Pontificia Universidad Catolica del Perú. Prior to joining Enfoca, Mr. Cavalié was an Associate at White & Case LLP, where he specialized in cross-border mergers and acquisitions and private equity transactions involving U.S. and international clients. He was also an Associate at Skadden, Arps, Slate, Meagher & Flom LLP focused on corporate transactions in Brazil and Latin America.

Company officers

Alicia Campos

Senior Investment Officer

acampos@enfoca.com.pe

Ms. Campos has a degree in Economics from the Universidad del Pacifico. Since joining Enfoca’s senior management team in 2008, Ms. Campos has directed most of Enfoca’s acquisitions, conducting the due diligence, valuation, funding and transaction processes. Previously, she worked in the investment and research areas of JP Morgan (New York), Caspian Securities (New York), and Rimac Seguros.

Company officers

Diego Morales

Senior Investment Officer

dmorales@enfoca.com.pe

Mr. Morales has an MBA from INSEAD and a degree in Economics from Universidad del Pacifico. Mr. Morales has had responsibilities in business development in our healthcare and ceramics businesses, and currently oversees business development at IFB. Previously, Mr. Morales was a consultant at Bain & Company.

Company officers

Renzo Hurtado

Business Development, IT

rhurtado@enfoca.com.pe

Mr Hurtado holds an IT Engineering degree from Universidad de Lima, with post graduate studies at Southern Methodist University. He leads all corporate IT developments for Auna, Frecuencia Latina and IFB. He has previous experience in consumer goods, telecom, gas and petrol.

Company officers

Fernando Carpio

Risk and Internal Audit Senior Officer

fcarpio@enfoca.com.pe

Mr. Carpio has an MBA from Escuela Europea de Negocios in Spain, and a degree in Economics from Universidad de Lima. As our Chief Internal Auditor, Mr Carpio is responsible for overseeing risk auditing activities both at the Enfoca level as well as within our portfolio companies. Other professional experiences include Corporate Controller at Maestro Peru and Falabella Peru, as well as Director of the Advisory Practice at KPMG Peru.

Company officers

Rafael Rivas

Administrative Manager

rrivas@enfoca.com.pe

Mr. Rivas has an MBA from the Universidad de Piura and a degree in Business Administration from Universidad Ricardo Palma. Previously, Mr. Rivas had responsibilities at some our portfolio companies, including as Chief Financial Officer of Celima-Trebol, and previously at Maestro, where he helped build the Financiera Presta platform. Prior to that, Mr. Rivas held other management roles, including as CEO of a commercial bank in Peru during the late nineties.

Company officers

Alejandro Carranza

Investment Officer

acarranza@enfoca.com.pe

Mr. Carranza has an MBA from MIT Sloan, and a degree in Industrial Engineering from Universidad de Lima, from which he graduated Magna Cum Laude. Mr. Carranza is an Associate at Enfoca, part of the business development team and is actively involved in Latina, our telecommunications and media portfolio company. Previously, he held a Project Manager position at Ernst & Young, where he led revenue growth, operational improvement, valuation and business development engagements.

Company officers

Leonardo Bacherer

Senior Investment Officer

lbacherer@enfoca.com.pe

Mr. Bacherer has an MBA from the Rotterdam School of Management, an AMP from the Wharton School and a degree in industrial engineering from the Military School of Engineering in La Paz, Bolivia. Mr. Bacherer has 15 years of experience in the retail and banking industries, previously as CEO of Maestro in Peru and holding several executive positions at Grupo Ripley and Banco de Credito del Perú.

