Evercore Transfers $266 Million Private Equity Unit to Managersby
New private equity business to be named Glisco Partners
Evercore will keep a portion of fees in separated Mexico unit
Evercore Partners Inc., the investment bank founded by Roger Altman, is planning to transfer control of a private equity business in Mexico to its principals.
The team, led by Alfredo Castellanos, created an entity called Glisco Partners to take on responsibility for the Evercore Mexico Capital Partners funds, which manage $266 million of invested capital, the New York-based investment bank said Wednesday in a statement. Pedro Aspe, the chairman of Evercore’s Mexico business, will stay on the investment committee for the funds.
Evercore is mainly known for providing advice on transactions such as takeovers and restructurings. Blackstone Group LP Chief Executive Steve Schwarzman said last year when he separated PJT Partners Inc. from the private-equity giant that advisory firms can more easily attract clients when they’re independent.
The Mexico transaction “represents another step forward in our strategy of continuing to invest in our independent, unconflicted investment banking businesses while positioning our investment management affiliates to continue to grow,” Evercore CEO Ralph Schlosstein said in the statement.
Evercore will obtain a fixed percentage of management fees earned by Glisco for as many as 10 years as well as part of the carried interest in the next two successor funds, the company said. In recent years, the private equity business has invested in Mexico’s second-largest airline and a specialty pharma company, and Glisco plans to focus on high-growth and middle-market Mexican firms.
The investment bank said in December that Augusto Arellano would take over for Aspe as CEO of its Mexico business, while Aspe would remain chairman.