Through the Eyes of an Investor

By way of background, EMP Global LLC is the world’s largest private equity fund manager focused exclusively on emerging markets infrastructure. It was founded in 1992 by ex-World Bank executives to fund infrastructure development with private capital and currently manages seven funds totaling $6.1 billion in Latin America, Africa, Asia, Europe and the Middle East.

Of specific interest to shipping is the AIG-GE Capital Latin American Infrastructure Fund (“LAIF”), which was formed in 1996 with a 10-year life and is consequently in divestment mode. The fund raised $1.013 billion and put more than $850 million to work in 24 projects in eight countries in the Latin American region. The investments took the form of equity and quasi-equity investments including common/preferred stock, warrants, options and convertible debt. The portfolio is diversified and includes investments in natural resources (13%), telecom (39%), power (13%) and transportation (35%).

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