Mexican billionaires eye European exec jet assets

LONDON, July 13 (Reuters) - A group of Mexican billionaires are backing a fund seeking to buy cheap executive jet businesses in Europe.

John Detmold, who runs Mexico-based Invecture Group, told Reuters on Monday his fund has up to $100 million to invest in business aviation companies in Europe. The four investors prefer to remain anonymous but are among Mexico's 20 richest people.

Many charter companies are available at low prices because of the economic downturn and the fund is close to making its first European investment, Detmold said.

"The demand for that kind of luxury product in Europe has been really hard hit, the business has declined much more than in the U.S.," said Detmold

Invecture has invested about $400 million mainly in mining and metals businesses. These include taking control of Toronto-based Frontera Copper (FCCnt.TO) earlier this year, investing about $140 million.

Detmold said the fund sought out solvent companies trading at low prices because of liquidity issues. He said investing in the distressed sector had become more difficult since the start of the year.

"We are still finding a lot of distressed prices but before we would have to look at 10 to 20 opportunities before we found a good one ... We are now looking at something like 50," Detmold said. (Reporting by Tom Freke; Editing by David Holmes)