March

• Frontal Trust (FT) is founded with focus on real estate, managing three investment funds with Inmobiliaria Fundamenta.

August

• FT partners with Surmonte, a real estate agency, controlled by the holding company Pie de Monte, whose purpose is to develop residential projects throughout Chile.

May

• FT diversifies its investments by entering the industrial real estate business in partnership with Campos de Chile.

June

• FT enters the private equity segment acquiring 75.5% of Autofin, an automotive financing firm. The remaining 24.5% belongs to Cavem Chile.

November

• FT launches Retorno Preferente Fundamenta Plaza Egaña Fund, the firm’s first public fund, with an equity of over US$50 million.

January

• FT ends its second year of operations with US$ 270 million of equity under management and 11 active investment funds, 10 of which are real estate funds operating in partnership with Fundamenta, Surmonte, and Campos de Chile.

February

• FT signed-off a fund for UF 700,000 (US$ 28 million) for the development of buildings in middle-class sectors in Santiago, Ñuñoa, and Estación Central neighborhoods with Inmobiliaria Fundamenta.

March

• FT expands to the Private Debt segment, offering financing mechanisms to small and medium-size companies with high growth potential.

May

• FT launches a preferred equity fund for US$ 12 million to finance three real estate companies with development projects in several regions in Chile.

October

• In partnership with EverWest, a North American firm with decades of experience in the real estate business, FT launched two real estate funds in the United States, to acquire medium-sized office buildings using a value add strategy, which consists of repair and lease the offices for long terms. EverWest contributes 10% of the equity and acts as manager of the funds.

January

• FT launches private funds to finance factoring firms. As such, it becomes a provider of capital for companies in need of liquidity.

March

• FT enters the infrastructure business, entering its second and third phase of development.

July

• Through a capital increase of CLP$ 11 billion, the capital of Autofin is strengthened for its second time. FT’s investment fund has 64% of the ownership, IRB 30%, while the 6% remaining belong to Citroen importers.

December

• Independent directors join FT, the former Minister of Education and Justice, Felipe Bulnes; the former Minister of Finance, Rodrigo Valdés and the Chairman of Sonda, Mario Pavón.

February

• Through Alpha fund, FT acquires 33% Vespucio Norte and Túnel San Cristóbal concessionaire companies from the Canadian fund Brookfield. As such, FT becomes the first Chilean investment fund to own a percentage of an urban highway in Chile.

August

• FT, through Evoluciona Administradora de Mutuos Hipotecarios, enters the mortgage-backed financing business, providing financing alternatives for individuals and businesses. Inversiones Evoluciona is the parent company, in which FT owns 51% and the remaining 49% belong to Moneda Renta CLP investment fund.

September

• FT partners with Cantauco a real estate agency to develop residential projects in Chile.

October

• FT, in partnership with a group of entrepreneurs with experience in private debt, creates Cordada, a technological platform that seeks to support small and medium-sized companies through working capital financing.

May

• FT opens its first investment office in the United States, Frontal Trust U.S. located on Brickell Ave. in Miami, in charge of Luis Felipe San Martin as Managing Partner.

September

• The public fund “Frontal Trust Rendimiento con Liquidez” (Frontal Trust Performance with Liquidity) begins operations, which has as its main objective to invest its resources in shares of the private investment fund “Cordada Fondo de Inversión Privado Deuda y Facturas I” (Cordada Private Investment Fund Debt and Invoices I ), managed by the related company Cordada Capital S.A. This investment fund has unique and novel characteristics for the capital market, as it is a public offer instrument, it offers a fixed daily accrual through its preferred series and liquidity similar to term deposits through its 30- and 60-day redemption policy.

October

• The public fund “Frontal Trust U.S. Residential Credit Opportunity I”, begins operations, which aims to invest in short term mortgage-backed loans originating in the U.S.

December

• FT, in conjunction with a group of entrepreneurs and businessmen with experience in the distribution and sale of cars, creates Car1, a technological platform that offers an online experience for the sale of used vehicles.

April

• The public fund “Frontal Trust Financiamiento Estructurado Exxacon Fondo de Inversión” (Frontal Trust Structured Financing Exxacon), begins operations with the objective of financing Exxacon, a real estate developer, through a structure composed of mezzanine debt and preferred equity backed by insurance policies.

May

• FT in partnership with Xepelin -Fintech specialist in financing SMEs- launches the fund “Frontal Trust Xepelin Deuda México Fondo de Inversión” (Frontal Trust Xepelin Mexican Debt) which invests through a robust structure of private debt with aligned incentives in a diversified portfolio of invoices originated by Xepelin in Mexico and linked to large payers, offering to its investors an attractive return in dollars through preferred series.

August

• Frontal Trust launches Frontal Trust Peru, an investment office in Lima, under the direction of Raúl Benavides as Partner and Portfolio Manager.

September

• Frontal Trust U.S. launches the “Single Family Residential” Fund, it’s second investment vehicle in the U.S., with the objective of buying and managing a portfolio of rental properties in Florida.

