Last updated: 20:17 / Tuesday, 30 March 2021
Column by Arturo Hanono

AFOREs Diversify to Global GPs in Private Equity


In Mexico, Harbourvest Partners, Spruceview México and Lock Capital are the three alternative investment issuers that have called the most capital in amount. On the other hand, Harbourvest Partners, Lock Capital and Capital Global are the three issuers with more than $1 billion USD in committed capital out of the 17 GPs that have issued CERPIs as can be seen in the following table:



CERPIs are the vehicles that allow AFOREs to invest in Private Equity globally. So far (March 2021) there are 49 CERPIs in place totaling $9.714 million USD in committed capital, of which 25% have been called.


MIRA Manager was the first in 2016 before CERPIs were allowed in 2018 to invest 90% of its resources globally and 10% in Mexico. The opportunity to invest globally promoted that, in 2018, 12 issuers issued a CERPI for the first time, standing out in committed capital: Capital Global, Lock Capital (who replaced Lexington as manager, who issued in said year) and KKR. In 2019 three new GPs were incorporated (Harbourvest Partners, Spruceview and Actis Gestor) and four GPs continued to grow their offer of CERPIs. For 2020 only Arago Capital was the new GP that was incorporated as an issuer and three reissued.


For the potential market that global Private Equity investments have, the fact that there are only 17 issuers seems to us to represent a small number and that they are only taking a breather. In Chile, the AFPs make similar investments through 45 GPs (2.6 times more than Mexico) of which five of them have issued a CERPI in Mexico.


For the AFOREs with $230.110 million USD in assets under management (as of February 28, 2021), investments in local Private Equity represent 5% and 1% in global Private Equity, which shows their growth potential.

As there are 49 emissions and 17 GPs, the average per GP is close to 3 CERPIs for each one, however 9 have more than one CERPI and 8 GPs only have one CERPI. The number of issuances has grown due to the specialization in the age of the affiliated worker and due to its orientation towards private banking clients. It should be remembered that today SIEFOREs are based on the worker's age (Target Date Funds). Spruceview and BlackRock for example have 9 CERPIs each, while Lock Capital has 8.

The 17 issuers can be classified as:

  • Global GPs,
  • Local GPs,
  • GPs who are advisers and
  • Those that are a combination of the above.

As CERPI issuance dominates in the Fund of Funds sector it is highly likely that there are more global GPs than we currently see.  However, that information is not public.


Global investments in Private Equity by AFOREs should continue to grow in both resources and managers.

Column by Arturo Hanono

About Arturo Hanono

Arturo Hanono is Senior Advisor in Mexico at Alpine Capital Advisors, firm specialized in global private equity advisory. With over 35 years of asset management experience in Mexico, Arturo supports all of Alpine’s fundraising and investor relations efforts in Mexico. Prior to joining Alpine, Arturo held the CIO position at various Mexican pension funds. Arturo is currently an investment committee member of several companies. He holds a degree in Economics from Universidad Anahuac. He won first place in the National Securities Market Prize organized by the Mexican Stock Exchange (BMV) with his professional thesis in 1985. You can find him at