What are the most significant private equity deals that you or your team have recently been involved in within the Latin American market?

The most significant deal I have participated in most recently has been the 2022 acquisition of OCA Hospitales in Monterrey, Mexico by Enfoca’s portfolio company AUNA.

Latin American markets vary widely in terms of economic stability and political dynamics. How do you factor these considerations into your legal strategies and recommendations for private equity clients?

Latin American markets are choppy seas, but we regional players are used to navigate them. Indeed, the same can be said of international strategics or global sponsors and banks, whose teams are typically led by or staffed with regional seasoned professionals who understand the landscape. If the storm is too strong, nobody would sail.

The same can be said of our markets. Many transactions involving Peruvian assets were stalled right after the political crisis of December 2022. In my view, doing private deals in Latin America is not too different from handling private transactions elsewhere. A private transaction is often prone to surprises and deal professionals understand how to uncover them through diligence and negotiating workable compromises to address or allocate the risks contractually. Special anticorruption due diligence, background checks, exhaustive AML process and ultimate beneficial ownership investigation have become a common building block of any transaction.

Also, over the past years, tax frameworks have gotten more sophisticated and complex demanding a deep understanding to avoid any unforeseeable mishap post close. In some jurisdictions, regulatory frameworks on foreign exchange controls may very well require additional creativity when structuring a transaction.

What do you find most rewarding and challenging about working as an in-house lawyer specialising in private equity within the Latin American market?

The fast-paced nature of a deal, the challenges of complex structuring, getting involved in the decision-making process, working in tandem with cross-functional teams and being a quarterback of sorts many times with the game on the line, are all elements that make my professional day to day, challenging and certainly rewarding; however, it will not be worth the while if it was not for the people I work with. I am very lucky to work with colleagues with whom I have developed a close friendship, which at the end let us replicate the collaborative dynamics of a championship-winning football team. My team is what makes the challenges of my profession truly rewarding.