In a global scenario marked by the volatility of traditional markets, the search for stable returns with structural protection has become a priority for sophisticated investors. In this context, private debt in Mexico emerges as a highly attractive alternative, combining market depth, competitive spreads, and growing demand for financing. 

FYNKAPITAL – Private Debt Mexico was created precisely to seize this opportunity, integrating the experience of Fynsa as a regional financial holding company with more than 40 years of experience, together with the fiduciary and legal expertise of TMSourcing, one of the most important players in the Mexican financial ecosystem. 

Mexico: a market with solid fundamentals and financing gaps 

Mexico is one of the most important economies globally: it ranks among the world's leading economies, has a diversified productive structure, and is deeply integrated internationally through free trade agreements. However, despite the strength of its financial system, the credit market suffers from structural inefficiencies, especially in the SME segment. 

More than 60% of the population remains unbanked, and a significant proportion of small and medium-sized enterprises do not have access to formal financing. In turn, nearly 85% of credit is concentrated in traditional banking, creating a natural space for non-banking players that can offer more flexible and efficient credit solutions. 

In this environment, SOFOMES (multipurpose financial companies) play a key role: today they represent around 10% of the country's credit portfolio, with growth rates above GDP and structural demand driven by phenomena such as nearshoring and business development support programs. 

FYNKAPITAL's proposal: structured private debt with a focus on capital protection 

FYNKAPITAL is structured as a private debt investment vehicle, designed to channel capital into structured loans, mainly through SOFOMES and other eligible non-bank financial institutions, under strict selection and risk control criteria. 

The model is based on four fundamental pillars: 

1. Diversification: The portfolio is constructed with a broad diversification of debtors, limiting exposure per borrower in accordance with internal investment policies. This reduces idiosyncratic risks and improves cash flow stability.
2. Robust structure and senior guarantees: Investments are encapsulated in autonomous assets, with a debt-to-guarantee ratio of over 130%, incorporating movable and immovable collateral and collection rights, all under a fiduciary structure independent of the administrator and originator.
3. Stable and attractive returns: The fund's objective is to generate annual returns in the range of 14%–15% in MXN, with monthly payments, capturing a relevant spread over the TIIE and offering a consistent risk premium compared to traditional fixed-income instruments.
4. Institutionalization of the ecosystem: FYNKAPITAL not only provides financing, but also supports IFNBs in formalization processes, corporate governance improvement, and operational strengthening, thereby raising the credit quality of originators in the long term. 

Corporate governance and disciplined investment process 

One of the distinguishing features of FYNKAPITAL is its robust corporate governance. The investment process is supported by a Technical Council and an Investment Committee, as well as specialized areas in origination, financial modeling, risk & data analytics, compliance, and external auditing. 

Each transaction undergoes a rigorous process that includes: 

• Business analysis and financial model of the borrower
• Risk assessment and ability to pay
• Legal and fiduciary review
• Structuring and ongoing monitoring of guarantees
• Regular reports and continuous portfolio monitoring 

This approach allows us to anticipate deterioration, protect invested capital, and maintain active risk management throughout the investment cycle. 

A strategic alternative for long-term portfolios 

Against a backdrop of falling interest rates and increased uncertainty in the stock markets, structured private debt is establishing itself as a complementary asset class, capable of improving the risk-return profile of institutional and wealth portfolios. 

FYNKAPITAL – Private Debt Mexico offers investors access to a deep and growing market, with a structure designed to prioritize capital protection, generate periodic cash flows, and capture opportunities that are not available in traditional markets. 

In short, this is a proposal designed for investors seeking stability, discipline, and attractive real returns, backed by a platform with regional experience, local knowledge, and a long-term institutional approach. 

DISCLAIMER

Cristián Rodríguez

Country Head Mexico