Last week, our team in Mexico City team in Mexico City held a second meeting on debt and private equity, in collaboration with the Mexican Private Equity Association (AMEXCAP), Click Seguridad Jurídica and CXC.

The event was attended by close to 60 participants from different areas such as investment funds, multilaterals, banks, trusts and Multifamily Offices, among others.

The first part of the presentation was given by Liliana Reyes, CEO of Amexcapwho delved into the private equity industry in MexicoShe highlighted the constant growth of investment in the country, which over the last 10 years has had a compound annual growth rate of 20.11%.

At the end of the first half of 2025, the total committed capital (accumulated) is USD 76.9 BN, of which USD 71.4 BN have been invested. There are currently 555 active investment vehicles in Mexico, and since AMEXCAP's inception, more than 820 investment instruments have been raised. According to preliminary figures, the private equity market in Mexico has USD 2.7 BN available for investment in the short term.

Private Credit in Mexico

Private credit represents 22% of total investment and 6% of capital raised by the private equity industry in Mexico.

The fund industry in Chile

The second part of the event was presented by Cristián Donoso, partner at Fynsawho delved into the Chilean legal framework, and how from 1989 onwards different modifications to the regulatory framework were carried out, which allowed in 2014 to have the Single Law of Funds (Law 20.712), which made possible the elimination of asymmetries and rigidities that the regulation of that time imposed on the third-party fund management industry, in addition to adjustments to the tax treatment for foreign investors. This law allowed the investment funds market in Chile to have a strong growth, reaching a compound annual growth rate of 14% for the period 2015-2024.

At the end of 1Q 2025, the public investment fund industry manages US$ 37,932 million in 866 funds. This implies a growth, in dollar terms, of 6% with respect to 2024.

The contribution of the investment fund industry was also highlighted, both in supporting the country's economy and in the implementation of good business practices, such as:

• Democratization: Allows a greater number of people to invest in a varied type of assets, managed by professionals and allowing access to a greater diversification of their savings.
• Attraction of foreign investors: They contribute to attract foreign investment for the financing of companies and projects in Chile, as they are easy access vehicles for such investors.
• ESG policies: Actively promote the implementation of environmental, social and corporate governance practices in investments.
• Financing alternative: They finance illiquid assets in sectors such as infrastructure, real estate, energy, SMEs, etc.
• Contribution to employment: Generate new jobs, by increased hiring of services and labor.
• Corporate governance and professional teams: They enhance the participation of independent professional directors within investee companies.

From Fynsa, we will continue to advance in connecting investment opportunities between both countries.

Cristián Rodríguez
Country Head Mexico