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Discovery Capital Management holds first close on Mexican fund at $50m

Discovery Capital Management and Mexican investment bank, Protego Asesores, have held a first close on a new private equity fund at $50m. The fund will focus on investing in Mexican businesses with sales of between $20m and $500m.

Discovery Americas I will target companies in the consumer goods, healthcare, housing, retail, food, media and education sectors. The fund plans to make two or three investments of $15m to $30m annually.

‘We founded Discovery Americas to fill a gap we have observed in the funding of well run middle-market Mexican companies,’ said Pedro Aspe, chairman of Protego Asesores and a principal of the newly formed fund. ‘We believe there is enormous opportunity to help selected companies grow by providing equity capital which has, for one reason or another, not been available for these companies.’

Kevin Wilson, a former Bain consultant, will lead the fund’s management team. The fund plans to make its first investment by the end of the year and will be based in Mexico City.

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