Capital One, one of the world’s biggest venture capital firms, has raised more than $2 billion to build a $1.3 trillion investment project in Peru, one the country’s biggest companies has announced.
The investment project will provide capital to companies and individuals involved in the energy, food and agriculture sectors, including companies that have made investments in the past, such as the Coca-Cola Company, and a group of multinationals, including Exxon Mobil Corp, Shell Plc, Microsoft Corp, and United Technologies Corp.
Peru’s Minister of Finance Alejandro Dominguez says the project will also be used to strengthen economic ties with Latin America and Europe.
The government has announced that the investment project, which is being financed by private equity firm Bain Capital, will be known as “Bain Capital Peru” and will have a focus on mining, tourism, logistics and information technology.
It is not yet clear what the investment will look like.
The announcement was made at a news conference in Lima on Wednesday by the company’s managing director, Eduardo Rodriguez, and its chief investment officer, Luis Espinosa.
The project is being developed by private investment firm Bain, which was founded by Warren Buffett’s Berkshire Hathaway and is the largest private equity company in the world.
Peruvian President Alejandro García Padilla and President Enrique Peña Nieto also attended the event, according to the Reuters news agency.
The capital will be used for the construction of the “Ascend” energy-intensive mine, a joint venture between the state-owned company Terra Nova and a consortium led by Peru’s National Energy Corporation, and the construction and operation of an aquaculture plant.
Perú’s state-run company said in a statement that the $1 billion investment will be the largest in the history of the province.