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Colombia to Create Dedicated Regulation for Private Equity Funds

December 10, 2017

The Colombian federal government is seeking to formulate regulation specific to private equity funds in order to align private capital funds with international standards.

(Portafolio) Establecer normas propias que rijan a los fondos de capital privado (FCP) es la nueva apuesta del Gobierno Nacional. Lo que se busca es establecer una normatividad diferenciada a la de los fondos de inversión colectiva (FIC).

En ese sentido el proyecto de decreto presentado gira en torno a tres pilares: 1) Construir un cuerpo normativo único para los FCP y de esta manera desligarlo de las normas particulares de los FIC. 2) Definir una estructura organizacional para los FCP, que reconozca la experiencia internacional y recoja las principales prácticas de la industria local. 3) Mejorar los estándares de gobierno y las funciones de los diferentes órganos que conforman los FCP.

(Lea: El Grupo Prodeco entra al mercado del carbono)

La estructura propuesta para los FCP busca reconocer la importancia de cada uno de los sujetos involucrados en la operación y funcionamiento de este tipo de vehículos, así como determinar para cada cual las funciones, deberes, obligaciones, entre otros aspectos, que deben cumplir de acuerdo con el marco normativo que se establezca.

La estructura organizacional que deberán comenzar a tener los FCP en Colombia, estará conformada por la sociedad administradora, el gestor profesional o gerente, los inversionistas del fondo, el custodio de los valores que conforman el portafolio y los órganos de control.

En el proyecto se mantiene el tipo de sociedades autorizadas para la administración de estos vehículos (sociedades comisionistas de bolsa de valores, sociedades fiduciarias y sociedades administradoras de inversión) y se adecúan los principios rectores que rigen la labor de administración, los cuales deberán cumplirse por parte de estas entidades durante la vigencia del vehículo.

Finalmente, se aclara que cuando existan entidades que se encuentren por fuera de la sociedad administradora desarrollando actividades para el FCP, los principios rectores que cobijan estos vehículos, deberán ser cumplidos con los más altos estándares.

Esto, tiene entre otros los siguientes objetivos: 1) Realizar una clara diferenciación de los FCP de la figura y las características de los FIC, lo que permite resaltar la importancia que tiene los FCP dentro de la regulación local; 2) Generar eficiencias en el tratamiento y manejo de los FCP, al establecer un cuerpo normativo único que define con claridad las instrucciones que deben acreditar estos vehículos; y 3) Aclarar los principios rectores que deben cumplirse en el desarrollo de las actividades que se realicen en el marco de los FCP.

En Colombia, la industria de FCP ha registrado crecimientos notables, tanto en la cantidad de fondos como en el capital invertido.

Entre el 2005 y el 2017 el número de FCP creados pasó de 2 a 103 (95 se encuentran actualmente en operación), de los cuales el 57% corresponde a vehículos locales y el 43% a internacionales. Los recursos administrados durante el 2016 totalizaron cerca de US$14.106 millones (5% del PIB) de los cuales 68% se invirtió en los diferentes proyectos que los respaldan, mientras que el otro 32% se encuentra disponible.

Colombia to Create Dedicated Regulation for Private Equity Funds was last modified: January 25th, 2018 by Editor
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