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US Darby appoints advisor to oversee Brazilian mezzanine launch

US-based private equity firm Darby Overseas Investments has recruited Denis Jungerman as senior advisor with responsibility for the firm's expansion in Brazil, including the launch of the first local currency mezzanine fund in an emerging market country.

Prior to joining Darby, Jungerman headed the Bank of America's investment banking division in Brazil. He previously worked at Brazilian private equity fund manager GP Investimentos, at JP Morgan as head of the Brazilian M&A team and as client banker for energy and infrastructure accounts in Merrill Lynch's M&A group.

‘Denis Jungerman is joining Darby as we expand our operations in Brazil,' said Richard Frank, Darby's chief executive officer. ‘We plan to increase the investment focus in Brazil of the Darby Latin American Mezzanine Fund, and we are moving forward our partnership with Stratus Investimentos on the development of a local mezzanine fund. Our initial discussions with leaders of major pension funds encourage us to believe that a national mezzanine fund will be highly attractive.'

Darby was founded in 1994 by the former secretary of the US Treasury Nicholas Brady. The firm invests in Latin American private equity, emerging markets mezzanine finance transactions in Latin America and in Asia, and in global emerging markets and high yield fixed income securities.

Last November Brady announced a strategic partnership with Stratus Investimentos in preparation for the launch of a Brazilian fund designed to provide mezzanine debt financing to Brazilian companies, which need it to grow or replace the heavy burden of dollar-denominated debt.

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