Mexico Fund of Funds Analysis and Recommendations

Cimarron advised Nacional Financiera (NAFIN), the leading development bank of Mexico, on the design of a US$450 million fund of funds program.

The Mexico Fund of Funds (MFOF) was launched in 2006 with a mandate to invest in Mexican venture capital and private equity funds as well as international funds that maintain a Mexico focus.

Analysis and Recommendations

Cimarron's analysis and design recommendations covered the organizational structure, investment policies, and procedures of MFOF in light of international best practices. The study, financed by the US Trade and Development Agency (TDA), was led by Cimarron in partnership with Millennia Consulting and PCG International.

The consultants conducted an extensive 72-question survey of eleven private and public fund of funds (FoF) programs and managers, interviewed another 20 industry participants, undertook secondary research on several public sector emerging markets FoF programs, and drew upon their own expertise and experience as current and former managers of public and private sector FoF programs, to perform the analysis and suggest how MFOF might further harmonize its structure, policies and procedures with international best practices.

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Annexes:

Annex A – Final Survey
Annex B – Public Notice
Annex D – Business Plan
Annex E – Operations Manual
Annex F – Policy Manual
Annex G – References
Annex H – US Supply
Annex I – Contractors