BLADEX and Greenbridge Capital – a Joint Venture between Toesca and TC Latam – announce the launch of a Latin American factoring platform
Panama City, Santiago de Chile, and New York November 24th, 2023
Banco Latinoamericano de Comercio Exterior – Bladex (NYSE:BLX), TC Latin America Partners (TC Latam), and Toesca Asset Management (Toesca) announce the launch of Greenbridge Capital, a regional private lending platform, whose first factoring vehicle will be funded by Bladex
The joint venture will begin operations in Chile before the end of 2023 with plans to expand to other countries in the region such as Colombia, Peru, and Mexico. The first vehicle, with a financing capacity of up to US$200 million, will focus exclusively on the Chilean factoring market.
“Chile is the first step in a regional business plan. Our extensive experience in the factoring market allows us to identify attractive opportunities in a market that is still very fragmented,” said Manuel Ossa, a partner at Greenbridge Capital.
Greenbridge Capital’s strategy seeks to maintain a revolving portfolio of short-term invoices from high credit-rated companies. To achieve this, it will leverage the experience of the founding team, as well as its operational infrastructure and local presence.
“We are very excited about the business plan and the potential represented by the involvement of such a significant regional player as Bladex in its structuring and financing,” said Gregorio Schneider, partner at Greenbridge Capital.
Through this initiative, Bladex will venture into a business line that allows further diversification of its product portfolio in Latin America.
“Structures of this nature are an essential part of our strategic plan and allow us to access more attractive yields without changing our risk profile through arbitrage and structuring,” said Samuel Canineu, Chief Commercial Officer of Bladex.
About Banco Latinoamericano de Comercio Exterior – Bladex (www.bladex.com)
Bladex, a multinational bank originally established by the central banks of Latin American and Caribbean countries, initiated operations in 1979 to promote foreign trade finance and economic integration in the region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations. Bladex has been listed on the NYSE in the United States of America (NYSE: BLX) since 1992, and its shareholders include central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.
About Greenbridge Capital (www.greenbridgecap.com)
Greenbridge Capital is a joint venture between Toesca Asset Management and TC Latin America Partners, focused on making investments in the private credit sector in Latin America. The factoring platform will be the second major initiative of this alliance, after having launched in 2019 a credit platform to finance the construction of residential real estate projects in Colombia. Additionally, the firm is working on consolidating vehicles to finance renewable energy infrastructure projects in the region.
About TC Latin America Partners (www.tclatam.com)
TC Latin America Partners is an institutional investment fund manager focused on Latin America. The firm was founded in 2012, is registered as an investment advisor with the U.S. Securities and Exchange Commission (SEC), and has offices in New York, Bogota, Lima, Mexico City, and Santo Domingo. The company has raised nearly US$1.0 billion to invest in various real estate strategies across Latin America and the United States.
About Toesca Asset Management (www.toesca.com)
Toesca Asset Management is a fund manager specializing in alternative investments in the Americas. It was founded in 2016 by a group of independent executives who have worked together for over 20 years. To date, it has raised more than US$ 2.0 billion for its various asset classes (infrastructure, real estate, private credit, equities, and farmland).