GP Investments, the Brazilian private equity firm that has raised a record Latin American fund, is opening an office in Mexico as it looks to invest outside its home market for the first time.

Last month, GP Investments formally closed its fourth buyout fund at $1.3bn (€889m). That matches the buying power of Advent International, its main competitor in the region, which also closed its latest Latin American fund at the same amount in July, the largest ever for the region.