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The First Search Fund in Peru



In April 2019, Diego Febrero, CFA and I launched Peru’s first search fund, Colca Capital (“Colca”), in Lima.

Peru has the fastest growing major economy in Latin America with the lowest projected inflation and currency volatility. Although the country has private equity activity, almost all the major funds focus on acquiring companies with over $10mm in EBITDA, leaving our target EBITDA range of $2-10mm almost untouched. We estimate that there are roughly 4,000 family businesses in our target range, so the market also has more than enough depth.

“The more I learned about search funds, the more I became convinced that this was the path for me. I had never seen such a collaborative community of brilliant and humble entrepreneurs. The nascent industry’s pay-it-forward culture resulted in a series of introductions that led me to Martin Steber and Sandro Mina. Martin and Sandro have been incredible mentors, and I’ll always be immensely grateful to them.”

Nicolas Lulli,, June 6, 2019

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