(MIF) June 2, 2010 – The Multilateral Investment Fund (MIF) has approved a USD 5 million equity investment in the Alta Ventures Mexico Fund I, L.P., to support ventures from technology entrepreneurs.

The fund plans to raise about USD 100 million, and will also be backed by international and Mexican investors.

The fund will be managed by Alta Ventures Mexico Management (GP), L.P., which is a joint initiative of Rogelio de los Santos, a Mexican businessman and entrepreneur, Paul Ahlstrom, a co-founder of vSpring Capital, the leading VC fund in the Rocky Mountain region of the US, as well as the managing directors of vSpring Capital.

The fund will invest in 10-15 innovative start ups and in 10-15 early stage and high growth SEs. Among the activities of the companies in which the fund will invest are life sciences and healthcare, information technology and education.

In addition, the investment team will seek to consolidate the venture capital ecosystem in Mexico.  The team will work to align the interests of key constituents, such as entrepreneurs, universities, angel investors, mentor networks and venture capitalists, through conferences, innovative programs and relationship building.

“The MIF is delighted to see an experienced US fund manager forging a partnership with a Mexican entrepreneur, to transfer the best practices of the US industry to Mexico, and help create a conducive  ecosystem for seed and venture capital investing. This is a direct result of how the Region as a whole weathered the recent crisis, and the fact that investors overseas began to focus in LAC as an attractive investment destination”, said MIF project team leader Susana Garcia-Robles.

An autonomous fund administered by the IDB, the MIF promotes the development of microenterprises and small and medium-size businesses in Latin America and the Caribbean, providing access to various forms of financing and knowledge networks.