Caracas.— Grupo Cisneros is planning the creation of a $1 billion capital fund dedicated to investing in Venezuela. This was announced on April 16 by the Group's CEO, Adriana Cisneros, who noted that, to date, they have raised two-thirds of the projected amount. With this announcement, she confirms projections made in February by Bloomberg, which had previously reported on the organization's efforts to attract international capital for national reconstruction.
During a visit to the Caracas Stock Exchange—where she was accompanied by her Senior Vice President and Chief Financial Officer (CFO), Ariel Prat—Cisneros revealed that investors from the United States, Latin America, Dubai, and Qatar are the first to contribute their capital to the Fondo Intrépida (Intrepid Fund), a Cisneros initiative aimed at driving Venezuela's economic development. “Working on this project has been spectacular for me; I was surprised by how easy it was to raise the capital. It is a very interesting mix—many family offices from the U.S. and Latin America, some institutional investors, and sovereign wealth funds—it has been a very healthy and attractive mix,” stated Cisneros, as quoted in a press release from the Caracas Stock Exchange.
The president of the stock exchange, José Grasso Vecchio, welcomed the meeting held with Cisneros and Prat, during which they discussed investment perspectives and opportunities in Venezuela. He also announced that new companies would be listing their shares on the exchange’s trading board in the coming months, noting the significant interest among investors from various countries in participating in the Venezuelan capital market.
“We have been receiving periodic visits from investors from Europe, the United States, and Asia; this is a preliminary phase—one of making initial contact and exploring opportunities. The reports regarding the easing of sanctions—which will strengthen payment mechanisms and facilitate international transactions—are excellent news that add to the positive momentum,” said Grasso.
The Intrépida Fund is currently undergoing the legal and fiscal formalization process in the United States, where it will be based. Although the specific investment plan is still being finalized, the fund intends to allocate its resources across three or four key areas. “These will be sectors in which we feel comfortable, as we have prior experience in them—ranging from the agro-industrial sector to real estate, infrastructure, basic services, and telecommunications,” noted Cisneros, who ruled out investments in hydrocarbons and mining.
According to a Bloomberg report, Adriana Cisneros—CEO of the Miami-based investment firm—is leading the fundraising effort for these funds. Although the initial target was set at $1 billion, sources familiar with the matter indicated that the fund’s total size could reach $2 billion, as initial commitments from institutional investors have exceeded expectations.
The Cisneros Group’s initiative emerges against a backdrop of rapid change within the country. Bloomberg highlighted that the capture of Nicolás Maduro and his wife, Cilia Flores, on January 3, raised investor expectations. This event has triggered diplomatic and economic shifts.
Although the initial focus of U.S. authorities has centered on oil extraction and trade, sources indicate that the country needs to rebuild decades of mismanaged infrastructure. In this regard, the Cisneros Group positions itself as a "reliable partner" for global investors seeking to enter the Venezuelan market.
The funds come from the conglomerate itself, as well as family offices in Latin America and sovereign wealth funds in Dubai and Qatar to deploy capital into Venezuela, across sectors like food, real estate and luxury tourism.
“It has amazed me how easily capital has been committed to this project.” Cisneros explained. “We would see investment in a year. We’re a US fund, and we work under US regulations. Timing is important; we need five months to finish this phase.”
Intrépida doesn’t expect to put money into oil, petrochemicals, or mining, but could look into utilities, she asserted.
Ariel Prat, Cisneros Group's CFO, added that the firm could raise subsequent ones to take advantage of the opportunity.
“Venezuela has a particularity,” explains Prat, mentioning the country's installed industrial capacity and its energy potential. "Its capacity for growth is exponential; you don't have to invent the wheel, you have to repair the car and make it go".
Human talent will be a key driver to see changes become a reality, his boss warned.
“I stress this to headhunters all the time,” asserted Adriana Cisneros. “We need to identify the right human talent.”
