Prima AFP

The Chief Investment Officer, Juan Pablo Noziglia, leads the investment team and chairs the firm's investment committee. He reports to CEO Galantino Gallo, who previously served as Managing Director at Credicorp Capital. The investment committee approves asset-allocation changes within parameters set by Peru's pension regulator, the SBS.

Prima AFP is a wholly owned subsidiary of Credicorp Ltd., the largest financial holding company in Peru, listed on the NYSE under ticker BAP. Its sister companies include Banco de Crédito del Perú (commercial banking), Pacífico Seguros (insurance), and Credicorp Capital (investment banking and asset management). The group structure creates co-investment and philanthropic channels across entities but requires strict related-party transaction governance overseen by the Peruvian regulator.

Peru's SBS sets ceilings on asset-class exposure, foreign investments, and single-issuer concentration. Historically, the overseas investment limit stood at 50% of AUM. A reform bill advanced in December 2023 raised that ceiling to 55% and introduced a multi-fund structure allowing members to choose among up to four risk-based sub-funds, mirroring Chile's AFP model (per Reuters, December 2023). Further liberalization remains subject to congressional final approval.

Yes. The firm operates an infrastructure investment trust (Fideicomiso de Infraestructura) that channels capital into Peruvian infrastructure projects. This direct vehicle sits alongside traditional allocations to domestic fixed income, Andean-region equities, and real estate, forming a component of a broader alternatives program that also includes co-investments alongside Credicorp Capital-managed funds.

Prima AFP operates a structured volunteer program and co-founded Respira Perú, a pandemic-response initiative launched in 2020 to procure oxygen and medical supplies. Respira Perú was organized jointly with sister companies Pacífico Seguros and Credicorp Capital. The volunteer program channels employee participation into social initiatives, operating separately from the pension fund's fiduciary mandate.

Prima AFP participates in co-investments primarily through the Credicorp ecosystem, leveraging Credicorp Capital's origination and fund-management capabilities rather than building an independent external GP network at scale. The pension fund's infrastructure trust functions as a direct investment vehicle, suggesting a preference for principal and co-investment structures over broad fund-of-fund commitments in the alternatives program.

Peru operates a mandatory defined-contribution system managed by four AFPs, including Prima AFP. It differs from Chile's model — historically — in having a single-fund structure per AFP rather than multiple risk-tiered sub-funds, though the 2023 reform bill aims to change this. Colombia uses a dual system allowing workers to choose between private AFP accounts and a public pay-as-you-go pillar. Peru's SBS regulatory framework sets the investment bands across all asset classes for the four authorized managers.