Ithaca Private Capital Launches in Colombia to Fund Mid-Sized Firms
Colombia · Business
Key Facts
—Launch Ithaca Asset Management is a new Colombian private-capital vehicle co-founded by Eduardo Pacheco.
—First Investment Ithaca deployed COP$20,000 million (~US$5 million) into CFC Cafarcol, a packaging manufacturer.
—Target Focus The fund targets profitable mid-sized companies with sustainable competitive advantages in resilient sectors.
—Investment Style Ithaca provides long-term capital and operational support without a preset exit horizon.
—Capital Sources The vehicle channels money from both local and international investors, though specific backers remain undisclosed.
Ithaca private capital has entered the Colombian market with the launch of Ithaca Asset Management, a new investment vehicle co-founded by Eduardo Pacheco that aims to bridge a critical financing gap for the country’s mid-sized companies.
A Debut in Colombian Packaging
The vehicle’s inaugural transaction targets CFC Cafarcol, a Colombian packaging manufacturer serving the pharmaceutical, cosmetics, and food industries. Forbes Colombia reported the capital injection at COP$20,000 million, equivalent to roughly US$5 million at mid-2026 exchange rates.
The deal exemplifies Ithaca’s stated mission to back profitable, mid-sized firms with sustainable competitive advantages. Packaging, a sector tied to essential consumer goods, fits the fund’s preference for resilient industries less exposed to discretionary spending cycles.
Eduardo Pacheco, known for his previous leadership roles in the Colombian financial sector, sees the fragmented mid-market as underserved. The investment provides growth capital to a company with existing industrial clients, rather than a speculative startup.
A Different Kind of Capital
Ithaca explicitly positions itself apart from conventional private-equity funds by offering long-term capital without a preset exit horizon. This structure is designed to appeal to family-owned or founder-led businesses wary of losing control to short-term investors.
The strategy includes operational support alongside funding, helping companies professionalize management and scale sustainably. By channeling money from both local and international investors, Ithaca aims to professionalize a segment of the Colombian economy often overlooked by large global funds.
The launch comes as private capital in Colombia increasingly flows toward growing mid-market companies rather than only early-stage startups. Ithaca’s flexible timeline could allow portfolio companies to pursue multi-year expansion plans without the pressure of a forced sale or IPO.
Who Is Behind Ithaca
Eduardo Pacheco co-founded the vehicle following a notable career that included the sale of Scotiabank Colpatria, a major Colombian banking operation. His track record in traditional finance lends credibility to the new venture as it courts institutional and high-net-worth investors.
The firm’s public materials indicate a team with experience in investment banking, private equity, and corporate operations. However, the full list of institutional backers has not been publicly disclosed, with reporting only confirming a general base of local and international investors.
This opacity is not unusual for a first-time fund in Latin America, where family offices and regional investors often prefer confidentiality. The undisclosed nature of the backers means the fund’s total size and firepower remain unclear beyond the initial COP$20,000 million deployment.
Colombia’s Mid-Market Opportunity
Colombia’s economy has long been characterized by a missing middle: a gap between micro-enterprises and large conglomerates. Mid-sized firms often struggle to access bank loans large enough to fund expansion, yet they are too small to attract major international private-equity checks.
Ithaca targets exactly this space, seeking companies with proven business models that need strategic capital to reach the next level. The focus on resilient sectors like packaging, which supplies pharmaceutical and food producers, reflects a defensive posture amid global economic uncertainty.
The Colombian private-capital landscape has matured over the past decade, with more local fund managers emerging. Ithaca’s launch adds a new option for business owners who want a partner rather than a controller, potentially reshaping succession planning for family firms.
What Comes Next
With its first investment complete, Ithaca is expected to pursue additional deals in sectors that share CFC Cafarcol’s defensive characteristics. The firm has not publicly disclosed a target number of portfolio companies or a fundraising ceiling.
The success of the model will depend on Ithaca’s ability to source deals in a competitive market and to deliver the operational expertise it promises. For foreign investors watching Colombia, the vehicle represents a test case for patient capital in a region often associated with volatility.
As the fund deploys more capital, the market will watch whether the undisclosed backers step forward or remain silent. For now, the CFC Cafarcol deal serves as a proof of concept for a strategy that rejects the traditional private-equity playbook.
Frequently Asked Questions
What is Ithaca private capital?
Ithaca private capital refers to Ithaca Asset Management, a new Colombian investment vehicle co-founded by Eduardo Pacheco that provides long-term growth capital and operational support to mid-sized companies without a preset exit horizon.
What was Ithaca’s first investment?
Ithaca’s first investment was a COP$20,000 million (~US$5 million) capital injection into CFC Cafarcol, a Colombian packaging manufacturer serving the pharmaceutical, cosmetics, and food industries.
Who are the backers of Ithaca Asset Management?
Ithaca channels money from local and international investors, but the specific institutional or individual backers have not been publicly disclosed in available reporting.
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