BUSINESSES LOCATED IN MEXICO AND LATIN AMERICA
Going forward returns can only be
achieved through true value creation.
WHO WE ARE
Tempest is a mid-market private equity investment firm focused on high potential opportunities with sensible valuations located in Mexico and Latin America. We have a value focus with an activist approach.
Tempest has a proven track-record in identifying and partnering with leading entrepreneurs across industries.
THE TEMPEST DIFFERENCE
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.
ACTIVE VALUE INVESTING
The traditional approach to private equity is broken. Financial engineering has run its course. Returns must be achieved through true value creation. This can only take place when actively partnering and engaging with management teams that share the drive to performan and the highest ethical 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 portoflio construction allow us to provide Margin of Safety to our investors within what we like to call an Active Value approach.
ADVISORY SERVICES
Tempest Capital is a diversified financial advisory & private equity firm specialized in special situations. Tempest supports companies in optimizing capital structures, managing liabilities, and enhancing company value.Our identity is rooted in a client-centric philosophy and an activist approach, aligned with the highest international standards of corporate governance. We aim to drive the transformation of the organizations we support, generating sustainable value through strategic and operational improvements.
TEMPEST TEAM
MANAGING PARTNER
SEBASTIAN MIRALLES, CFA, CAIA
Mr. Sebastián Miralles is the Founder and Managing Partner of Tempest Capital, a private equity and financial advisory firm. He previously led Venture Capital and Mezzanine Strategies at Fondo de Fondos and oversaw principal investments for CAF Development Bank of Latin America. Earlier in his career, he held roles at Morgan Stanley and Kroll.
He is a CFA and CAIA Charterholder, holds an MBA from IESE and a BA from Universidad Panamericana. Mr. Miralles has participated in 57 transactions totaling US $ 4.0 billion and played key roles in initiatives such as Saudi Arabia’s Jada Fund of Funds and the early growth of fintech leader Clip, the largest mexican fintech.
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PRINCIPAL
ERNESTO IBARRA,CFA
Mr. Ernesto Ibarra joined Tempest Capital in 2017 and has contributed to transactions totaling over US$ 1.2 billion across a wide range of sectors, including industrials, fintech, healthcare, and infrastructure. He began his career at AMEXCAP and later worked in investment banking before joining the firm.
Mr. Ibarra holds a degree in Finance from Universidad Panamericana, with international studies in France and Spain. He is a CFA Charterholder, holds the CFA ESG Certification, and is a CAIA Level II candidate. His experience includes fund of funds analysis and participation in the restructuring of debt issuances exceeding US$ 180 million.
ASSOCIATE
PABLO SALAS
Mr. Pablo Salas joined Tempest Capital in 2022 as a Junior Analyst after earning his degree in Financial Management from Tecnológico de Monterrey.
Since joining, he has contributed to over 17 transactions with a combined potential deal value of US$ 1 billion, spanning sectors such as renewable energy, industrials, oil & gas, automotive, and agriculture. He has also been involved in fund of funds analysis and strategic advisory work. Mr. Salas participated in the restructuring of debt issuances exceeding US$ 180 million in aggregate value.
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INVESTMENT ANALYST
MANUEL ESQUIVEL
Mr. Manuel Esquivel joined Tempest Capital in 2024 as a Junior Analyst. He holds a bachelor´s degree in Quantitative Finance from Universidad Panamericana and has international academic experience at Babson College, the London School of Economics (LSE), Nanyang Technological University, and the University of Chicago.
Mr. Esquivel has contributed to over eleven transactions totaling US$ 770 million in potential deal value across sectors such as renewable energy, telecommunications, infrastructure, and real estate. He has also supported buy-side advisory mandates, including the restructuring of debt issuances exceeding US$ 180 million in aggregate value.
JR. INVESTMENT ANALYST
RICARDO PAREDES
Mr. Ricardo Paredes joined Tempest Capital in 2025 as a Junior Analyst. He is currently pursuing a Bachelor’s degree in Finance at Tecnológico de Monterrey, Campus Santa Fe, and recently completed an international academic program at CUNEF in Madrid.
Ricardo completed a previous internship at the CCV risk management division of the Mexican Stock Exchange (BMV). He has passed the CFA Level I exam and completed a certified financial modeling program issued by the CFA Institute.
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JR. INVESTMENT ANALYST
JORGE A. JIMENEZ
Mr. Jorge Jimenez joined Tempest Capital in 2025 as a Junior Analyst. He holds a Bachelor’s degree in Finance from Tecnológico de Monterrey, with majors in Alternative Fund Management and Data Analytics.
Jorge has co-founded and led several ventures, including an e-commerce platform where he oversees operations, logistics, and strategic growth. He previously worked at Jimam, managing government bid proposals, and at Ensigna, where he supported operational efficiency efforts that contributed to record in sales.
ADVISORS
RICARDO FERNÁNDEZ JUNIOR
INVESTMENT COMMITTEE
Ricardo founded Signal Capital after acquiring Hamilton Lane's operations in Brazil, which he led for 10 years. He was responsible for the entire Hamilton Lane strategy for Latin America, and for originating and structuring all investments in the region. He previously served as Vice President of Capital Dynamics Brazil.
Mr. Fernandez has been involved in transactions amounting to +US$ 2 billion in primary and secondary investments and joint ventures. In addition, he was a member of the Hamilton Lane Global Investment Committee.
Ricardo completed the Advanced Management Program at Harvard Business School and has an MBA from IESE Business School.
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.
JONCARLO MARK
EXTERNAL ADVISOR
TEMPEST TRANSACTIONS
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For any general inquiries, please fill in the following contact form:
+52 (55) 7100 4570
Av. Paseo de la Reforma 296 Piso 25, Colonia Juárez, 06600, México, CDMX
