Special Situations
Some of Colombia’s most compelling opportunities do not begin as conventional investment propositions.
Strategic assets, operating businesses, distinctive ownership circumstances and underutilized properties can hold significant underlying value while remaining difficult to access, evaluate or reposition through conventional market processes.
TruePath focuses on situations where complexity itself creates a gap between current circumstance and future economic potential—particularly where that gap can support a differentiated investment thesis.
Turning complexity into investable opportunity.
Special situations arise when underlying value and conventional marketability do not naturally coincide.
Ownership circumstances, legacy arrangements, operational constraints, fragmented interests or unusual transaction dynamics can prevent otherwise compelling assets or businesses from reaching their highest economic use.
The opportunity is not complexity for its own sake. It is the possibility that complexity has created a disconnect between current perception and underlying potential.
Complexity creates friction. Friction can create opportunity.
A deep economy where valuable assets can sit outside conventional investment channels
Colombia’s economy contains significant real estate, productive assets, operating businesses and strategic properties held across a wide range of ownership, corporate and institutional circumstances.
Many transact through conventional markets.
Others do not.
Changes in ownership, corporate transitions, fragmented interests, legacy portfolios and non-core holdings can create situations in which substantial economic potential exists without an immediately obvious investment proposition.
This creates a distinct opportunity: not simply to acquire what exists, but to recognize when circumstances have obscured what an asset or business could become.
The asset may already exist. The opportunity may still need to be created.
Value can exist long before the market can access it.
Assets exist. Investability does not always follow
An asset can possess strategic location, replacement value, productive capacity, operating relevance or redevelopment potential and still remain outside conventional investment channels.
The friction may lie elsewhere—in ownership circumstances, information asymmetry, operational complexity, unclear positioning or the absence of a credible path toward a higher-value use.
Intrinsic value and immediately accessible value are not always the same.
Asset quality does not automatically create investment readiness.
Complexity can create market dislocation
Conventional markets price what they can readily understand, compare and transact.
Complex situations do not always fit that model.
When information is incomplete, ownership is unusual, strategic options are unclear or a transaction requires more coordination than the market typically absorbs, the universe of capable participants can narrow.
That can create a disconnect between current marketability and underlying economic potential.
The friction is not always the asset. Sometimes it is the path to understanding what the asset can become.
Underutilized assets can have unrealized economic potential
Current use does not always reflect underlying value.
A hospitality asset may occupy an irreplaceable location.
Industrial land may sit within an evolving economic corridor.
An operating business may possess capabilities that are more valuable than its current strategic positioning suggests.
A group of disconnected assets may contain the foundations of a broader platform.
The opportunity emerges when future economic relevance becomes more important than the circumstances that currently define the asset.
What something is today does not necessarily define what it can become.
From individual assets to strategic platforms
Some special situations derive their value from the repositioning of a single asset. Others reveal the possibility of something larger.
Multiple properties can support a broader real estate thesis.
Productive assets can become anchors for industrial ecosystems.
Hospitality assets can gain strategic value through portfolio logic or destination positioning.
Land can support entirely different economic uses as infrastructure, demand and surrounding activity evolve.
TruePath looks beyond the immediate transaction to consider whether isolated value can become part of a broader strategic proposition.
An asset can be acquired. A platform has to be imagined, enabled and built over time.
Access can be part of the opportunity
Special situations are not always visible through standardized market processes.
Some become investable only when unusual circumstances, timing, relationships or strategic context bring them into clearer view.
Access, however, is only the beginning.
The real advantage lies in understanding why the opportunity exists, what prevents the broader market from seeing it conventionally and whether those conditions can support a durable investment thesis.
Access creates visibility. Judgment determines whether there is an opportunity.
Execution Readiness
Special situations become investable when complexity can be understood well enough to distinguish genuine opportunity from unresolved risk.
An unusual circumstance is not, by itself, a reason to invest. Nor is apparent undervaluation.
The investment case becomes credible when the underlying economics, strategic use, ownership context and path forward can be understood as part of one coherent proposition.
Capital should not be expected to compensate for ambiguity that has not yet been understood. The opportunity must first make economic sense on its own terms.
The opportunity exists when complexity becomes executable.
Underlying value, a potential buyer and an asset can all exist independently without creating an investable opportunity.
A true special situation emerges when the circumstances surrounding the asset can be understood well enough to reveal a credible economic path beyond its current state.
That is when complexity stops being merely an obstacle—and begins to become part of the investment thesis.
360B+
Revenue generated by Colombia’s 1,000 largest companies (2024)
34.1% of GDP
Economic weight of the next 9,000 largest companies
5,428
Active corporate insolvency proceedings (2025)
A deep economy continuously creates situations outside conventional investment channels
Ownership transitions. Corporate evolution. Underutilized assets. Non-core holdings. Strategic repositioning. Complex transactions.
These circumstances continuously create moments in which asset quality and market perception can diverge.
Value does not disappear when circumstances become complex. Visibility, liquidity and conventional marketability may.
The opportunity is not complexity itself. It is the dislocation between circumstance and underlying economic potential.
Opportunity Landscape
Strategic Assets & Complex Portfolios
High-quality real estate, productive assets and portfolios whose strategic potential may be obscured by unusual ownership, positioning or transaction circumstances.
Corporate & Operational Situations
Businesses or operating assets where strategic complexity creates opportunities for repositioning, recapitalization, transformation or new ownership logic.
Underutilized Strategic Assets
Properties and operating assets whose current use does not fully reflect their location, capabilities, infrastructure or long-term economic potential.
Complex Real Estate
Hospitality, urban, industrial and strategic properties where value depends on more than a conventional acquisition thesis.
Portfolio Repositioning & Aggregation
Opportunities to reposition, combine or rationalize multiple assets around a more coherent economic thesis.