Our Portfolio

Maestro

Maestro is a leading home improvement retailer, with an established nationwide presence consisting of 30 stores, and best-in-class operating metrics. Maestro’s approach is multi-segmented, focusing primarily on new construction and remodeling projects for end consumers, maestros and small to medium-sized construction companies. Maestro is poised to take advantage of the low level of penetration in the Peruvian home improvement retail sector, gaining share from the traditional channel by offering the lowest prices, as well as one stop shop solutions that meet all of a client’s home improvement, construction and remodeling needs, and the best customer service in the market.

http://www.maestro.com.pe

Latina

Latina is Peru’s second largest free-to-air television broadcaster by share of audience. Frecuencia Latina is the leading producer of original programming in Peru, and the company produces family-friendly content that seeks to generate memorable viewing experiences. Latina is the leading producer of large-scale reality TV shows and other live content, and is also renowned for its trustworthy, independent news anchors. One of Peru’s 10 most admired brands, Frecuencia Latina was recognized as the best local broadcast TV channel by ANDA, the Peruvian advertisers’ guild, for the 2nd year in a row.

http://www.latina.pe

Auna

Auna is an integrated healthcare player currently operating in the healthcare provision and healthcare protection businesses. Auna provides prepaid oncological insurance through Oncosalud, the largest private prepaid healthcare plan provider in Peru with over 650,000 affiliates as of June 2014. Auna is also involved in the healthcare provision business, and is building the largest and most modern healthcare network in the country. Once completed by the beginning of 2015, Auna’s network will be comprised of six hospitals, three general outpatient care centers and seven specialized care centers. Auna will have a truly nationwide network, with a presence in Lima and its 5 main provinces.

http://www.auna.pe

La Gloria

La Gloria Propiedades is a parcel of land strategically located in Eastern Lima (in the district of Ate) measuring approximately 100 hectares. La Gloria is currently operating as a quarry and has potential for future residential real estate development in this rapidly-growing area of Lima.

Talma & AdP

Talma is the largest ramp and air cargo services provider in the country, with contracts to serve most of the major airlines operating in Peruvian airports. Inmobiliaria Koricancha owns Lima Cargo City, which is the only cargo facility that provides customers with direct access to the ramp at Jorge Chávez International Airport in Lima. Aeropuertos de Peru has concessions to run 11 airports in northern Peru and a concession to develop and operate the Pisco airport as the alternative airport for the Lima metropolitan area. Talma Mexico is one of the largest air cargo handling providers in Mexico, operating in key cities such as Mexico City, Guadalajara and Monterrey.

http://www.talma.com.pe
http://www.adp.com.pe

Celima-Trebol-Cassinelli

Celima-Trebol-Cassinelli is the leading player in the Peruvian ceramic tile and sanitary ware markets, operating across three segments: (i) Celima, the leading producer of ceramic tiles, (ii) Trebol, the leading producer of sanitary ware and faucets, and (iii) specialized retail via Cassinelli, the leading retailer of kitchen and bathroom finishings with 9 stores, and Hipermercado Cerámico, which has 18 stores nationwide and primarily sells Celima and Trebol products. The group enjoys very strong brand recognition due to its high quality products, which have been a part of Peruvians’ lives for over 50 years.

http://www.celima-trebol.com
http://www.cassinelli.com

CERTUS

CERTUS is the third largest vocational institute in Peru by number of enrolled students. As of December 2013, the company had 17,000 students in degree programs in addition to 8,000 students in non-degree programs and 13,000 in other courses, for a total of 38,000 students across 9 campuses. CERTUS has a sterling reputation in the fields of banking administration and finance, having been ranked the top institute in those fields for the past 3 years. Furthermore, the company has some of the highest post-graduation employment rates in the industry, with well over 90% of its graduates securing employment within 6 months of graduation.

http://www.ifbcertus.edu.pe

Pesquera Diamante

Pesquera Diamante is the 3rd largest Peruvian producer of fishmeal and fish oil, as well as a leader in fresh, canned and frozen fish markets for direct human consumption. The company holds quotas of 8.5% and 8.0% in the Central & Northern and Southern regions of Peru, respectively. Pesquera Diamante owns 5 processing plants located across the Peruvian coast in addition to 33 fishing vessels.

http://www.diamante.com.pe