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Decoding the Global Macro Environment
2Q 2023 Strategy Outlook

No one ever said removing the punch bowl would come without challenges. Aggressively raising interest rates and withdrawing liquidity from the system (QT) made fender benders / financial accidents even more likely. One externality has been volatility, which if embraced properly is not necessarily a bad thing. Going forward, we must navigate the trilemma between growth, inflation and financial stability. We will continue to do so by relying upon top-down analysis, high conviction security selection, dynamic asset allocation and tactical positioning. As always, we will look to exploit the volatility in the marketplace by planning the trade and trading the plan.

Transactions

Mexican fintech Konfio upsizes and extends loan commitment from Goldman Sachs and Gramercy for up to MX$4,100mm

With a credit extension to MX$ 3,700 mm (MX$ 500 mm upsize) and renewal up to 2026, Goldman Sachs continues to finance Konfío’s fully digital credit models to boost Mexican small and medium-sized businesses. Access to credit continues to be the primary growth barrier for small and medium-sized businesses in Mexico, and with this extended line, Konfío will be able to channel nearly 10,000 fresh loans to this vital segment. This extended credit line will continue to be amplified by financing provided by Gramercy Funds Management LLC (“Gramercy”) for MX$ 400 million.

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