AIG Capital Partners, a member company of AIG Investments, has raised almost $700 million for a new Latin America private equity fund.

The fund has already committed 16% of its $691.9 million and is closed to new investors, AIG Investments said yesterday. The firm boasts 15 employees dedicated to private equity in Latin America with offices in Sao Paolo, Brazil, and Mexico City.

“Brazil, Mexico and Colombia have seen tremendous growth over the past several years driven by rising consumer purchasing power, increasing global trade and economic stability,” Ana Vigon, head of Latin America p.e. at AIG Capital Partners, said.