Tribeca Investment Partners is taking a close look at business prospects in Venezuela after posting strong returns last year.

Portfolio manager Ben Cleary, whose Tribeca Global Natural Resources feeder fund delivered an estimated 127 per cent return in the past year, said he has dispatched a team to Caracas to evaluate potential investments and meet with local firms. Cleary described heightened interest from international banks and brokers in Venezuelan opportunities, likening the scenes to a “massive gold rush,” according to the Financial Post.

The firm, which manages about US$4 billion in assets, discussed several sectors it is considering, including publicly traded companies expected to benefit from increased resource production and private credit deals with local partners. Cleary indicated the firm might allocate up to 10 per cent of its capital to Venezuelan assets if political developments create a favourable environment for foreign capital.

The surge of interest follows recent dramatic developments in Venezuela, including the capture of President Nicolás Maduro by U.S. forces, a move that has drawn both cooperation overtures from Venezuelan leadership and international criticism. Tribeca’s approach reflects broader investor enthusiasm, but Cleary and others acknowledge that legal protections and control over assets remain uncertain in the shifting political and security landscape.

Larger institutional investors may face significant hurdles before committing to the Venezuelan market, and some market participants caution that advantageous conditions for early entrants might not persist once major players begin formal investment. The Financial Post report underscores both the potential and the risks associated with this rapidly evolving situation.