In what ways do you see the in-house legal role evolving in your region over the next few years?

The in-house legal role will evolve to a more commercial role, where we increasingly participate in discussions and decision-making processes on commercial and business matters. Furthermore, our role has also evolved to a risk-identification and risk-management role, often questioning business decisions and challenging transaction leads to have adequate safeguards to address and manage risk and, considering more serious risks, stop transactions altogether. It is, thus, a balancing role; on the one hand, seeking growth in profits and returns for our investors but avoiding legal, regulatory, and reputational risks for our company.

What are the most significant cases or transactions that your legal team has recently been involved in?

Recent transactions in the infrastructure business of Macquarie Asset Management we have signed and closed in Latin America include the acquisition by our US flagship fund, Macquarie Infrastructure Partners V (“MIP V”) of 50% of the Supervía Poniente, an urban toll road in Mexico City from Grupo Copri for approximately $220m, the acquisition by MIP V of 50% of a platform of toll roads in Colombia from Odinsa, S.A. and the establishment of a joint venture for the development of future transportation infrastructure projects in Colombia, Chile, and Peru. Also, the acquisition by MIP V of the Gasoducto de Morelos Pipeline in Mexico from Elecnor, S.A. and Enagás, S.A. for approximately $178m.

Our Mexican infrastructure fund, Macquarie Mexican Infrastructure Fund, completed its first divestment this year consisting of the sale of a portfolio of highway projects in northern Mexico to local fund FIBRA Orion. We have also been involved in a series of constitutional challenges to the recent regulatory and legislative amendments seeking to limit private participation in the Mexican power industry where renewable projects have been targeted. On the real estate side of the business, we continue to acquire brownfield and greenfield projects by our Mexican REIT (Real estate investment trusts), FIBRA Macquarie to grow our industrial portfolio

As we enter the next decade, what skills will a corporate legal team need to succeed in the modern in-house industry?

Our transactional corporate legal team is expected to play an active role in the structuring and negotiation of transactions, working closely with external counsel and financial advisors and our commercial and finance teams. Strategic thinking and understanding the creation of value to be a key part of the decision-making process is also expected.

I was hired because I am both a US and Mexican trained and qualified attorney with a JD, as opposed to an LLM from a top American law school. We structure and negotiate transactions in Latin America through a US-centered lens, often governed by US law, but where local legal issues must be weaved into the transaction and an understanding of local law and risks adds value. A corporate legal team is no longer expected to be generalist in nature, but highly specialised in M&A and financing, with the support of members of the team with knowledge of and experience in litigation, anti-bribery, corruption, and AML, corporate matters, and regulatory matters.