Investment Strategy
AFORE SURA is one of Mexico’s largest pension fund administrators (Administradoras de Fondos para el Retiro), managing approximately $35 billion in mandatory retirement savings for Mexican workers. AFORE SURA is part of SURA Asset Management, one of Latin America’s largest asset management groups.
Mexican AFOREs invest through regulated fund types (SIEFOREs) that offer different risk profiles based on worker age. Alternative investments are accessed through CKDs (Certificados de Capital de Desarrollo) and CERPIs (Certificados Bursatiles Fiduciarios de Proyectos de Inversion), which are specific Mexican vehicles listed on the BMV (Mexican stock exchange).
AFORE SURA allocates approximately 8% to alternatives through CKDs and CERPIs, spanning private equity, infrastructure, real estate, and energy. These vehicles allow AFOREs to invest in both domestic Mexican private markets and, through CERPIs, in international PE and infrastructure funds.
How to Approach
GPs seeking AFORE SURA capital must understand the CKD/CERPI framework. These are specific Mexican investment structures with governance, reporting, and listing requirements regulated by CONSAR (the national pension regulator). International GPs typically access AFORE capital through CERPIs, which allow Mexican pension funds to invest in international fund structures.
Working with Mexican legal and structuring advisors is essential to ensure compliance with AFORE investment regulations. GPs should approach AFORE SURA’s investment team in Mexico City with strategies structured or structurable through CERPI vehicles. The team attends Latin American institutional investor conferences and AMAFORE (Mexican pension fund association) events.
Frequently Asked Questions
How much does AFORE SURA allocate to alternatives?
AFORE SURA allocates approximately 8% of its portfolio to alternative investments through CKDs (Certificados de Capital de Desarrollo) and CERPIs (Certificados Bursatiles Fiduciarios de Proyectos de Inversion), Mexico's regulated private equity and infrastructure investment vehicles. These vehicles are listed on the Mexican stock exchange and comply with CONSAR regulations.
How can fund managers approach AFORE SURA?
AFORE SURA's investment team is based in Mexico City. GPs must structure their investments through CKD or CERPI vehicles to be eligible for AFORE capital. These are specific Mexican investment structures regulated by CONSAR. GPs should work with Mexican legal and structuring advisors to ensure compliance with AFORE investment regulations.
What are CKDs and CERPIs?
CKDs and CERPIs are Mexican investment vehicles specifically designed to channel pension fund capital into private equity, infrastructure, and real estate. CKDs are development capital certificates listed on the Mexican stock exchange. CERPIs allow investment in international PE and infrastructure funds. Both structures are regulated by CONSAR and comply with specific governance and reporting requirements.
