Last updated: 12:55 / Wednesday, 2 February 2022
Column by Arturo Hanono

Boom in Global Private Equity Investments by AFOREs


In 2021, there were 37 issuances of private equity funds or feeder funds on the stock market (BMV and BIVA), of which 30 were for global private equity investments (CERPIs) and 7 for local investments (CKDs). Of the 30 new CERPIs, more than half are subseries that allow the manager to have a series per SIEFORE and thus satisfy the investment objective at the term of each of the generational SIEFOREs.

The issuance of CKDs and CERPIs observed in 2021 were almost double those that arose the previous year in both cases, however, the number of new CKDs issuances fell compared to what was observed between 2015 and 2018 (14-20 vs. 7 in 2021).


Two years ago (in December 2019), the number of SIEFOREs increased from 5 to 10 SIEFOREs, which allowed for the migration to Generational Funds or Target Date Funds (SIEFOREs based on retirement age).


Over time, some CERPI issuers have chosen to offer exclusive CERPIs for AFORE and/or SIEFORE, which allows their strategy to be differentiated. The size of assets under management and costs have also been differentiators, amongst others.

In the case of the CERPIs that were placed in 2021, the dominant sector was that of fund of funds, while in the case of the CKDs, it was the real estate sector, as can be seen in the following table.


The amounts committed might seem high in several cases since they are part of the strategy of having vehicles for the current and future resources that the AFOREs will allocate. Here one must consider that the AFOREs double their assets practically every five years.

Throughout 2021, 10 CKDs and CERPIs began their initial process of listing on the stock exchange. Their main takeaways are:

  • They want to issue 5 CKDs and 5 CERPIs.
  • 7 started the procedure in BIVA and 3 in BMV
  • Among the 5 CERPIs, 3 are funds of funds; one in the energy sector and the other one in real estate. There is only one new manager.
  • Among the 5 CKDs are 3 real estate and 2 in private debt. There are 3 potential new issuers.

In the issuance of new private equity vehicles and feeders, from 2019 there are 8 issuers that started their placement process and from 2020 there are 5 that are pending. Historical experience tells us that of these 13 laggards, only some could be issued, being more difficult for those from 2019 (three years ago) than for those of 2020 and 2021 (one or two years ago).


At the beginning of the year Lock Capital Solutions (feeder) issued LOCKXPI (#21) with a first capital call of US $2.7 million and commitments up to US $840 million.

Although the trend in recent years favors the issuance of CERPIs, the issuance of CKDs continues to be selective, although not quite what was seen with the 2015-2018 boom.

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