Going forward returns can only be

achieved through true value creation.

Tempest is a lower-mid market active value private equity investment firm focused on high potential opportunities with sensible valuations within high-quality businesses located in Mexico and Latin America.
We have a proven track-record in identifying and partnering with leading entrepreneurs across industries.


Sebastián is a leading voice in the Latin American private equity industry. Throughout his career, he has participated in 51 transactions amounting US$3.3 billion in equity, mezzanine debt and LP interest. He currently sits on Investment Committees overseeing +US$1.5 billion.
Sebastian was the Managing Director of Mexico Ventures, the Venture Capital and Mezzanine Division of Fondo de Fondos. Prior to that, he played a transformative role as the Principal coordinating the Private Equity team of CAF Development Bank of Latin America. Sebastián began his career working with the Global Value Equity team of Morgan Stanley and as a senior consultant in the Financial Services Group of Kroll. He is a founding member of the CFA Society of Mexico and represents the Public Investment Fund of Saudi Arabia on the Board of the KSA National Fund of Funds.
Mr. Miralles earned an MBA from IESE Business School and was valedictorian in his undergraduate class in international business at Universidad Panamericana. Sebastián holds both the CFA and the CAIA designations.
Ernesto joined Tempest Capital in 2017. Previously he was an Analyst at a boutique Investment banking and advisory firm. He began his career working in the Mexican PE and VC Association (AMEXCAP).
Ernesto holds an undergraduate degree in Finance from the Universidad Panamericana. He studied abroad at the University of Strasbourg and Escuela de Finanzas Aplicadas in Madrid. He has paased level II of the CFA program.
Mr. Ibarra has analysis experience in Fund of Funds and in the Industrials, Fintech, Media, Education, Telecommunications, Cybersecurity, Agriculture, Mobility, Healthcare, and Hospitality industries.
Eduardo joined Tempest Capital in 2019. Previously he was a Business Analyst Intern with McKinsey & Co. He began his career working at The Boston Consulting Group.
Eduardo holds an undergraduate degree in IT Business Engineering from the Instituto Tecnologico de Estudios Superiores de Moneterrey.
Mr. Tricio has analysis experience in the Banking, Oil & Gas, Logistics, Telecommunications, Industrial Goods, Healthcare, and Hospitality industries.


Aniceto has 15 years of experience in the international financial sector, with a focus on origination, structuring and closing of advanced equity and project finance transactions in the infrastructure and energy sector in Latin America.
Before founding Beel in 2018, Aniceto worked in CitiBanamex Afore, one of Mexico’s largest pension funds, where he was Risk Director, responsible for transaction origination, structuring, closing and monitoring of US$10 billion AUM, including 55+ private equity & debt funds and co-investments.
Prior to moving to Mexico, Aniceto was based in Washington DC for 10 years, where he was a senior investment officer in the infrastructure department at the Inter-American Investment Corporation, part of the Inter-American Development Bank Group, where he worked on more than 50 project finance and equity transactions in the infrastructure sector across Latin America.
He has also worked for the International Finance Corporation, World Bank Group, and the Spanish Economic and Commercial Office in the USA.
He is a Chartered Financial Analyst and holds a Masters in Finance degree from George Washington University in Washington, DC, an International MBA from ICEX/CECO in Madrid, Spain, and a Professional Certificate in Strategic Decision and Risk Management from Stanford University. He holds a Bachelor of Business Administration from both the University of Hertfordshire, UK, and University of Malaga, Spain, under a double-degree program.
Joncarlo is the Founder of Upwelling Capital Group LLC, a California-based boutique investment advisor that provides services and capital solutions to premier institutional investors. Clients include endowments, foundations, family offices and a broad set of global investment organizations.
Prior to forming Upwelling in 2011, Mr. Mark was a Senior Portfolio Manager at the California Public Employees Retirement System (CalPERS), where he was responsible for investing in global private equity partnerships and direct investments, with a portfolio that exceeded US$48 billion of exposure. In addition, from 2007 to 2010, Mr. Mark served as chairman of the board for the Institutional Limited Partners Association (ILPA), whose 350 institutional members manage over US$1 trillion in private equity assets.  Prior to joining CalPERS in 1999, Mr. Mark spent six years with Premier Farnell PLC.
Mr. Mark currently serves as an executive trustee of the University of California Davis Foundation and is chairman of the Finance and Investment Committee.  From 2012 to 2018, he was on the board of AltExchange Alliance, an industry body chartered to define, maintain and promote a single data standard for the private equity industry. 
Mr. Mark earned an MBA from the Graduate School of Management at the University of California, Davis and received a BA from the University of California, San Diego. He also holds Series 62, 63 and 65 FINRA securities licenses.


Tempest is founded on the principle that change and uncertainty are to be embraced rather than avoided. We believe in directed, disciplined, resilient, ethical action. We construct concentrated high conviction portfolios in companies with clear competitive advantages and industry leading management teams.


Our organization believes that best practices are the minimum at which we shall perform. Strong governance, and transparency to our stakeholders is something they are entitled to.



The traditional approach to private equity is broken. Financial engineering has run its course. Going forward returns can only be achieved through true value creation. This can only take place when actively partnering and engaging with management teams that share the highest ethical and professional standards. We generate value for our investors through a meticulous bottom-up approach that selects firms with structural advantages that provide downside protection while at the same time leveraging our internal and external capabilities for the benefit of portfolio companies.
These high conviction positions coupled with Kelly Criteria allow us to provide Margin of Safety to our investors within what we like to call an Active Value approach.





PayClip (“Clip”) provides mobile payment services. The Company allows businesses and consumers to make transactions by turning their mobile device into a card terminal. Clip serves customers across Mexico and internationally. Clip is the largest payment fintech firm in Mexico. It is participated by General Atlantic and Softbank. Fully exited.




Plata Tower Company, (“PTC”) provides passive network infrastructure (i.e. cell towers) to cellular carriers, landline telecom operators, and cable television operators in the Southern Cone. Plata Tower Company, the leading independent tower provider in Argentina, is focused on providing. “Built-to-Suit” (or “BTS”), greenfield towers, primarily to large wireless operators operating in the Southern Cone.


Tempest selectively takes advisory engagements for large corporates and sovereign wealth funds. We do not actively market this service.


For any general inquiries, please fill in the following contact form:

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+52 (55) 7100 4570 

Av. Paseo de la Reforma 296 Piso 41, Colonia Juárez, 06600, México, CDMX

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