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Linzor Launches Second Fund

Tim Purcell and the former JPMorgan Partners Latin American team will likely attempt to top its $200 million debut fund.

Santiago, Chile-based Linzor Capital Partners is in the market, fundraising for its second fund. The firm, which held an interim close of $32 million, according to a filing from the Securities and Exchange Commission Friday, did not disclose a target for the new vehicle.

Linzor was formed by JPMorgan veteran Timothy Purcell in 2006. Purcell had spent 15 years at the bank, before jumping to its in-house private equity arm, JPMorgan Partners in 2001. There, he headed the firm’s Latin American coverage. Linzor was formed the same year JPMorgan’s North American private equity business spun out as CCMP Capital.

Joining Purcell at the firm are partners Carlos Ingham and Alfredo Irigoin, both of whom are also from JPMorgan. Canio Corbo, also a partner, arrived from Compass Group Chile to oversee Linzor’s asset management business.

The new fund will likely attempt to at least match the firm’s debut vehicle, the roughly $200 million Linzor Capital Partners Fund, LP. The firm’s inaugural fund had a management fee of 1.5%, according to a 2006 SEC filing, and an investment period of six years.

One of Linzor’s earlier deals was its investment in Buenos Aires-based Hoyt’s General Cinema South America. More recently, Linzor acquired Bogota, Colombia-based insurance company Colfondos in March, and last year, acquired Chilean education company Corporación Santo Tomás and healthcare company CruzBlanca Salud, also based in Chile.

In a Q&A with the Latin American Venture Capital Association, Linzor’s Purcell noted that the firm’s relatively small size, compared to its scale under JPMorgan, turned off some of its earlier limited partners. He said at the time that Linzor intends to re-approach those limiteds when it raises “a larger second fund.”

 

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