Although 2026 has brought greater volatility to the financial markets—with increased redemptions in some international funds and a more cautious stance on the part of regulators—private credit continues to offer significant opportunities for Chilean investors with a long-term perspective and a focus on asset quality. 

One of the main attractions continues to be the level of returns. In a scenario where local interest rates have begun to moderate and traditional fixed-income instruments offer more limited returns, private credit maintains attractive spreads and a significant illiquidity premium. For institutional investors, multifamily offices, and high-net-worth individuals in Chile, this asset class continues to establish itself as a diversification alternative, offering low volatility and stable cash flows. 

In addition, the market has become more selective and disciplined. Reduced liquidity and a more challenging economic environment have strengthened lenders’ negotiating position, allowing them to structure financing with stronger safeguards: stricter covenants, more robust collateral, and more attractive spreads. In practice, this could result in higher-quality investment vintages than those seen in previous years. 

In Chile, this trend is particularly evident in sectors where traditional banks have reduced their risk appetite or tightened their financing terms. Medium-sized companies, infrastructure projects, and developers in the energy or real estate sectors are increasingly turning to private funds to raise capital with greater flexibility and speed. 

Another important factor is the expansion of the range of opportunities. The local market is no longer focused solely on traditional corporate debt. Today, there is growing interest in asset-backed financing strategies (asset-backed lending), real estate debt, infrastructure, renewable energy, and logistics chains linked to mining development and the energy transition. Sectors such as data centers, power transmission, energy storage, and mining-related services have a structural need for long-term capital, where private credit can play a significant role. 

At the regional level, Chile continues to possess attributes that are highly valued by international investors: relative institutional stability, a deep financial market, and a well-developed ecosystem of specialized asset management firms and managers. This has spurred the launch of new private debt vehicles by local and international players, along with increased interest from foreign investors in participating in the financing of local projects. 

In short, 2026 does not appear to be a year of indiscriminate euphoria, but rather a period in which selectivity is once again essential. For those who prioritize credit quality, sound structures, and managers with local experience, the current environment could offer attractive opportunities for risk-adjusted returns. Private credit in Chile is entering a phase of greater maturity and sophistication; and while this evolution is accompanied by stricter requirements and lower liquidity, it is also generating more sustainable and better-structured opportunities for the long term. 

Esteban Fuentes 
Private Debt Portfolio Manager, Fynsa AGF