EvercorePartners Inc. is transferring the control of Evercore MexicoCapital Partners to the Mexican private equity business' principals led byAlfredo Castellanos.
Glisco Partners Inc., a new entity formed by the EvercoreMexico Capital Partners team, will manage the existing funds of the privateequity business. The funds currently handle $266 million of invested capital.
Castellanos was appointed managing partner of GliscoPartners. Evercore Partners Mexico Chairman Pedro Aspe will continue to serveon the investment committee for the Evercore Mexico Capital Partners funds.
A fixed percentage of the management fees that Glisco earnswill go to Evercore Partners for a period of up to 10 years, as well as part ofthe carried interest in its two successor funds, as consideration for thetransfer of ownership. Evercore Partners will invest in the successor funds.
There will be a transition services agreement that will offeroperational support to Glisco for up to 18 months.
The transaction is expected to be completed before the endof 2016, subject to consent by the limited partner advisory committee of theEvercore Mexico Capital Partners funds and regulatory approval in Mexico.