December

• Frontal Trust begins operations in Europe launching “Frontal Trust Desarrollo Inmobiliario Industrial España”, a development of “build-to-suit” industrial assets for low risk companies with long-term rent contracts

January

• Felipe Bulnes and Mario Pavón resigned their positions as Board members. Their places have been taken by Clemente Ochagavía, partner and portfolio manager of Frontal Trust, and Marta Del Sante, Business Manager and Master of Finance from Pontificia Universidad Católica de Chile.

April

• Catalina Silva Vial joins the Board of Directors. She holds a Bachelor’s Degree in Business Management from Pontificia Universidad Católica de Chile, and an MBA from Tuck School of Business at Dartmouth College. Currently, she is the CEO of Grupo Pampa (Norte Grande S.A. and subsidiaries, main stockholders of SQM S.A.)

June

• Frontal Trust enters the agriculture industry under the leadership of Gustavo Llona as Partner and CEO, focusing on agriculture investments in Chile, Peru and Colombia.

March

• The Bridge Multifamily Fund V, managed by the U.S.-based Bridge Investment Group (BIG), successfully raised USD 2.26 billion, making it the largest exclusive multifamily fund in history. Frontal Trust contributed to the capital raising process for this fund, which, for the first time, includes South American investors.
• The Environmental Assessment Service (SEA) issued an exempt resolution, upholding the Supreme Court ruling that confirmed environmental permits for the execution and resumption of the Egaña-Sustainable Community project by Inmobiliaria Fundamenta. Frontal Trust is involved in this project through various real estate funds.

April

• Alejandro Micco, Alejandra Cox, and Claudio Correa joined the board of directors of Frontal Trust, replacing Rodrigo Valdés, Marta del Sante, and Catalina Silva, who made valuable contributions to the company’s development and growth. The new members join Andrés Echeverría (Chairman) and Max Boza (Director) on the board.

August

• Following the fulfillment of all regulatory approvals from both the Financial Market Commission (CMF) and the National Economic Prosecutor’s Office, the transfer of 51% of Autofin to Banco Internacional was finalized. The remaining 49% of ownership remains in the hands of the FIP Frontal Trust Autofin and its partners.
• Frontal Trust launched the fund ‘Frontal Trust – Cordada Rendimiento con Liquidez Mediano Plazo’, denominated in pesos. Designed as an investment strategy focused on capital preservation, the fund offers a preferential return, disclosed at the beginning of each month, which exceeds that of money market mutual funds and time deposits. Additionally, it boasts liquidity well above the semi-liquid funds in the industry. As of now, over 40% of its portfolio consists of loans backed by Fogape guarantees.

December

• Claudio Mehech Labán has been appointed as the new CEO of Frontal Trust Administradora General de Fondos S.A. An industrial engineer from the University of Chile and an MBA graduate from The Wharton School (University of Pennsylvania), he brings 20 years of experience in the financial sector. Additionally, Carmen Vicuña has assumed the role of Risk Manager.
• The separation between Frontal Trust and the Miami team, led by Luis Felipe San Martín, has been formalized, with the Miami team now operating under the brand 12ten Capital. This agreement does not entail any changes for Frontal Trust regarding its activities and responsibilities related to the RCO, NNN, and Single Family Homes funds.

April

• We launched the 2024 version of our podcast ‘Conversaciones Frontal Trust’ with the series “Capital Dialogues: The Impact of Savings and Investment on Chile’s Development.” You can listen to all the episodes by clicking here.

May

• José Antonio Martínez, a civil industrial engineer from the University of Chile with more than 25 years of experience in the financial and securities markets, takes over as director of Frontal Trust. He replaces Alejandra Cox, who made a valuable contribution to the company.

July

• Rodrigo Escala Amigo takes over as the Commercial and Distribution Manager at Frontal Trust with the goal of strengthening business relationships with our current client portfolio and expanding our reach to new investors.

August

• Seminar “Pension Reform and the Role of Alternative Assets,” organized jointly by Frontal Trust and the Executive Management Program of the Faculty of Economics and Business at the University of Chile.

October

• Frontal Trust, together with Cordada and MXC Capital, launches a fund in Mexico aimed at supporting medium-sized businesses in that market. Notable contributors include important Mexican institutional investors, such as AFORES (pension funds), ensuring a solid funding base.

November

• Frontal Trust announces a fund to finance the credit portfolio originated by Mercado Pago for merchants selling their products on Mercado Libre in Chile. This is great news both for the small businesses that will benefit and for investors who want to contribute to the growth of SMEs in the country.

December

• Frontal Trust launches the Desarrollos Industriales I Investment Fund, focused on financing the development of industrial real estate projects in the city of Santiago. These projects, led by the real estate manager DLS, are part of the “Build to Suit” business model, which involves developing properties tailored to the needs of tenants and then selling them to a third party. Additionally, they have lease contracts signed with top-tier tenants.