Piedra Capital, Ltd. (PCL) was formed in 1993 by S. Peter Hidalgo, II as a limited liability corporation under the laws of the State of Texas.  Just prior to launching Piedra in 1993, Pete held the position of Senior Vice President and Portfolio Manager at American Capital Asset Management.  During his five-year stay with that company, he managed a variety of funds, including Pace, a $2.6 billion capital growth fund; Enterprise, a $700 million aggressive growth fund and Comstock, a $900 million value fund.  For an additional seven years, Pete was the Chief Investment Officer for the State of New Mexico, where he managed the state's $4.0 billion Permanent Fund.