Pioneering Alternative Investment Strategies in Mexico's Dynamic Financial Terrain.
With a legacy crafted from deep Private Debt expertise and a commitment to the growth of middle-market companies, we are shaping the future of investments with strategic precision and sustainable values.
About Catena
Activos Alternativos
Established in 2023 by a seasoned team from Credit Suisse, Catena is a distinguished alternative asset manager in Mexico. With over MXN$46.1BN (~US$2.56BN) managed across three publicly listed funds, we are dedicated to delivering sustainable, risk-adjusted returns for our investors.
Total Transactions
Total Invested $US
Funds
Total Raised $US
Launched in December 2012, CSCK'12 raised MXN$6,737MM of equity to invest across a variety of private credit strategies, including i) senior secured loans, ii) subordinated / mezzanine loans, iii) purchase of non-performing loan portfolios, and iv) special situations. Including the capital raised and reinvestments, the fund invested a total of MXN$8,085MM in 34 transactions across different industries and investment strategies, building in a well-diversified portfolio. The average transaction size of the fund was ~MXN$240MM. As of June 2024, the fund has returned 1.45x to its investors and has a remaining NAV of MXN$803.72MM (representing 0.12x).
Launched in September 2015, CS2CK'15 raised MXN$12,750MM of equity to invest across a variety of private credit strategies and private equity, including i) senior secured loans, ii) subordinated / mezzanine loans, iii) purchase of non-performing loan portfolios, iv) special situations and v) up to 20% of the fund in private equity. Including the capital raised, leverage and reinvestments, the fund invested a total of MXN$20,863.4MM in 46 transactions (31 of which remain outstanding) across different industries and investment strategies, building a well-diversified portfolio. The average transaction size of the fund was ~MXN$450MM. As of June 2024, the fund has returned 0.83x to its investors and has remaining assets of MXN$7,639.28MM (representing 0.61x).
Launched in August 2017, the fund raised MXN$6,332MM in equity to invest in Commercial Real Estate (income generating assets) debt in a wide variety of assets, including Industrial, Hospitality, Retail and Office. With a leverage and reinvestment strategy, the fund invested over MXN$17,000MM in 34 different transactions and financed 74 properties from ground development, to transitional and stabilized portfolios. 85% of the fund was invested in USD matching USD rental streams. The average transaction size was
~US$25MM. As of June 2024 the fund has distributed 0.40x to its investors with remaining assets of MXN$7,082MM (including leverage).
Our Strategy
At Catena, we harness deep market insights and a diverse investment mandate to deliver strategic financial solutions. Our approach focuses on Private Debt and Real Estate Debt investments, aiming to maximize value with prudent risk-adjusted strategies.
Since founding the three funds, our team has analyzed over 819 transactions, successfully completing 114. The team's deep market insight and execution ability allow for a selective success rate of 14% in aligning with our investment thesis.
Demonstrated ability to collaborate as a cohesive team since 2012, with over 20 years of collective experience in previous entities, performing similar leadership and responsibility roles.
Catena has the capacity to invest across the entire spectrum of debt, equity, hybrid capital, and real estate credit.
Catena taps into the extensive private and high-yield credit markets in Mexico, significantly deeper than local private equity sectors. The commercial real estate financing market is on the brink of substantial growth, reflecting vast potential compared to its U.S. counterpart.
The platform has successfully raised MXN$25.8 billion, establishing it as the largest manager of credit or debt funds in Mexico. This significant scale positions us as a leader in the industry and enables more efficient absorption of operational costs, enhancing our overall financial management and strategic flexibility.
Trusted by Mexico’s leading Afores
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Our Story
2012
November - CSCK'12 raises the first Private Debt fund for approximately MXN$6.74 billion.
Total team size: 3.
2015
September – CS2CK'15 raises MXN$12,750MM. High yield /Mezzanine Debt, Private Equity, Distressed debt strategies and special situations. Loan facility with the IFC for MXN$1,912MM. Total team – 7.
2017
August - CSMRTCK raises MXN$6.333 billion. Leverage reaches approximately MXN$12.666 billion, bringing total resources available for investment to around MXN$19 billion. Total team size: 14.
2023
- AUMs ~MXN$14,896MM. - Total leverage ~MXN$1,912MM. - Total investments completed – 113.
- CSCK'12 distributions of 146% of CI; CS2CK'15 distributions of 78% of CI; CSMRTCK'17 distributions of 35% of CI. Total Team – 19.
- December 2023 – Management team of CSCK'12, CS2CK'15 and CSMRTCK'17 completes Spin-off from Credit Suisse Asset Management.
- Catena Activos Alternativos assumes the management of the 3 funds through its subsidiary Scala Limited Partnership.
Recent Investments
Catena manages a diverse portfolio emphasizing private debt and real estate investments across Mexico, targeting sustainable returns and supporting middle-market growth with high compliance standards.
Investment: US$26MM. Our partnership with a senior bank structured the debt efficiently, while our experienced sponsor completed the project on time and within budget. Time to market were key together with destination enhancements like increased air lift and new highways complemented the operation by AM Resorts, enhancing regional presence.
Investment: $44MM across acquisition and development. This rapid deployment covered six Class A industrial warehouses, completed in just 48 days during the 2021 pandemic. Catena's adept risk management and strategic leverage structure enabled highly attractive risk-adjusted returns.
Type: Hybrid Debt - A Debtor-In-Possession (“DIP”) Loan structured by a US-based Asset Manager ("USAM"). During the pandemic, the company entered a restructuring process under Chapter 11 in the USA. A US Asset Manager needed a strategic Mexican partner to facilitate the restructuring. Size: $1.2BN, split into $200MM (Tranche A) and $800MM (Tranche B). MEXCO invested $61.2MM in Tranche B, which later converted into a 3.54% equity stake. Expected industry-based returns range between 50-70% or 2.5-3.0x cash on cash.
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Our ASG Commitment
In private debt, Catena has been a pioneer, integrating ESG factors for over a decade. Catena features an ESG Committee comprised of three independent members from its Board of Directors, along with an ESG Sub-Committee that includes team members responsible for implementing the ESG Strategy and continuously improving processes.
Since 2013, our funds, starting with CSCK'12, have followed strict Environmental and Social Sustainability Standards. We exclude harmful industries and ensure continuous ESG risk monitoring and annual reporting to investors.
We integrate ESG factors from start to finish. Initial environmental assessments and, if necessary, detailed contaminant analyses guide our due diligence for the CSMRTCK'17 fund. Continuous monitoring and tailored annual reports ensure responsible investment management.
Since 2013, the CSCK'12 and CS2CK'15 funds have adhered to IFC's Environmental and Social Sustainability Standards. Catena aims to soon become a signatory to the Principles for Responsible Investment.
At Catena, our strength lies in our people. Our diverse team of investment professionals brings over two decades of collective expertise, shaping the future of finance in Mexico with integrity and innovation. Committed to excellence, our team works collaboratively to drive sustainable investment practices and deliver exceptional value to our investors.
At Catena, we weave strength and strategy into every investment, pioneering private debt with a commitment to Mexico's prosperity.