(Bloomberg) — Gramercy Funds Management is looking to close about $300 million in Peru private-credit deals over the next year and a half, bringing its portfolio in the South American country to a total of $1 billion.
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The investment management firm sees opportunities in sectors ranging from mining to construction and fishing in Peru, according to a statement. The figures include money deployed by a local joint venture with Andino Capital.
Gramercy — which recently moved its headquarters from Greenwich, Connecticut, to West Palm Beach, Florida — has been lending directly to companies in developing nations from Mexico to Turkey, stepping into the void left by banks as volatility surged.
Recent transactions include loans to Transition Metals, a unit of the Argentine group that controls Peruvian zinc miner Volcan Cia Minera, and to Sierra Metals, a Canadian mining firm with assets in Mexico and Peru.
Gustavo Ferraro, who runs the private credit strategy at Gramercy, says it has been generating “attractive, risk-adjusted returns” in Peru due to its local expertise — without providing further details on the strategy’s performance.
The private-credit arm of Gramercy was launched in 2018, two decades after emerging-market veteran Robert Koenigsberger set up the firm. Peru, meanwhile, has been seeking to lure private players for investments including $24 billion targeted to grow its agribusiness sector.
–With assistance from Marcelo Rochabrun.
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