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LarrainVial Asset Management
LarrainVial Asset Management sits inside Chile's oldest independent financial-services group, a partnership founded in 1934 that evolved from brokerage...
LarrainVial Asset Management
LarrainVial Asset Management sits inside Chile's oldest independent financial-services group, a partnership founded in 1934 that evolved from brokerage roots into a regional platform spanning capital markets, wealth management, and asset management. The asset-management division operates as an institutional gatekeeper, building multi-manager portfolios for Chilean pension funds (AFPs), insurers, family offices, and private-banking clients. Rather than running internal strategies, it allocates across a roster of external fund managers — predominantly in the US and Europe — covering equities, fixed income, real assets, and private markets. The firm's proposition is access. Many Chilean institutions face regulatory ceilings, operational thresholds, or relationship gaps that prevent direct commitments to offshore alternatives managers. LarrainVial aggregates demand, structures feeder vehicles, and negotiates institutional share classes on behalf of its client base. The strategies span listed equity and fixed-income funds, private equity, private credit, infrastructure, and real estate — sourced from managers in North America, Europe, and select Asian markets. Specific underlying positions are not publicly disclosed, though the platform has historically routed capital to large-cap buyout, growth-equity, and core-infrastructure strategies familiar to institutional gatekeepers globally. Team size and total assets under management are not publicly reported by the division. The parent group, LarrainVial, operates offices in Santiago, Lima, and Bogotá, with representation in New York. In recent years the group has deepened its alternatives capabilities, reflecting pension-fund demand for higher-returning, less-liquid strategies under Chile's evolving multi-fund retirement system. Although the firm does not disclose its manager-selection committee structure, the due-diligence process mirrors the institutional gatekeeper model: quantitative screening, onsite manager visits, operational risk reviews, and ongoing portfolio monitoring. What structurally distinguishes LarrainVial Asset Management is its hybrid position as a Chilean-domiciled gatekeeper with deep local regulatory knowledge and a multi-decade network of international fund relationships. Unlike global consultants that parachute in for mandate searches, the firm sits permanently on the ground in Santiago, Lima, and Bogotá, navigating the pension-fund regulatory calendar and currency-hedging requirements that dictate when and how local institutions can move capital offshore. This embedded posture — not a pure asset-gatherer, not a pure consultant — defines its role in the Chilean institutional ecosystem.
General information
Firm type
Fund of Funds Manager
Year founded
—
AUM
Undisclosed
Location
Region
Latin America
Country
Chile
City
Santiago
Corporate office
Santiago, Chile
Principals
José Manuel Silva
CEO, Asset Management
Frequently asked questions
How does LarrainVial Asset Management source its underlying fund managers?
The firm uses a classic gatekeeper selection process: quantitative screening of a global universe, onsite due-diligence visits, background checks, and operational-risk assessments. Its long-standing presence in the Chilean market gives it access to managers who might otherwise overlook Latin American institutional capital. Final allocations are packaged into commingled feeder vehicles or direct segregated mandates, depending on client size and regulatory requirements.
Does LarrainVial Asset Management invest in Chilean assets or only offshore?
The unit's primary mandate is offshore fund selection for Chilean institutional investors. Most underlying managers are US- or Europe-based, though the platform has historically included select Asian strategies. LarrainVial's broader group does maintain separate domestic capabilities in brokerage and local wealth management, but the asset-management gatekeeper function focuses mainly on cross-border allocations.
Is the firm structured to accept capital from non-Chilean investors?
In practice, the gatekeeper platform is designed for the Chilean institutional market — particularly AFPs, insurers, and local family offices. Other group divisions serve Peruvian and Colombian clients from their Lima and Bogotá offices. Direct commitments from North American or European allocators into the feeder platform are not a publicly stated focus.
What investment structures does the firm use to access offshore alternatives?
The firm predominantly uses feeder-fund structures to aggregate smaller institutional mandates into tickets large enough to meet minimums at top-tier private-market managers. For larger pension clients, the platform can negotiate separately managed accounts. The legal framework involves Chilean-domiciled vehicles that handle local custody, tax reporting, and the currency-hedging requirements set by the Chilean pension regulator.
How is LarrainVial Asset Management related to the broader LarrainVial group?
It is a division of LarrainVial, a privately held partnership founded in 1934. The group operates four main lines: capital markets (equity and fixed-income brokerage, research), wealth management, corporate finance, and asset management. The asset-management division reports through a dedicated CEO and operates alongside — not inside — the private-wealth advisory business, maintaining institutional-grade governance and manager-selection independence.
What is the firm's due-diligence posture on operational risk?
As a regulated entity under Chile's Comisión para el Mercado Financiero, the firm is subject to local operational and custody standards. For underlying offshore managers, it applies institutional gatekeeper protocols including onsite visits, service-provider checks, and ongoing risk monitoring. Specific operational-diligence procedures are not publicly disclosed, though the platform serves Chile's largest pension funds, which impose their own rigorous third-party oversight standards.
Does the firm offer any internally managed strategies, or is it purely a fund-of-funds?
The asset-management platform is primarily a manager-of-managers operation, selecting and blending external strategies. Some group-level vehicles in private debt or local real estate may carry LarrainVial branding, but the core institutional offering is gatekeeper-style fund selection rather than proprietary portfolio management conducted by an in-house investment team.
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