October 11, 2006 | Washington DC – The Latin American Venture Capital Association’s (LAVCA) Board of Directors voted today to elect Eduardo Elejalde, Founding Partner of Miami-based Latin America Enterprise Fund Managers (LAEFM), as the Association’s new Chair. Mr. Elejalde succeeds David E. Thomas, Managing Director of Intel Capital Latin America, who resigned as LAVCA Chair upon completion of his term. Mr. Thomas retains his seat on LAVCA’s Board.

The vote came at the Association’s quarterly board meeting held today in Washington, DC. Mr. Elejalde’s election as Chair was formally announced during LAVCA’s October 12th LP/GP Roundtable, held at the Hilton Washington Embassy Row Hotel. LAVCA’s Roundtable was attended by over 90 LAVCA members, international institutional investors, and select special guests.

“I am very proud to assume leadership of LAVCA,” said Mr. Elejalde. “LAVCA has established itself as the voice of the venture capital and private equity industry in Latin America and the Caribbean. I look forward to guiding LAVCA in continuing to raise the industry’s international profile and effectiveness.”

Mr. Elejalde, who is now based in LAEFM’s Bogotá office, has a vision for his new role as LAVCA’s Chair.

“In the last year, venture capital and private equity in the region has experienced an upswing in interest from both international and local investors,” said Mr. Elejalde. “Through LAVCA’s leadership, we have the opportunity to sustain that interest this time around for long-term industry growth.”

He noted that both the association’s membership and roster of activities, which include quality annual events, original research and other member services, continue to expand – a sign of industry vibrancy.

“The time for asserting Latin America’s competitive advantage is clearly now,” he said. “I plan to work closely with our members, strategic partners and other stakeholders to ensure that the increasing sophistication of the region and its fund managers receives attention on a global scale.”

Mr. Elejalde, a native of Peru, has been a Director of LAVCA since July 2005. He is President & CEO of LAEFM Colombia Ltda., the fund manager for the Colombian Investment in Hydrocarbons Fund, with US$ 62 million under management.

As a founding partner of Latin America Enterprise Fund Managers, Mr. Elejalde is also a member of its Board of Directors and of the Investment Committees of all LAEFM managed funds. Mr. Elejalde additionally serves as a board member of the companies in which LAEFM’s funds have invested in Mexico, Colombia and Peru.

About LAEFM

The Latin America Enterprise Fund, L.P. (“LAEF I”) and The Latin America Enterprise Fund II L.P. (“LAEF II”) are private equity funds which started operations in 1995 and 1998, respectively. Both funds are managed by Latin America Enterprise Fund Managers, L.L.C. (“LAEFM”), a Delaware company based in Miami, and have committed resources of US$ 410 million which are fully invested in the largest Latin American countries (Mexico, Brazil, Colombia, Chile, Peru, Venezuela and Argentina).

LAEF I already returned all its capital to its investors (with two investments still in the process of being sold) while LAEF II is in the process of selling its most important investments. Among the investors of LAEF I and LAEF II are the International Finance Corporation (“IFC”), the venture capital organizations of several major international banks, as well as the endowments and pension funds of major universities and non-profit organizations in the United States and Europe. LAEFM Colombia Ltda., a subsidiary of LAEFM, manages the Colombian Investment in Hydrocarbons Fund (CIHF; US$ 62 million) whose objective is to seek capital appreciation through investments in projects in association with specialized operators, for the exploration and production of hydrocarbons in “minor fields” in Colombia. Among CIHF’s investors are ECOPETROL, the Colombian pension funds, some local petroleum companies and other private investors. CIHF started operations in July 2005 and already has two oil discoveries. Since 2002, LAEFM has also managed an emerging markets fixed-income fund currently of US 34 million.