Launch of a new guide to promote foreign investment in investment funds

The initiative of the Chilean Association of Investment Fund Administrators ACAFI aims to deepen the internationalization of the Chilean capital market by making it easier for international capital to enter. With this in mind, they developed the new “Good Practice Guide for Non-Resident Investors”.

The release of this document coincides with a significant milestone for the sector: the mutual fund industry in Chile has already surpassed US$40 billion in assets under management. However, this volume is primarily influenced by local players, as foreign participation accounts for only 6% of the total.

Despite this domestic dominance, global capital interest is rising, increasing from small amounts in 2013 to over US$ 2.17 billion by the end of the second quarter of 2025, reflecting a significant growth potential that this guide aims to highlight.

Within the local supply, alternative assets mainly attract capital, emphasizing sectors such as forestry and agriculture (US$ 704 million) and private equity (US$ 554 million). In the real estate industry, debt also plays a significant role, with nearly US$ 600 million invested by non-residents.

Contribution and challenges

Eduardo Aldunce, Chair of the Committee and board member of ACAFI, explains that the guide was conceived with the aim of democratizing knowledge that had previously been held by a very small group of asset managers, but which has enormous potential for expansion. In his view, the industry has experienced significant modernizations in Depósito Central de Valores (DCV) and in the processes of custodian banks that have created the conditions for foreign investors to participate in the local industry with high standards. “We want to convey to the fund managers that there is a real opportunity and a strong ecosystem to attract capital, especially in a market that already has nearly 900 public investment funds,” he says.

Por su parte, Virginia Fernández, research manager of ACAFI, emphasizes that this guide is a crucial tool for the fund industry to keep growing with foreign capital, supported by a regulatory framework that has been strengthened over the last decade. “Through ACAFI, we aim to pave the way for increased foreign investment and turn these regulatory advances into lasting capital flows,” he says.

Similarly, Guillermo Crisóstomo, Product Manager at Banco de Chile, says this guide is a key milestone that marks the start of a continuous partnership to enhance Chile’s role as a financial hub in Latin America. According to Crisóstomo, “the implementation of these best practices will close communication gaps and standardize operations with global banks, producing a more efficient and transparent environment.” The executive states that the main challenge now is to keep improving operating processes and adopting international standards to establish the country as a regional gateway. “We have a developed and secure market that offers unique opportunities; by simplifying regulations and streamlining processes, we will attract foreign institutions, increasing the diversity of available instruments and strengthening our regional competitiveness.”

Rodrigo Roblero, DCV’s general manager, noted that this ACAFI guide enhances the market infrastructure and decreases operational obstacles. He also raised the pending challenges: “The challenge is to keep improving operational efficiency and coordination among stakeholders. Foreign investment highly depends on consistent processes and predictable regulations. Having a strong, stable market with flexible processes is essential for the longevity of long-term investors.”

To review the document, visit www.acafi.cl, select ‘Reports and Documents,’ then choose “Guides’ and “Foreign Investors Guide.”

ACAFI BEST PRACTICES GUIDE – DOWNLOAD –