The Superintendencia de Pensiones has proposed a new lifecycle regime set to take effect in 2027, including benchmark portfolios and structural reviews every three years.

New rules impose a 24-month ban on private markets, cap equities at 60%, and set a 50–80% international allocation range.

The buyers include investors such as General Atlantic, Afore SURA, BTG Pactual, Chubb and funds managed by Blackstone, Liberty Strategic Capital, and Qatar Investment Authority (QIA).

Asset managers are expanding their ETF footprint in anticipation of asset allocation shifts driven by Chile’s pension reform, positioning themselves for the transition to a generational fund structure.

Nearly 80 separate regulations will now be consolidated into a single regulatory framework, incorporating enhanced disclosure requirements and international best practices.