Soros sets up Spanish private equity firm

Soros Private Equity has announced that it is to back two Spanish financiers as they launch a new private equity vehicle which will focus on investment opportunities in Spain and Portugal. Soros Private Equity, which is the the global private equity business of Soros Fund Management LLC, has entered into an agreement with Jaime Bergel and Carlos Tejera, under which the new investment vehicle will be set up within the next few weeks. Bergel is a former managing director of Goldman Sachs and chairman of Merrill Lynch for Spain and Portugal, whilst Tejera is a financier. Under the terms of the deal, Soros will provide a cornerstone to the fund, with additional capital to be secured from third parties. Rafael Ladreda, who will be CEO of the new vehicle, has not revealed either the size or the name of the fund, saying simply that it would be 'industry-agnostic' in its investment philosophy and would seek to exploit opportunities across the Spanish and Portuguese markets. Soros Private Equity has offices in New York and London, but has yet to do any deals in Spain, although the group is showing increasing interest in the investment potential of the Mediterranean region. Soros Private Equity recently backed the Italian mezzanine fund Presidio, which recently held a first close on E50m (April 2004, page 5).

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