Alsis Closes Mexico Housing Fund With Initial Investment From CalPERS

Feb 22 2011 | 2:43pm ET

The California Public Employees’ Retirement System has become the initial investor in an Alsis Funds vehicle to support the growth of affordable housing in Mexico.

Alsis announced the initial closing of its Mexico Opportunities Fund with a first capital commitment from Global Opportunities Fund 2, a separate account managed by 57 Stars for CalPERS.

The fund, a private equity vehicle, will invest in home construction developments and other assets through privately negotiated transactions, using debt, equity or mezzanine financing.

Alsis Mexico has a maximum capitalization of $57.8 million. A minimum of 80% of investments within the fund will be in affordable housing. The fund will invest as a parallel vehicle to the Fondo Alsis Mexico Vivienda de Interés Social, another Alsis Funds investment entity which is expected to be capitalized primarily by Mexican pension funds.

“As one of the first pools of capital focused on affordable housing development in Mexico, this investment fund will have a significant economic impact, broadening the liquidity for the housing market and expanding the homeownership base in the country,” said Alsis Funds Managing Partner David Sanchez-Tembleque.

Alsis Funds is an investment management firm focused in Latin America. With offices in Miami and Mexico City, Alsis Funds also manages the Alsis Latin America Fund, a vehicle that invests in asset-backed structured transactions. The firm currently manages assets and commitments of $150 million from institutional investors.

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