(The Carlyle Group) March 11, 2011 – Global alternative asset manager The Carlyle Group and Credicorp Ltd. (NYSE: BAP), the largest financial group in Peru, have formed a joint venture that will invest primarily in Peruvian companies. By year-end, Carlyle expects to establish an office in Lima staffed with four investment professionals – two from Carlyle and two from Credicorp.
Carlyle and Credicorp will make growth capital and buyout investments in companies in a variety of sectors, including consumer/retail, healthcare, education and logistics. These sectors are benefitting from the growth of Peru’s middle class and broadly rising consumer demand.
Carlyle Co-founder Daniel A. D’Aniello said, “We are pleased to join forces with Credicorp, a respected and successful financial services organization. We have observed Peru for years and believe the market conditions, including economic growth, job creation, rising middle class and political stability, create a favorable investment climate.”
Juan Carlos Felix, a Carlyle Managing Director and member of the South America Buyout team, said, “Credicorp’s in-depth knowledge of Peru’s business community and financial markets will play a central role in our deal sourcing and acquisition financing.”
Credicorp has more than US$17.5 billion in assets under management. It is currently the market leader in pension funds (31%) and mutual funds (42.4%).
Credicorp Chief Executive Officer Walter Bayly said, “This joint venture combines Carlyle’s global presence, industry expertise and knowledge of emerging markets with Credicorp’s established market presence and extensive local connections. This alliance will strengthen our position as the country’s premier investment fund manager.”
Carlyle’s South American investment team, which was established in 2008, has made three investments in Brazil and will manage Carlyle’s activities in Peru.
About The Carlyle Group
The Carlyle Group is a global alternative asset manager with $97.7 billion of assets under management committed to 76 funds as of September 30, 2010. Carlyle invests across three asset classes – corporate private equity, real assets and global market strategies in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, real estate, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $64.7 billion of equity in 1015 transactions. The Carlyle Group employs more than 900 people in 19 countries. As of June 30, 2009, in the aggregate, Carlyle portfolio companies have more than $84 billion in revenue and employ more than 398,000 people around the world. Web: www.carlyle.com; Case Studies: www.carlylegroupcreatesvalue.com; Video: www.youtube.com/OneCarlyle
Credicorp is the largest financial holding in Peru. It comprises the Banco de Crédito, Grupo Pacífico Seguros, Prima AFP and Atlantic Security Bank with nationwide reputation in all brands. It currently manages USD 17.5 billion in mutual and pension funds in Peru and its market cap is US$ 9,484 million. Credicorp has traded on Lima Stock Exchange (BVL) and on the New York Stock Exchange (NYSE) for 15 years and is one of two Peruvian companies that currently list on the NYSE. Credicorp has established banking culture (120 year-old institution) along with expertise and the widest penetration and distribution network. Banco de Crédito, its principal subsidiary has a market share of 31.6% in loans and 34.4% in deposits. Web: www.credicorpnet.com