Patria Investments, Bancolombia announce joint venture

The operation reinforces the asset manager's presence in the country and its 35-year track record of successful investments and consistent returns, together with Bancolombia, with excellence in the distribution of resources and services to a broad network of clients.

The new company will be 51% owned by Patria and 49% by Grupo Bancolombia. It will initially focus on real estate asset management and act as external manager of the Fondo de Capital Privado - Inmobiliario Colombia (FIC), which has more than 170 real estate assets in Colombia and close to $5 billion in assets under management.

Patria Asset Management will offer a wide range of solutions to investors in private equity, infrastructure, real estate, credit and public equity, creating more alternative asset options tailored to the needs of the country's investors and in local currency.

Jean Pierre Serani is the CEO of the joint venture.

Juan Carlos Mora, president of Bancolombia, said, "this alliance will allow us to combine our knowledge and skills in the local market with the power of a world-class expert to structure new solutions that add value to clients who are already looking for innovative investment options. Likewise, the initial focus of this new company on real estate assets will allow us to attract more and better investments that will strengthen the sector and contribute to the sustainable development of the country's cities”.

With the joint venture, Patria strengthens its presence in Latin America, reaffirms its focus on the alternative asset investment sector, while positioning itself as a leading platform for attracting foreign investment to the region and facilitating access to this type of assets in key local markets.

"This joint venture with one of the region's leading financial institutions will strengthen our leadership in the alternative asset market by making us a robust platform in Colombia with a local and global product offering, thus contributing to our leadership in the region. We are also optimistic about the outlook for the real estate market in Colombia," said Alfonso Duval, CEO of Patria Investments for Latin America.