VentureCapital's participation in Chileday London 2024 ended with an interesting debate. VC funds and AFP executives exchanged points of view, together with the Superintendent of Pensions Osvaldo Alejandro Macías Muñoz, on the possibility of pension fund managers investing in this asset. El Mercurio' s "Economía y Negocios" reported on the meeting.
"Of course, an alternative such as venture capital is very interesting, we will always be evaluating it and seeing the best way to do it," said Martín Mujica O., general manager of AFP Cuprum.
Alejandro Bezanilla, general manager of AFP HABITAT, agreed. "For a large portfolio such as that of the AFPs, venture capital should always have a space," he said. However, he pointed out the need for VC portfolios to be sufficiently diversified to mitigate risk and focus on the size of the investments, which should be "sufficiently attractive to move the needle of the pension funds," he added.
"The caution of the AFPs is normal because there is a huge responsibility to manage the funds of Chileans, but this is a global asset from which they cannot be left out...," said Ricardo Donoso, partner at Manutara Ventures.
Cristián Velasco Larach, director of ACVC and Managing Partner of WeBoost, agreed and added that the meeting made clear the urgency of moving forward on the issue. "In the United States almost 80% of the growth of the capital market in recent years comes from companies invested by VCs. In the world, 42% of the investment in these VC funds comes from pension funds, in Chile it is zero. We have to move forward," he said.
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