Examples of successful middle-market private equity investments in emerging markets remain very limited. Among the primary constraints are lack of availability of reasonably priced debt capital, limited exit options for private equity capital, and absence of stable and diversified sources of capital for private equity firms. This case follows the founders of EFM Capital, a private equity firm operating in the Mexican middle market, as they navigate said challenges and deliberate the future of their firm. Students will learn about EFM's unique business model for integrating acquired companies and will follow the co-founders' thought processes as they evaluate new opportunities both within Mexico and abroad. This case's simple but rich platform allows students to understand the constraints of the traditional private equity model and discuss challenges of having a professional, systematic approach to private equity investments a market like Mexico.