Brilla Group Closes the First Colombian Private Equity Fund Dedicated to Hotels & Resorts


Group, a Miami-based private equity firm focused on the luxury

beachfront hotel and resort asset class in South Florida, the Caribbean,

México, Central America, and Colombia, completed the first closing for

its Colombian Beachfront Hospitality Private Equity Fund on February 1st,

2012. This local vehicle, regulated by the Colombian Financial

Superintendent (Superintendencia Financiera de Colombia) and

administered by Fiduciaria

Bancolombia, has US$30 million in committed equity from Colombian

institutions, including Bancoldex

(Colombia’s Foreign Trade Bank) and local pension funds.

This Fund, which will invest in the region known as the Colombian

Caribbean corridor, is the first such fund in the country dedicated

exclusively to investment in luxury hospitality assets. The Fund has

eight years to invest both in operational luxury hotels and in new hotel

construction, and will pursue joint ventures with local and

international investors as well as work with local and international

hotel brands.

The Fund will follow the guidelines of Institutional

Limited Partners Association (ILPA), an international organization,

the purpose of which is to offer tools for training, research, best

practices, private equity investment processes, and regulating the

guiding principles between limited and general partners to guarantee

transparency and alignment of interests.

“Colombia has become a major economic player in the region: foreign

direct investment (FDI) alone has brought in a total of US$7 billion in

the first half of 2011, an increase of 91%, and tourism has grown at a

rate of 10.6% annually, four times higher than the global growth rate,”

said David Brillembourg, Chairman & CEO of Brilla

Group. “We saw Colombia as a premier investment market due to the

scarce hotel supply to satisfy the growing demand, especially in the

luxury hospitality sector. This imbalance combined with a strong

economy, continuous sustainable growth, and stable government creates an

excellent investment opportunity in our asset class,” added Mr.

Brillembourg, who also affirmed that the Fund represents a milestone for Brilla

Group as its first investment vehicle backed by institutional


The Fund will be administered by Fiduciaria Bancolombia S.A., of Grupo

Bancolombia (NYSE:CIB; BVC: BCOLOMBIA Y PFBCOLOM), a Latin American

financial group seeking to establish lasting relationships based on

trust and respect. Grupo Bancolombia offers a wide portfolio of products

and services to its nearly seven million individual and institutional

clients, through a regional platform that comprises the largest banking

network in Colombia.

“Private equity investors’ interest in Colombia has grown exponentially

in the last few years,” said Fuad Velasco, President of Fiduciaria

Bancolombia. “Brilla Group was early to recognize this market

opportunity, and worked diligently to raise institutional capital and

create a sophisticated investment vehicle in line with international

standards, to provide investors with the best possible investment

option. Hence, we consider Brilla Group to be an ideal general partner

to work with and manage the fund.”


Group is currently raising a second tranche of the Fund (closing

July 2012), which is open to both individual and institutional investors.

About Brilla Group

Brilla Group is a Miami-based real estate private equity firm focused

exclusively on the luxury beachfront hotel and resort asset class in

South Florida, the Caribbean, México, Central America, and Colombia.

Brilla Group specializes in creating tailored investment solutions for

institutional investors, high-net-worth individuals and family offices,

and currently has US$150 million of assets under management. Brilla

Group has closed investments in México, The Bahamas, French West Indies,

British West Indies, Miami Beach and Bal Harbour (Florida); Brilla Group

has also closed a Colombian-based institutional private equity fund

dedicated to the sector. To learn more, visit

About Fiduciaria Bancolombia

Fiduciaria Bancolombia S.A. is the largest fiduciary company in the

Colombian Market with approximately US$25 billion in assets under

management, 7 private equity funds (AUM: US$941.5 million), 13 mutual

funds (AUM US$4.05 billion) and more than 900 trusts are under

administration of Fiduciaria Bancolombia. To learn more, visit