This case follows Enfoca, Peru's largest local private equity firm and its portfolio company Maestro, a leading player in Peru's hardware retail market. Peru's GDP growth between 2008 and 2014 was the highest of any Latin American country. Growth of Peruvian middle class led to a wide array of investment opportunities, particularly in industries such as housing, construction, and home improvement. While the post-recession years were very good for Maestro, due to the market's small size, Enfoca could not escape some of the longstanding specificities of the Peruvian private capital market, namely, limited exit and new investment opportunities. As Enfoca faced an aging fund, its leadership team began considering alternatives to the traditional private equity fund model. This case presents an example of a local private equity firm operating in a small emerging market with relatively low market capitalization. It also evaluates the costs and benefits of the traditional finite-life fund structure and introduces the concept of a secondary transaction as a means to transition fund shares between existing and new limited partners while maintaining the original fund investments.
- 2018 President and Fellows of Harvard College
Choosing a Book Format
EPUB is the standard publishing format used by many e-book readers including iBooks, Easy Reader, VoiceDream Reader, etc. This is the most popular and widely used format.
DAISY format is used by GoRead, Read2Go and most Kurzweil devices.
Audio (MP3) format is used by audio only devices, such as iPod.
Braille format is used by Braille output devices.
DAISY Audio format works on DAISY compatible players such as Victor Reader Stream.
Accessible Word format can be unzipped and opened in any tool that supports .docx files.